Tax blow from South Korean government to Bitcoin exchanges
As CoinTelegraph reported from Yonhap, one of the South Korean news agencies, the South Korean government announced today that it will collect 22 percent corporate tax and 2.2 percent local income tax from cryptocurrency exchanges in the country.
Bithumb to pay $56M. Therefore, according to the tax rates announced today, the stock market is expected to pay around 60 billion won in taxes (approximately $56 million)
The announced tax rates apply to all companies that generate annual revenue of 20 billion won ($18.7 million).
Bithumb, the world’s largest cryptocurrency exchange with a daily trading volume of $2.85 billion at the time of publication, was hacked in February 2017 and lost $7 million worth of Bitcoin and Ethereum.. These recent attacks are attributed to North Korean hackers.
South Korean government has begun enforcing cryptocurrency regulations nationwide. In addition to banning the use of anonymous virtual accounts, the government temporarily stopped new account openings and prohibited foreign users from trading on exchanges.
South Koreans launched a petition campaign to prevent the latest legal regulations.. The petition campaign has reached the required 200,000 signatures and is currently awaiting an official response from the government.