Abstract: The South Korean government requires companies with a revenue of more than 20 billion won ($ 18.7 million) to pay a corporate tax of 22% and a local income tax of 2.2%. This means that the cryptocurrency exchange is also taxed, with Bithumb, Korea's big Bitcoin exchange, estimated to have more than 300 billion won revenue last year.
In view of the strong suppression of digital currency was strongly opposed by the public, the South Korean government further "change the block as a sparse."
The South Korean government said on Monday it would impose a total income tax of 24.2% on South Korea's cryptocurrency exchange.
According to the latest law in Korea, all companies that earn more than 20 billion won (18.7 million U.S. dollars) will have to pay 22% corporate tax and 2.2% local income tax.
This means that crypto currency exchanges are also taxed. In the first seven months of last year, Bithumb, Korea's largest Bitcoin exchange, reported revenue of about 49.23 billion won.
Yonhap quoted Yujin Securities Investment Analysts data, said Bithumb is expected to pay about 600 billion won of corporate and local income tax, its revenue is expected to reach 317.6 billion won last year.
Officials from South Korea's Ministry of Planning and Finance said virtual currency exchanges should pay last year's corporate income tax by the end of March and pay local income tax by the end of April.
Out of concern over the risk of cryptocurrencies investment, the South Korean government announced at the end of December that it is forbidden to open an encrypted currency trading account anonymously. Existing accounts also require a real-name system.
Since then, South Korean regulators have turned the news of the cryptocurrency exchange shut down, bringing sharp swings in digital currency prices, including bitcoin. South Koreans reacted furiously, with over 200,000 people petitioning against the ban on cryptocurrencies.
Earlier on Wall Street mentioned that in view of the opposition was suppressed, the South Korean government instead of digital currency to ease the policy to withdraw from the futures trading system to prevent the outflow of capital. This news at the time brought about a sharp rebound in digital currencies.
After the news of the encrypted currency exchange in South Korea came out today, the digital currency performance is relatively stable.
Bitcoin quotes for the Bithumb Exchange and Coinone Exchange are currently at about $ 13,300, a premium of about $ 1,700 compared to the U.S. mainstream exchange.
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