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Cryptocurrency exchanges in South Korea and the Government actions

February 6, 2018 | By | 2 Replies More

Cryptocurrency exchanges in South Korea and the Government actions

On January 22, the authorities of South Korea announced that they are going to collect a 22% corporate tax including 2,2% of a local income tax for regional cryptocurrency exchange.

Exactly after the special examination connected with money laundering fight in 6 major South Korean banks, the following information about new taxes was introduced publicly. These banks showed 36 times income increase from the commission charges for virtual wallets that are necessary for working with local currency exchanges.

According to the leading South Korean media, cryptocurrency exchange Bithumb received the income of $295,3 mln the last year. That is why, it is expected that in accordance with a new law, the cryptocurrency exchange is going to provide a pretty sum of money as a tax payment.

The announced tax rates of interest fully respond to the South Korean tax code for all corporations without exception, that receive the annual revenue of more than $18,7 mln.

Recently, the government of Southern Korea actively started to implement some new rules and norms of cryptocurrency regulations inside of the country. Except for the financial investigation order, the government banned the usage of anonymous virtual accounts, as well as forbade young people and foreign users to trade on the local cryptocurrency exchanges.  Cloudminers continue to make and use digital currencies as it is considered as one of the most reliable and convenient payment systems at the moment, and Hashflare serves here as a great world example.

South Korean community takes an active part in cryptocurrency regulations and measures provision. The petition on the request for the ceasing of recent governmental provisions finally gathered that necessary 200 thousand signs and is waiting for an official answer of governmental authorities.

Category: Articles, News

Comments (2)

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  1. Kate says:

    I believe that to tax the cryptocurrency, well, it’s in the soft expression incorrectly. At least because the people who are trying to make and to buy missing items or products. And here, for example: a person scored a bitcoin, and even the state paid half of it. And the fact that it was not enough. On the contrary, it is necessary to do so — that a person can buy what he needs.

  2. Mark says:

    For the country maybe this is good, because it’s going to pay the taxes of their citizens. But will there be indignation among the people that they have to pay some more interest for the exchange, which is not even used? The main thing is not got up the mutiny. Or do they plan to do it quietly? Hardly. 2.2 % seems to be a little bit, but if you put it together with the percentage of wages, then it turns out normally so.

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Comments (2)

Trackback URL | Comments RSS Feed

  1. Kate says:

    I believe that to tax the cryptocurrency, well, it’s in the soft expression incorrectly. At least because the people who are trying to make and to buy missing items or products. And here, for example: a person scored a bitcoin, and even the state paid half of it. And the fact that it was not enough. On the contrary, it is necessary to do so — that a person can buy what he needs.

  2. Mark says:

    For the country maybe this is good, because it’s going to pay the taxes of their citizens. But will there be indignation among the people that they have to pay some more interest for the exchange, which is not even used? The main thing is not got up the mutiny. Or do they plan to do it quietly? Hardly. 2.2 % seems to be a little bit, but if you put it together with the percentage of wages, then it turns out normally so.

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