The South Korean government has set the amount of tax for exchanges

On Monday, January 22, the South Korean government announced the amount of tax that must be paid by exchanges dealing with cryptocurrencies. The state will collect a 22% corporate tax and 2.2% local income tax on cryptocurrency exchanges in that country. It is estimated that the Bithumb exchange will have to pay as much as 60 million dollars tax for 2017.

Interestingly, the tax statement took place just after the action of the six largest South Korean banks on counteracting money laundering.

The tax rates announced on Monday are in line with the South Korean tax code. This threshold is set for all corporations that achieve annual income of over 20 billion won, or around 18.7 million USD. As reported by Yoshap, the world's largest South Korean Bithumb exchange, according to the announced tax percentages, will have to pay the state as much as USD 60 million. In 2017, the stock exchange achieved a profit of around USD 300 million.

As we know from the beginning of the year, the world of cryptocurrencies is not going well. It seems that countries from all over the world have set themselves the goal of subordinating bitcoin and altcoin to each other. The South Korean government has recently strengthened the enforcement of cryptocurrency in the country. In addition to ordering financial probes, the government banned the use of anonymous virtual accounts, froze the opening of new virtual accounts and prohibited the trade of minors and foreign users on stock exchanges. In Europe, a coalition of France and Germany is formed against the crypt-secretory that Bulgaria recently joined. More than a month ago, Bitcoin almost reached the value of 20,000 USD, today it fluctuates within 11,000.