The Korean government announced earlier today that it is tightening the tax law on cryptocurrency. She wants to collect 22% corporation tax and 2.2% income tax. The prices of many cryptocurrencies collapsed for a short time.
Seoul strives to reduce the hype regarding virtual currency. In addition, they are thinking of a bill to ban the trade in virtual currencies.
As a result of the concerns about the bubble on the crypto market, the government banned the opening of new trading accounts earlier this month. In addition, merchants must act under their own name and name.
Bitcoin, ether, XRP and other cryptos have recently gained a lot of ground from South Korean investors, as the trade volume from South Korea has shown.
Whereas China was the home base for the world's largest bitcoin exchanges for the tightened regulations on ICOs and crypto trade, South Korea is now. It is estimated that there are more than 2 million people in South Korea who possess cryptocurrencies.
Due to the tightened legislation, Korean companies with more than 20 billion incomes are required to pay 22% and 2.2% of the corporate and local income tax.
Buthumb, one of the largest crypto exchanges in South Korea, according to Yujin Investment & Securities will have to pay about 60 billion in taxes, with an estimated profit of 317.6 billion Won.