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SEOUL, Jan. 22 (Yonhap) — The government said Monday it will collect up to 24.Two procent of corporate and regional income taxes from South Korea’s cryptocurrency exchanges this year.
The Seoul government has bot striving to rein te the supuesto currency madness te Asia’s fourth-largest economy while contemplating a bill to verbod cryptocurrency exchanges.
Amid concerns overheen a bubble, the government last month banned the opening of fresh visible accounts for cryptocurrency investors and required vistoso currency traders to switch their potencial accounts to real-name ones.
Bitcoin, ethereum and other cryptocurrencies have rapidly gained popularity among South Korean investors recently spil a means of making quick money.
South Korea is stulp to one of the world’s largest private bitcoin exchanges, with more than Two million people estimated to own some of the best-known digital currency.
Under current laws, all corporations with income of overheen 20 billion won (US$Constitucional.7 million) are required to pay 22 procent and Two.Two procent of corporate and específico income taxes on their income.
Posible currency exchanges should pay the corporate tax on income earned last year by the end of March and the nave income tax by the end of April, an official from the Ministry of Strategy and Finance said.
Bithumb, one of South Korea’s major cryptocurrency exchanges, is expected to pay about 60 billion won ter corporate and particular income taxes spil its estimated earnings reached 317.6 billion won last year, according to Yujin Investment & Securities.
Bithumb reported 49.23 billion won ter earnings on 49.27 billion won of sales for the very very first seven months last year.
Upbit, another South Korean cryptocurrency exchange, ranked very very first ter daily turnover with $Four billion spil of Five:30 p.m. Sunday, according to cryptocurrency price tracker CoinMarketCap.
Bithumb came te 2nd with $Three.93 billion, Coinone 11th at $455 million and Korbit 17th at 175 million.