South Korea will taxes cryptocurrency exchanges with a 24.2 percent tax!

The statement comes immediately after the unprecedented attempt to counter money laundering in six large South Korean banks, which showed a 36-fold increase in commission from virtual accounts linked to cryptocurrency exchanges, from USD 57 340 in 2016 to USD 2 million in 2017.

Yonhap reports that the South Korean Bithumb exchange has received $ 295,368,000 last year, so it is expected to pay about 60 million taxes, according to the taxes announced on Monday.

The announced tax ceiling is in line with the South Korean tax code for all corporations with an annual income of more than USD 18.7 million.

Bithumb, which is the largest stock exchange in the world, with a turnover of USD 2.85 billion per day, was hacked in February 2017, losing about USD 7 million, mainly in Bitcoin and Ethereum. This security breach, along with several other violations of the South Korean stock exchanges, has recently been linked to North Korean hackers.

The South Korean government has recently strengthened the enforcement of cryptocurrency in the country. In addition to ordering financial surveys, 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.

South Korean public opinion fought a petition to stop the recent government regulation. After reaching the required 200,000 signatures, the petition is now awaiting an official response from the government.