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South Korea tax cryptographic exchanges up to 24.2%, in accordance with existing tax policy

The local Yonhap news agency reports that the South Korean government announced Monday the 22nd fiscal announcement comes just after the conclusion of an unprecedented survey on money laundering in six major South Korean banks that showed an increase in commissions of 36 times accounts Crypto-related virtual transactions, from 61 million won ($ 57,340) in 2016 to 2.2 billion won ($ 2 million) in 2017.

Yonhap reports that the South Korean exchange Bithumb made 317.6 billion won ($ 295,368,000) last year In total, one expects to pay about 60 million won, according to the tax percentages announced Monday.

The tax percentages announced are in line with the South Korean tax code for all companies that have an annual income of more than 20 billion won ($ 18.7 million)

Bithumb, which is the world's largest stock market at $ 2.85 billion a day, was hacked in February 2017, losing about $ 7 million in Bitcoin and Ether. This security breach, as well as several other violations of South Korean trade, has recently been more definitely linked to North Korean pirates.

The South Korean government has recently stepped up enforcement of cryptocurrency regulations in the country. In addition to ordering the financial investigation, the government banned the use of anonymous virtual accounts, blocked the opening of new virtual accounts and banned minors and foreign users from trading on stock exchanges. .

The South Korean public retaliated with a petition to stop recent government regulations. After reaching the 200,000 signatures needed, the petition is currently awaiting an official response from the government.

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