South Korea’s exchanges earned $ 648 million in taxable revenues in 2017

South Korea’s exchanges earned $ 648 million in taxable revenues in 2017

The Upbit Exchange generated more than half of the South Korean exchange of cryptocurrency in 2017, according to the latest figures released by the government.

According to data provided by Park Kwang-on and reported in the local press (Yonhap News Sunday), total revenue from South Korean exchanges increased by 8025% compared to 2016, when it amounted to only 7.5 million dollars. Meanwhile, Chinese competitors have closed down the bitcoiners’ gates and strictly regulated investments in cryptocurrency. Much of the market was taken over by South Korean neighbors and Japan.

The exchanges were largely last year a very vigorous and competitive market before the South Korean government began to threaten with restrictions and even banning cryptocurrency transactions in December.

Things have started to calm down in the meantime. The regulations have been implemented and the analysis of the new exchange rate obligations for the successful year 2017 continues.

In January, the authorities demanded exchanges to pay corporate tax and a local income tax, just over 24% of the income earned during that period.

Upgrade Korean Koreans seem to be hit hardest by the toll system. They dominate the market with 52.9% share in 2017. Bithumb, Coinone and Korbit are the top of popularity in the country.

Bithumb, who was headlined last year for security issues, and this month for his partnership with the WeMakePrice online mall, garnered $ 317.7 billion ($ 297 million) in commissions.

According to the government directive, all payments must be made by the end of March for corporate taxes and by the end of April for local income taxes.

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