South Korea Issues Cryptocurrency Announcement: No Ban! Only A Novel Tax...

The marketplace has been a roller coaster since tidings that South Korean politicians were considering a cryptocurrency ban inwards the country, which controls virtually 15% of the cryptocurrency market.

Just denote today withal - no ban!

But in that location volition endure a novel tax.  Imposed on exchanges is instantly 22% corporate in addition to 2.2% local income tax, retroactively. So South Korean exchanges volition endure kickoff 2018 amongst a nib due from 2017.

It's expected these additional costs volition endure passed on to users existing fees, in addition to therefore it's reasonable to await less trading coming from Republic of Korea - simply at to the lowest degree they're soundless inwards the market.

Another business office of the authorities plan: exchanges must part their users information amongst authorities. Similar to the understanding betwixt the IRS in addition to Coinbase, where subsequently challenging them inwards court, Coinbase lost in addition to were ordered to plough over client information for whatsoever concern human relationship amongst over $20,000 inwards actvity.

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Author: Adam Lee
Asia News Desk