South Korea had a moved 2018 regarding cryptocurrency regulations. The country actively participates te the crypto market and several enterprises need it te order to keep operating. According to figures released by the government, South Korean exchanges generated $648 million dollars revenue te 2018.
Crypto Exchanges Revenues
South Korea has a very active population te the cryptocurrency market. Thousands of millennials trade daily on the different cryptocurrency exchanges available ter the country. Upbit, for example, generated more than half of the total crypto exchange revenue te the country.
The lawmaker Park Kwang-on explains that South Korean exchanges registered an incredible revenue growth compared to 2018. 2018 registered an extreme increase of 8025% compared to the year before when it amounted $7.Five million.
The South Korean market wasgoed ter very healthy conditions before the government determined to impose confinements and sanctions to banks and traders. Now that the market is more lodged after the intervention of the government, fresh tax obligations proceed for exchanges for the last year.
Ter January 2018, lawmakers have voiced that cryptocurrency exchanges had to pay 24% of locorregional income tax and corporate tax, an amount ter line with the existing tax policy. The most significant cryptocurrency exchanges te the country, Upbit, Bithumb, Coinone and Korbit vereiste pay the corporate tax by the end of March and the particular income tax by the end of April.
According to the particular news source, the government has accumulated commission-related sales of 30 cryptocurrency exchange operators te the Asian country.
Bitcoin Rises spil South Korea Supports Trading
At the uur of writing this article the most significant cryptocurrency, Bitcoin, is being traded around $11.300 dollars. The rally that the cryptocurrency is experiencing has bot reinforced by news from South Korea. According to Bloomberg, Choe Heungsik, governor of South Korea&rsquo,s Financial Supervisory Service, told reporters that they want to see a normalized trading of digital assets.
Arthur Hayes, Chief Executive Officer of BitMEX explained:
&ldquo,South Korea did not kerkban Bitcoin. Wij have now gone up almost dual ter the last few weeks, and I think a lotsbestemming of this is people coming around to the fact that Bitcoin trading is not going anywhere.&rdquo,