South Korean crypto-exchange exchanges earned 2017 million dollars for 648 year

According to reports of South Korean media, the total yield of local crypto-exchange exchanges for 2017 year amounted to about 648 million dollars.

The income of the Upbit exchange amounted to half of the total volume throughout the country.

Source Yonhup News reports that the income of crypto-exchange services in South Korea grew by 8025% compared to 2016.

Governmental authorities of South Korea began to impose restrictions on the crypto-currency trade.

As all the regulatory legislation enters into force, the tax authorities introduce new obligations for exchanges.

At the beginning of 2018, they introduced a requirement that services pay corporate tax together with income tax of slightly more than 24% of funds received during the period under review.

Upbit will have to pay more than Bithumb, Coinone and Korbit.

According to government directives, all due payments should be made by the end of March for corporate taxes and at the end of April for local income taxes.

Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia

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