South Korean news agency Yonhap reports that, today, the Government decided to tax cryptocurrency exchanges, using the following scheme:
- 22% corporate tax
- 2.4% local income tax
This is in line with the current taxing strategy used for other types of activities. According to Yonhap:
Under current laws, all corporations with income of over 20 billion won (US$18.7 million) are required to pay 22 percent and 2.2 percent of corporate and local income taxes on their income.
Markets reacted sharply to the news, sending the majority of the tokens in red.
Let's see how this unfolds.
After all, it's just Monday. If past is a good predictor of the future, by the end of this week will see the losses covered and another pump will keep us glued to the monitors for the entire weekend.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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