South Korea puts cryptocurrencies in a hurry

The Seoul government announced that there will be taxes for all operations with digital currencies.

The offensive against cryptocurrencies by the South Korean government began recently, as it has decided to close a legal vacuum that will cost millions of dollars to all digital currencies that exist.

The Financial Services Commission in Seoul announced a veto for anonymous transactions in order to decrease money laundering.

This measure is designed to give the government greater control over the cryptocurrency market in South Korea, enforcing exchange rules and corroborating customer accounts.

For a long time, these regulations have been in force in the United States, but are not yet in place in several countries.

On the other hand, the price of bitcoins has not been affected significantly after the announcement. However, there was a negative change in the value of the cryptocurrency after Seoul announced that it would charge 22 percent of corporate taxes and 2.2 percent in taxes from cryptocurrency exchanges.

The virtual currency exchanges will have to pay the corporate tax on the income obtained in 2017 at the end of March, while the local taxes should be paid at the end of April, explained an official from the Ministry of Strategy and Finance to the Yonhap news agency.