Crypto currency taxes in South Korea could reach up to 25%!!
The price decline came as some details emerged on cryptocurrency regulation in South Korea, where the government has been trying to limit excessive speculation.
The South Korean government said Monday it will collect up to 24.2 percent of corporate and local income taxes from the country's digital currency exchanges this year, according to an English-language report from the local Yonhap News Agency. In a potential move towards taxing cryptocurrency transactions, the news agency also said the government plans to require digital currency exchanges to share users' transaction data with banks.
Bitcoin trading in South Korean won accounted for 4 percent of trading volume, according to CryptoCompare. The Japanese Yen had the largest share, accounting for about 37 percent, while the U.S. dollar had about 33 percent of bitcoin trading volume, the website showed.