- South Korea is introducing a brand new 'quasi-tax' on crypto exchanges.
- Upbit, Bithumb, Coinone amongst exchanges going through new charges.
- The goal of the tax is to strengthen surveillance and fight crypto-threats.
South Korea's Monetary Companies Fee (FSC) has introduced an up to date regulatory framework following the implementation of the groundbreaking Digital Asset Consumer Safety Act.
An official announcement on August 1 revealed that main South Korean cryptocurrency exchanges resembling Upbit, Bithumb and Coinone will now need to pay supervision charge based mostly on their working revenue.
This “supervision contribution”, primarily a quasi-tax, is often collected from monetary establishments supervised by the Monetary Supervisory Service (FSS). Companies with working revenues exceeding KRW 3 billion typically fall beneath this tax.
In accordance with the Act on the Safety of Customers of Digital Property, crypto exchanges will now be topic to FSS management. The supervisory charge for these firms can be decided based on their working revenue for the earlier fiscal yr and a predetermined contribution price.
From 2025, all South Korean crypto exchanges will fall beneath the supervision of the FSS and can be accountable for…
The submit South Korea crypto tax: New “quasi-tax” imposed on exchanges appeared first on Coin Version.
