South Korea will revise the taxation of crypto exchanges
South Korean government will revise the existing tax law, which will exclude crypto exchanges from the category of startups or small and medium enterprises (SMEs) that can claim a tax cut of up to 100 percent, reports CoinDesk Korea.
The revised tax legislation will be submitted to the National Assembly. If it is adopted, it will enter into force next year.
Today, the exchanges pay a corporate tax of up to 22%, local media reports. However, considering that the exchanges have earned huge amounts of money, it is expected that the amount of release will be larger.
Thus, Korean exchange Bitsum, whose net profit in 2017 was more than 250B won (about $223M), should pay 54.4B won (about $48.6M) of corporate tax. The exchange saved 27.2B won (about $ 24.3M) thanks to tax benefits.
New York Attorney General Reports that Crypto Exchanges are Ripe for ManipulationRead More
Cryptocurrency exchanges are vulnerable to market manipulation and lack standard consumer protections reports the investigation by the New York State Attorney General's office.
FINRA Has Taken Its First Crypto Disciplinary ActionRead More
The U.S. Financial Industry Regulatory Authority (FINRA) has issued its first crypto-related disciplinary action. On 11th of September FINRA filed a complaint against Timothy Tilton Ayre of Agawam, Massachusetts. He was charging with securities fraud and the unlawful distribution of an unregistered cryptocurrency security called Hempcoin.
South Korean Banks to Limit Services for Crypto Traders without Identity VerificationRead More
South Korean banks are reportedly implementing new measures for crypto traders. They are going to limit the services offered to cryptocurrency traders and investors without identity verification, Korea local news report.