According to government figures, South Korean cryptocurrency exchanges made $648 million in revenue during 2017. More than half of it was generated by a single exchange – the Upbit.
Total revenues of Korea’s booming exchange went up by a whopping 8025% from $7.5MIL in 2016 to $648MIL in 2017.
Before the news of potential restrictions to be imposed by the government, South Korea was a busy and friendly host to numerous exchanges. Things took a sudden turn amongst the rumours of a possible outright ban on cryptocurrency trading in December 2017.
Now that the ban is very unlikely, situation can slowly settle. New regulations are either coming or are already in place. The environment is slowly becoming friendly again – even if still a little uncertain.
What is certain, are the taxes. Since January this year, exchanges have to pay both – corporate tax and the local income tax. Combined, they amount to a little over 24% of earned revenues. With 52.9% market share in 2017 – Upbit will certainly feel this the most.