The South Korean government plans to require cryptocurrency exchanges to share users’ transaction data with banks, Yonhap reported.
The requirement is expected to come into force later this month, the agency quoted an official at financial authorities as saying on Sunday.
According to a fresh report by Yonhap agency, the government said Monday it will collect up to 24.2 percent of corporate and local income taxes from South Korea's cryptocurrency exchanges this year.
Under current laws, all corporations with income of over 20 billion won (US$18.7 million) are required to pay 22 percent and 2.2 percent of corporate and local income taxes on their income.
Virtual currency exchanges should pay the corporate tax on income earned last year by the end of March and the local income tax by the end of April, an official from the Ministry of Strategy and Finance said.
South Korea is home to one of the world's biggest private Bitcoin (EXANTE: Bitcoin) exchanges, with millions of people estimated to own some of the best-known digital currency.
Currently, financial authorities ban banks from offering virtual accounts to individual customers. Opening anonymous cryptocurrency accounts is also banned until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals.