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21 June 2021

South Korea moves to ban cross trading for crypto exchanges

South Korea moves to ban cross trading for crypto exchanges


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South Korea moves to ban cross trading for crypto exchanges.

Exchanges in South Korea reportedly cross trade to enable them convert fees charged in crypto to Korean won (KRW).

According to the anonymous source, South Korean crypto exchanges will be forced to create a new business to convert trading fees to fiat currency.

Indeed, withholding tax is levied on exchange trading fees which means that platforms must find means to convert fees received in crypto to won since taxes cannot be paid in cryptocurrency in South Korea.

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cointelegraph.com
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