The government of South Korea have announced new policies on cryptocurrency after they released statements last week stating that the government are to discuss their ideas for ways to tackle the rapid expansion of cryptocurrency in the fin-tech world.

Based on recent comments made by a finance ministry official, cryptocurrency exchanges in the country will be subject to new tax demands. According to the new reports, businesses with an annual turnover of 20 billion won (the equivalent of $18.8 million) have been ordered to pay 22% on their corporate taxes and 2.2% on their local income taxes on all of their earnings from 2017, by April 2018.

In a bid to clamp down on potential tax evasion, cryptocurrency exchanges will also be instructed to share information regarding transactions of their customers with local banks.

The new measures follow a host of other official steps being taken by the South Korean government to gain control over the growing number of cryptocurrency dealings taking place in the country, such as the recent banning of any new crypto investment accounts. Many have pinned the plummeting value of bitcoin and its peers on the latest announcements on plans for cryptocurrency regulation from South Korea, France and China.