The government of South Korea has announced to apply the existing tax legislation to cryptocurrency exchanges, which may join the list of the biggest taxpayers of the country.

According to the tax code of South Korea, companies whose income exceeds 20 billion won ($18.7 million) are required to pay 22% of corporate and 2.2% of local income tax.

Crypto-exchanges will have to pay the corporate tax until the end of March, and the income tax to be paid until the end of April. Their income for 2017 will be taken as the tax base, elaborated an official in the Ministry of Strategy and Finance of South Korea. But the final decision is yet to be made.

“Virtual money exchanges will have to pay taxes. But we have yet to decide the exact tax rates as we are in talks with the National Tax Agency,” the official added.

The revenue of Bithumb, one of the largest cryptocurrency exchanges of South Korea, in 2017 is estimated at about 317 billion won (almost $300 million), Yujin Investment & Securities supposed. Thus, Bithumb will have to pay about 60 billion won ($56.3 million) in taxes.

The other largest South Korean exchanges are Upbit with a trading volume of over $4 billion per day, Coinone and Korbit with trading volumes of $455 million and $175 million respectively.