” The National Tax Service (NTS) has confirmed the tax on the Bithumb, the largest virtual currency exchange in Korea, on August 8. The related tax amount is estimated to reach 30 billion won. This is in accordance with the results of an in-depth tax audit conducted by the Internal Revenue Service against Bitsum. However, the IRS did not find any illegal activities such as tax evasion”
Bithumb, like many An online marketplace which facilitates the exchange of crypto or fiat currencies based on the market exchange rate. For more info visit our Resources section on Exchanges.
“>exchanges during 2017, had benefitted from the surge in demand for purchasing and trading A digital store of monetary value the primary use of which is for buying and selling goods, services, or property, such as Ether or bitcoin. Cryptocurrencies are cryptographically secured against counterfeit and often are not issued or controlled by any centralized authority.
“>cryptocurrencies. Its profits had reportedly increased 171-fold over the 12 months leading to the NTS investigation, though it’s probable that much of that was garnered simply by the appreciation of many cryptocurrencies over the year.
An official from the National Tax Service stated,
“The Tax Service has conducted a review of the accounting records of the years from the 2014 to 2017 business years. Bithumb has paid the appropriate fees and taxes without objection. Although a very large tax amount was imposed, it does not mean that there was any implication of tax evasion from the exchange. No charges of tax evasion have been or will be pressed against the exchange at this time.”
Announced in May, Bithumb, in cooperation with South Korean financial authorities as part of its "Anti-money laundering" (AML) refers to regulations intended to curb the ability of individuals or entities to mask ill-gotten gains as legally acquired assets.
“>anti-money laundering efforts, ceased services to residents of 11 countries that were identified by the Financial Action Task Force as having failed to comply with AML standards.
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