Alibaba Sues Crypto Coin Over Trademark Infringement

Alibaba Group stated that it is not related to Alibabacoin currency and does not want to be associated with it
03 April 2018   734

Alibaba Group is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services. 

Judging by the documents recently filed to the US District Court in Manhattan, New York, Alibaba charged the developers of the Alibabacoin over the “prominent, repeated, and intentionally misleading” use of its trademark. Alibaba Group stated that it is not in any way related to Alibabacoin currency and does not want to be associated with it, or have its customers misled.

The Initial Coin Offering of Alibabacoin has started on April 16, and has already managed to raise $3.5 million. Nevertheless, although Alibabacoin and Alibaba Group are not related, previously Chinese giant of Internet commerce Alibaba Group was expressing concerns about the launch of a platform for the mining of cryptocurrency, which was reported by CCN with reference to unconfirmed information from local media. We believe that only time will show if Alibaba company finds its way in a crypto-related industry or not.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   124

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.