Bithumb to Expand to Thailand and Japan

Largest South Korean cryptocurrency exchange goes to new markets
16 July 2018   1250

One of the largest crypto exchanges in South Korea, Bithumb is expanding to Japan and Thailand. Exchange is working to obtain regulatory approval of financial authorities in both jurisdictions. The new divisions are part of a larger scale plan for the global expansion of Bithumb, Bitcoin.com reports.

Bithumb is in talks with the Securities and Exchange Commission of Thailand. The company has already opened a division of Bithumb (Thailand) Company Limited with a registered capital of $ 90,000. 

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.
 

Bithumb 

Thailand has recently completed the development of a regulatory framework for the regulation of the cryptocurrency and ICO. Bithumb is developing a website for a new unit, which will launch trading in late October.

As for Japan, all companies wishing to provide cryptocurrency exchange services in this country are required to receive approval of the local financial regulator of the Financial Services Agency (FSA). In light of the Coincheck hack the FSA tightened supervision over the trading floors and complicated the process of their registration.

Nevertheless, Bithumb expects to receive the approval of the regulator and start trading in the Japanese market in February next year. The company also stated that it "plans to create a exchange with the support of the largest number of coins in Japan".

Earlier, Bithumb said that she was looking for partners for expansion at the world level. According to the exchange, it cooperates with foreign companies in an attempt to create faster and more effective platforms for traders from around the world.

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.
 

Bithumb 

According to Money Today, Bithumb also opened divisions in Singapore and the UK.

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   340

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.