Bithumb to Launch Security-Token Exchange in USA

It is expected that the new platform will be launched in the first half of 2019
01 November 2018   958

The South Korean bitcoin exchange Bithumb in partnership with the American fintech company seriesOne will launch a platform in the US for trading security tokens. This is reported by Coindesk.

In addition to the rights to purchase goods and services, security tokens often allow their holders to receive dividends, like ordinary securities.

It is expected that the new exchange will be launched in the first half of 2019. Under the agreement, Bithumb will provide investments and the necessary technical support.

I believe that our companies will be able to create a unique product to not only tokenize major assets, but that could also create liquidity through a compliant token exchange. 
 

Michael Mildenberger

CEO, seriesOne

SeriesOne was founded in 2013 and is authorized by the United States Stock Exchanges and Securities Commission (SEC) to conduct crowdfunding campaigns.

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   337

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.