Bittrex to Launch New Trading Platform

The Bittrex Global jurisdiction is Liechtenstein due to that fact this country has a favorable regulatory environment
01 October 2019   347

Bittrex, the U.S. cryptocurrency exchange, will launch the new Bittrex Global platform, headquartered in Liechtenstein, in late October, the Cointelegraph reports.

Bittrex Global will offer a “wide range of tokens”, as well as customer reward programs, credit card payment support, the sale of private tokens in accordance with EU law and a mobile application for trading cryptocurrencies.

The exchange chose the jurisdiction of Liechtenstein because of the favorable regulatory environment regarding the crypto industry.

In May, Liechtenstein authorities adopted the so-called blockchain law.

Despite the fact that the blockchain in the document has a broader definition - “technology based on trust”, the law regulates the issue and circulation of digital assets, as well as the activities of service providers.

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   100

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.