Blockchain Business Registry launched by Dubai Government

The government of Dubai is turning to blockchain technology to attract foreign investments and businesses in order to come into the city-state Emirate
03 May 2018   903

The city’s Department of Economic Development (DED) has revealed a joint blockchain endeavor alongside the Dubai Silicon Oasis Authority, named the ‘Dubai Blockchain Business Registry’. The project, developed in cooperation with the Smart Dubai office and long-time technology partner and early blockchain developer IBM, will ‘improve ease of doing business in Dubai and facilitate foreign direct investments’, the government’s media office declared.

The sweeping blockchain-powered project is aimed to simplify the process of instituting and operating a business in Dubai, make efficient digital trading of licenses and documents covering all spheres of a business and, critically, ensure regulatory compliance with Dubai’s rules.

The registry will be firstly started in the Dubai Silicon Oasis (DSO), a 4-square mile integrated free zone technology park supported and incentivized by the government, to enable changing of license information over the blockchain. In a major approval of the decentralized technology, the project will become the basic technology powering Dubai’s Unified Commercial Registry (UCR), ‘to store and update company registration by DED as well as the free zone authorities in Dubai’ the announcement added.

Dubai has already extended a blockchain platform that will registry the city-state’s entire land list by the year 2020. 

Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy, and ongoing collaboration with government and private sector entities is crucial to our success.
Dr. Aisha Bin Blshr
Director-General, Smart Dubai 

The Dubai Blockchain Strategy revealed its first promise as a part of the city’s adopting of blockchain by stating its intent to execute all transactions and government documents on a blockchain by the end of the decade.

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   91

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.