Coindcx exchange to launch in India despite regulations

While RBI is tightening the regulations for the crypto exchanges, Coindcx team still is hard at work launching their platform
08 April 2018   1110

Despite quite a dire situation with recent crypto-related bans in India, a lot of people still want to trade cryptocurrencies. And if there is a demand, there will be an offer, as Sumit Gupta, the founder and CEO of a new cryptocurrency exchange Coindcx, shows us. While other exchanges are consolidating their audience to turn the tide with their petition to Reserve Bank of India, Coindcx team is hard at work launching their platform for the customers.

According to Gupta. Coindcx will enable Indian residents to trade more than 30 digital asset pairs with 0.1% trading fee. Gupta goes on to say that the move to open trading during this unfortunate period of regulations clamping down on other exchanges was deliberate. Coindcx launches to provide the Indian blockchain community with a way to save their funds and not to sell at loss.

You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR),” Gupta details.

The platform aims at providing the most comfortable experience to the mainstream customers, so even if there would be no way to offload the crypto account to fiat after banks close down on crypto exchanges, the users still are able to check prices, trading pairs and exchnage rates in Indian Rupees to provide a clear reference for a real-world money.

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.