Dubai is hosting 3rd World Blockchain Forum

UAE has announced it is holding 3rd Annual World Blockchain Forum on April 16-17 to discuss topics on blockchain, ICOs, regulation and more
06 April 2018   804

3rd annual World Blockchain Forum will be held in Dubai on April 16-17 at Madinat Jumeirah venue. The 2-day conference will tap into the innovative possibilities of blockchain and disruptive technologies, provides an introduction to ICOs and analyze the impact of cryptocurrencies on the global financial landscape. The focused event limited to only 750 attendees creates a unique environment of opportunities to network, delve deeper into new technologies and investment.

Among the sponsors there are Government of Dubai DMCC, Shopin, Binary Financial and many others. The list of speakers include Moe Levin (Founder at Keynote), Dustin Byington (President of Wanchain), Ola Oudin (CEO & Co-Founder of BitOasis) and others.

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   90

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.