Four New Coins added by itBit after NYDFS Approval

itBit declared it has got the approval from the New York State Department of Financial Services (NYDFS) to add 4 major cryptocurrencies
14 June 2018   2017

The New York-based exchange now lists 5 coins - Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumens for trading. It will also extend its custody and escrow services to the new coins that it presently provides for Bitcoin. The exchange will also suggest OTC trading services, which are necessary for the institutional investors.

This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are committed to the growth and evolution of this ecosystem and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets. Regulatory oversight and security have always been at the forefront of building our platform. We are thrilled to be able to offer these new services to our customers.
Chad Cascarilla
CEO, itBit

itBit was the first exchange to acquire an operating license the New York Banking Law by the NYDFS. Though the firm is proud of its regulatory compliance, it was rather close to the end of the recent CFTC subpoenas, that the agency sent out to 4 crypto exchanges suspecting Bitcoin price manipulation.

We also expect to see greater institutionalization of the space as traditional financial players develop the understanding and comfort to begin participating in the ecosystem.
Chad Cascarilla
CEO, itBit

The itBit CEO also stated that the exchange expects to see continued differentiation as the more reliable and useful crypto assets and utility tokens get the momentum in a couple of years.

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.