Korean Web Giant Kakao Announced Own Blockchain Platform

The new product will be open to the public and should become the basis on which developers can create their applications
27 March 2018   860

One of the largest Internet companies in South Korea Kakao has officially announced the creation of a subsidiary named Ground X, specializing in blockchain technologies, reports Yonhap.

During the press conference, the representatives of the operator of the popular in South Korea messenger KakaoTalk told about the launch of a new unit, which will develop its own blockchain-platform. The new product will be open to the public and should become the basis on which developers can create their applications. The release of the new site should take place during the year.

It is also planned that Ground X will integrate all future blockchain services with existing services of Kakao, said the company's CEO Joe Su-yong and Yeo Ming-su.

Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building presence in the global market. 
 

Joh Su-yong 

Co-CEO, Kakao

At the same time, according to ZDNet, Su-yong denied the earlier rumors about the release of Kakao Coin cryptocurrency and ICO outside of South Korea, where such campaigns are outlawed.

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.