Largest South Korean trading app adds support for crypto

The largest South Korean trading app Kakao Stock is launching a cryptocurrency exchange for Bitcoin and Ethereum
29 August 2017   2708

Kakao Stock , the largest application for trading securities in South Korea, has added the opportunity to trade Bitcoin and Ethereum.

Kakao Stock adds support for Ethereum and Bitcoin Kakao Stock

Kakao Stock is based on the country’s most popular smartphone messenger app, Kakao Talk. Thus, according to local publications, the company announced that it is launching a cryptocurrency exchange.

Kakao Stock provides real-time stock quotes and stock trading capabilities that are linked to Kakao Talk. Users buying and trading stocks within the app are connected directly to securities companies in Korea as well as overseas.

Kakao Stock allows its users to conduct transactions without paying additional transaction fees besides the existing trading firm transaction fee.
 

Kakao Stock team

The cryptocurrency exchange will be offered through the app only, and will handle a number of widely-traded coins including Bitcoin and Ethereum. 

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   97

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.