Monex to Open Exchange Under Coincheck Brand in USA

"New old" cryptocurrency trading platform will be focused on institutional investors; opening is planed in 2019
13 December 2018   935

Japanese online broker Monex Group Inc. announced the launch of a cryptocurrency trading platform focused on institutional investors. The new platform should start work in 2019 under the brand of Coincheck, Finance Magnates reports.

A license to provide services in all US states Monex hopes to get within a year. As the president of Monex TradeStation, John Bartleman, said, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and, possibly, XRP will be available on the platform.

In April, Monex acquired Coincheck, the victim of a hack, for $ 33.6 million. After the purchase, Monex representatives said that the cryptocurrency business plays a key role in the company's further development. The fact that Monex intends to expand its business to the US market became known in May.

It is noteworthy that earlier this month, Monex Group Inc. became one of the investors of the American stock exchange cryptocurrency derivatives ErisX. According to John Bartleman, ErisX will also serve institutional investors in the United States after regulatory approval

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   122

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.