New cryptocurrency to become a gift for the Royal Wedding

Royal Coin, a new cryptocurrency created just for the instance, to become a gift for the Royal couple on their wedding day
09 April 2018   444

The Royal Wedding is a hot topic for the news outlets across the UK. And as usual there will be gifts to the royal couple. One of them will be a little unusual, but very much in line with hyped trends of nowadays.

Royal Coin, a brand-new digital currency, will be gifted to Prince Harry and Megan Markle on May 19th. British Monarchist Society and Foundation, and organization which aims to support and promote British traditions and heritage, endorsed the new coin together with ICO Rocket who advertised the ICO.

The main goal of a new digital currency is to be not only a gift to the couple, but also provide support to the charities of royal couple's choice and to help fund a unique “Royal Wedding edition” of the Crown and Country Magazine.

CEO of ICO Rocket Shahar Namer elaborated, that the Royal Coin “was born out of goal of engaging people to be a part of Royal Wedding in an entirely new and modern way” and that it has a point of supporting three good causes as a gift to the royal couple.

British Royal Weddings are always a widely celebrated and broadcast events for a whole country, so people naturally flock towards such projects to express their interest and participate in a gift to the newlyweds.

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.