Recruit to Finance Beam Team

It does not disclose the amount of investment in the Beam and the terms of the agreement
18 February 2019   670

Recruit Co., which specializes in human resources, has announced the provision of funding to the Beam cryptocurrency development team through the RSP Blockchain Tech Fund established in November. The corresponding statement was published on the company's website on February 18.

As Recruit notes, currently there is an increase in the number of tokenized settlement and exchange services, which gives rise to certain expectations related to the use of the blockchain in corporate activities. Many of them, however, leak sensitive data. The Beam Token provides a blockchain with the function of preventing the spread of transaction data to third parties, and protects user transaction data, Recruit said.

The company also notes that it shares the concerns of regulators related to the possible abuse of cryptocurrency opportunities, and promises to support not only technological, but also the legal development of this space.

It does not disclose the amount of investment in the Beam and the terms of the agreement. The capital of the RSP Blockchain Tech Fund is $ 25 million. The fund focuses on overseas projects that use tokens in their models.

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.