Revolut to Expand to 24 New Markets

By the end of this year, the service will be available in eight countries and other will be added in 2020
30 September 2019   366

The British fintech startup Revolut has entered into an agreement with the payment giant Visa, under which it will begin work in 24 new markets, including in Russia. It is reported by Reuters with reference to the head of the Revolut Nikolai Side.

By the end of this year, the service will be available in eight countries, including the Russian Federation, Brazil, Japan and the United States. Revolut plans to enter the markets of Latin America and Asia in 2020.

According to Party, the expansion will depend on the regulators of different countries, from which it is necessary to obtain appropriate permits.

In partnership with Visa, the company plans to issue at least 75% of all cards.

Revolut expects that entering the global market will double or even triple the number of users. Now the company's customers are about 8 million people, and the total amount on deposits is more than 8 billion euros.

Revolut will employ up to 3,500 new employees to implement these plans.

Revolut cards allow you to exchange one currency for another without bank fees, converting funds at the average market rate.

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   104

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.