SEC-compliant ICO exchange announced by Overstock

Overstock is to open an exchange for legal token trading
28 September 2017   2184

It seems like the regulated token trading is coming. Thus, Overstock's tØ is launching a first-of-its-kind alternative trading system (ATS) that will provide a platform for the exchange of cryptographic tokens categorized in the U.S. as securities.

As reported by coindesk.com, the new system is based on the already existing platform tØ in partnership with the fintech company RenGentt and Argon Group (an investment bank specializing in ICO capital raising). The ATS will be regulated by both the SEC and the Financial Industry Regulatory Authority (FINRA).

I think it's a historic event. We're opening a new type of capital market.
 

Patrick Byrne
CEO of Overstock

Until now, there have been no such platforms, and its creation can be seen as a major step in the development of the entire cryptoindustry. Today, ICO issuers either must attempt to create a token that does not meet the SEC's definition of a security, or they must meet that definition and give up the liquidity that comes from being publicly traded. Emma Channing, Argon's general counsel and interim CEO, argues that the new platform announced today will eliminate that choice.

We believe this is exactly what the SEC was asking for in the DAO report.
 

Emma Channing
Argon's general counsel and interim CEO

As detailed, Emma Channing believes her firm's new ATS could see $2 billion in trading within the next 12 months.

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   90

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.