SET to Get Crypto Trading License

The date of Thai stock exchange crypto trading project is not determined yet
18 January 2019   810

In Thailand, there may appear a platform for trading digital assets managed by a local stock exchange (SET). According to the Bangkok Post, for this purpose, SET is going to get a license from a cryptocurrency exchange operator from the country's finance ministry. This is reported by Bangkok Post. 

According to Pattera Dilokrungthirapop, vice president of SET, the capital of the stock exchange and the trust placed in it will provide a new competitive advantage. However, prior to obtaining a license, the exchange must work out the storage of tokens and the maintenance of operating activities.

Also Dilokrungthirapop reported interest in the project from SET partners. Thus, some companies have announced their intention to apply for broker-dealer licenses in order to be able to trade digital assets on a new exchange.

However, the specific date of the project launch is not determinated, because the Stock Exchange does not intend to refuse to work on key areas.

We [securities firms] are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading. Securities firms are currently waiting for the SET to apply for a licence. For us, to grow in the future as investors gain more understanding of this asset class. 
 

Pattera Dilokrungthirapop 

Vice president of SET

In May 2018, the Thai authorities introduced mandatory registration for cryptocurrency companies. In August, the country's Central Bank announced the creation of its own digital currency based on Corda technology.

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   119

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.