Singapore to Test ETH Based DLT Voting System

Creators believe the main issues of traditional voting systems is the lack of anonymity and the possibility of manipulating public opinion
14 January 2020   123

The Association of Cryptocurrency Enterprises and Startups in Singapore (ACCESS) has tested the voting system based on the Ethereum blockchain.

According to the developers of the system the main problems of traditional voting systems is the lack of anonymity and the possibility of manipulating public opinion. With the help of the blockchain, ACCESS ensured the lack of communication between the voters and the votes, which means it ensured anonymity.

The blockchain voting process helps uphold the true values of democratic voting in ensuring authentic votes are being legitimately accounted for with a transparent audit trail. We are seeing the future of corporate governance through the implementation of blockchain technology starting with our most important corporate governance event, our AGM.

 

Anson Zeal

The ACCESS chairperson

For voting, ACCESS participants used the generated QR codes stored in a special smart contract. Voting status was also controlled through this smart contract, which eliminated the re-cast of votes.

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   97

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.