Token Summit III to be held in NYC

Third event in Token Summit series is coming to New York City on May 16–17 to further detail the discussion about token-based economy
23 April 2018   885

Token Summit III will be organized in New York City in a form of a 2-day conference on May 16–17 at Pier 36 Basketball City venue. This will be the 3rd event in the Token Summit series and the focus is going to be on:

  • Token-based Business Models
  • Regulation and Compliance
  • Network Effects and Decentralization
  • Network Effects and Decentralization
  • Classification of Tokens
  • Valuation Realities

The key topics of the conference will be the design of a successful business model along with the creation of a token-based economy.

The event is conducted in coordination with the New York City Economic Development Corporation. Hosts are William Mougayar and Nick Tomaino. Among the notable speakers there will be Ox CEO and co-founder Will Warren, Golem Factory CEO and founder Julian Zawistowski, CoinList CEO and co-founder Andy Bromberg and others. The agenda of the event is to-be-announced. If you would like to find out more about the event, you can find it here.

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   124

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.