Bithumb and Coinone exchanges are under the Tax Investigations

Nishanth Shetty

January 11, 2018 6:51 am

Bithumb and Coinone exchanges are under the Tax Investigations | Coindelite News
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Bitcoin Exchanges

South Korea’s National Tax Service has started an investigation on two of the country’s leading cryptocurrency exchanges which are named Bithumb and Coinone.

Two of these top cryptocurrency exchanges in South Korea is under the investigations, Yonhap News reported, this investigation will be conducted by the country’s National Tax Service (NTS). The complete details of the investigation have not released yet.

The Ministry of Strategy and Finance told that corporate taxes may apply to virtual currency exchanges. A measure that would subject digital asset holdings to capital gains tax may be under consideration as well.

 An officer from Coinone told:

“A few officials from the National Tax Service raided our office this week. Local police also have been investigating our company since last year, they think what we do is gambling.”

He also included that Coinone was also cooperating with the investigation. Coinone is a major cryptocurrency exchange in South Korea.

On Wednesdays, the second largest cryptocurrency exchange in South Korea, Bithumb also raided by the tax authorities.

An official from Bitthumb also told:

“We were asked by the tax officials to disclose paperwork and things yesterday.”

South Korean financial authorities had previously announced that they are investigating six local banks that offer virtual currency accounts to institutions, among the concern that the increasing use of such assets could lead to a growth in crime.

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