Bithumb and Coinone exchanges are under the Tax Investigations

Nishanth Shetty

Nishanth Shetty

January 11, 2018 6:51 am

Bithumb and Coinone exchanges are under the Tax Investigations | Coindelite News
29742 Total Views

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.

I haven’t checked in here for some time as I thought it was getting boring, but the last few posts are good quality so I guess I will add you back to my daily bloglist. You deserve it my friend 🙂

1 Comment
South Korean Exchange Bithumb Eyes Thailand and Japan for Expansion

  Korean Crypto Exchange Bithumb has declared that it will open new offices in Thailand and Japan. As per local news outlets ZDNet, Bithumb is expecting the approval of the Thai Securities and Exchange Commission (SEC) and Japanese Financial Services (FSA). Bithumb describes that it selected Thailand because the e-commerce and …

Brazilian Police Caught a Gang that Used Bitcoin to Launder Millions of Dollars

  Recently, Brazil Federal Police has arrested 12 people who are connected to a gang that used bitcoin to launder millions of dollars earned in smuggling drugs in Europe, Asia and in Africa. According to the local report, the gang was caught in an operation named “Antigoon,” in cooperation with …

Cryptocurrency Malware Infects League of Legends

League of Legends (LOL) is an online game which pits two teams of players against one another in an epic battle. The players can choose from an array of interesting characters. The game has generated over a billion dollars in revenue. Lestergozaga, a Reddit user discovered that the Coinhive malware …

Ripple and XRP: Key Differences Explained

  These days a huge number of companies and organizations, banks are adopting the Ripple technologies. Somehow, XRP has been knocked between the price dip, regulations, etc. Have you ever compared Ripple and XRP and saw the difference?. I think most of us haven’t. So, here you could understand the difference …

GPU Prices Finally Gain Stability After an Year-Long Surge

GPU prices drop after being rising for almost a year. Since May 2017, there was a steep increase in the price of dedicated graphics cards. Surprisingly, this was not due to the rise in the number of game releases, but this was due to the general public’s interest in cryptocurrency. An …

UK Mosque has Raised 14,000 GBP as the Cryptocurrency Donation

  In May, UK’s Shacklewell Lane Mosque had announced that it would start accepting cryptocurrency as Sadaqah (donations). The Mosque has collected a huge 13,983 GBP (Great British Pounds) in cryptocurrency during Ramadan. Turkish runs the mosque in Hackney, in East London. The mosque had planned to start accepting cryptocurrency at …