The latest news show that Bithumb apparently thinks about undertaking administrative litigation over an $68.9 million (80 billion won) tax bill. According to reports of the KoreaHerald news outlet from December 29, the local tax agency has handed down over 80 billion won in taxation of the exchange.
This outlet notes that as document published by Bithumb’s largest shareholder Vidente through the financial supervisory services, the National Tax Service forced the exchange to pay the withholding taxes on trading of foreign customers.
As Vidente reported, Bithumb apparently considers litigating this tax bill – and Vidente reportedly found out about the tax earlier this week, after acquiring a 34.24% stake in the parent company of the cryptocurrency exchange.
KoreaHerald also explained that a goreign corporation that has no permanent establishment in South Korea has to pay tax. Still, there are no taxation rules applied to the cryptocurrency trading industry. While abiding the ruling, Bithumb plans to put up a fight and avoid paying the bill – which is why it considers administrative litigation.
All in all, the latest cryptocurrencies news now show that the market is stable. However, Bithumb has had a tough and difficult year before that. In June, the exchange was prosecuted for its alleged failure to take adequate measures and protect their personal information.
This was later presumably exploited by hackers to steal funds from the platform. In March this year, Bithumb also saw over million of the EOS cryptocurrency (around $12.5 million at the time) siphoned from its hot wallet in a hack.
Now, Bithumb apparently wants to balance things. The year behind us has seen significant developments when it comes to cryptocurrency taxation. It seems that many countries around the world figured out that cryptocurrencies are here to stay and adjusted their tax policies as a result not to miss out on the revenues.
Besides Bithumb and their moves, the altcoins are having a good day today. We can see that the NEO news are viral, seeing that NEO added around 4% in one day only. Aside from this, Ethereum Classic (ETC) is also having a good day with a 5% increase, complementing with the gains in the top 20 market cap.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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