December 31,2019

Anna Murray 

Earlier South Korea's cryptocurrency exchange, Bithumb, has been charged with a large tax bill of 80.3 billion won (US$ 69.5 million) from the National Tax Service (NTS). The NTS stated the tax bill owed by Bithumb in the coverage of withholding taxes of foreign clients.

This is not the first time Bithumb tangling with South Korea’s taxation authority. In January 2018, the NTS officials took a tax raid on Bithumb and carried out 3 months in their tax investigation. But later in April 2018, Bithumb had been cleared up with no illegal activities such as tax evasion.

On December 30, 2019, according to a released statement from the South Korean Ministry of Finance and Strategy, the country’s current tax laws do not include the taxation of profits received earned from cryptocurrencies. Hence, Bithumb and other Korean crypto traders have no obligation to pay taxes on their profits made from crypto trading.

Photo:Webshot.