Bithumb to Pay $68M to South Korea's Tax Authorities
Main page News, South Korea, Cryptocurrency Exchanges

The National Tax Service (NTS), South Korea's tax agency, has imposed 80.3 billion won ($68M) in additional taxes on crypto trading platform Bithumb, local news outlet Korea Herald has reported.

According to a press release shared by Vidente, Bithumb's largest shareholder, the agency has forced it to pay taxes related to the profits made by foreign investors who have invested in Bitcoin.

It should be noted that Vidente was informed about the obligation to pay this tax on Wednesday, right after acquiring a 34.24% stake in Bithumb Holdings, Bithumb's parent company.

Foreign legal entities without permanent registration in South Korea must pay the withholding tax, however, this regulation had not yet been applied to the crypto sector.

Bithumb representatives plan to take legal actions arguing the lack of clear tax regulations applicable to crypto exchanges.

iHodl reported in November Bithumb plans to launch the Bithumb Coin token on its native blockchain during the first quarter of 2020.

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