Cryptocurrency Exchange Slapped with Massive Tax Bill
30 December, 2019
Korea's biggest cryptocurrency exchange Bithumb has been slapped with a W80 billion bill by the National Tax Service (US$1=W1,162).
Vidente, Bithumb's largest shareholder, said last week that Bithumb has been slapped with W80.3 billion in income tax withheld from payouts to foreign customers.
This is the first time the government has imposed taxes on income from cryptocurrency trading because the business is so new that regulations failed to catch up.
Bithumb vowed to appeal the decision.
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