Exchange Bithumb will pay $28 million in taxes in 2017

National tax service South Korea (NTS) has asked for 30 billion won ($28 million) for the payment of taxes from the largest cryptocurrency exchanges Bithumb. This step was approved by the crypto community.

June 8, local media announced that Bithumb, which published the income of 427 billion won ($397 million) for 2017, pay off their tax liability after an audit by the internal revenue Service of South Korea (IRS). As a result of the April inspections, the IRS also confirmed that the inspectors did not find «any illegal acts, including tax evasion».

The official representative of NTS, said:

«The IRS conducted a tax investigation against Bithumb for the years 2014-2017. […] Bithumb decided to pay the applicable taxes without any objections to the designated amount.»

Members of the crypto community with optimism have apprehended this news in social networks and noted that clarity on the situation Bithumb in the regulatory framework is a positive step forward for the entire industry kryptomere South Korea.

Bithumb is not the only major Bourse, preferring not to engage in debate with regulators in General and in the tax field in particular. Recently it became known that the exchange Bitfinex would begin to provide
regulators, tax data customers. This news caused the dissatisfaction of the community members as users of cryptocurrency already are among the most thoroughly studied investors in the world due to increased regulation and transparency inherent in the technology of the blockchain. Many felt that the new policy Bitfinex, regardless of its legal base, has gone too far.

Worldwide, not only exchange, but also captainvalor are increasingly faced with the necessity to pay taxes. For example, in April of this year, Whether known captainvalor and Fundstart analyst, said the market is waiting for a massive outflow of capital in anticipation of the latest tax day in the United States. According to him, the traders had to pay the state about $25 billion in taxes from income earned as a result of transactions with cryptocurrencies.

What number of traders really made it hard to say, but apparently not all took into account their commitments, the last day of the tax not strongly affect the capitalization of the cryptocurrency market.

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