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Bithumb, one of the leading crypto exchanges from South Korea has been served with a tax notice amounting to $69.3 million, reported a local daily. The news about the taxation was confirmed by Vidente Co., one of the most significant stakeholders in Bithumb. The taxation levied on the exchange by South Korean authorities also makes it first of its kind as the authorities have never taxed crypto trading service providers in the past.
The $69.3 million tax imposed by the National Tax Service (NTS) is a withholder tax as per the local laws. The NTS alleged that Bithumb failed to withhold taxes of foreign customers and the income generated from these international customers have been deemed as miscellaneous income. All the gains from the crypto trading would be taxed under asset laws.
sources>>https://www.cryptoknowmics.com/news/bithumb-crypto-exchange-served-with-69-million-tax-notice
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