Cryptocurrency exchange Bithumb takes $69m tax dispute to court

Korea’s top cryptocurrency exchange Bithumb has filed an official complaint against the National Tax Service (NTS) for slapping it with a massive tax bill of sixty-nine million US dollars ($69 million), The Korea Times reported today. For this popular cryptocurrency exchange, with one of the most substantial trading volumes, the year 2019 didn’t end on a good note for the country’s tax organization, NTS, decided to withhold tax from overseas customers of Bithumb. It classified Bithumb’s foreign trading income as “miscellaneous income” and thus recognized the capital gains as assets. It was the first time that the Korean government ever