{"id":20193,"date":"2024-05-11T08:30:34","date_gmt":"2024-05-11T08:30:34","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20193"},"modified":"2024-05-11T07:30:54","modified_gmt":"2024-05-11T07:30:54","slug":"bithumb-to-cover-30-million-tax-liability-for-customers","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bithumb-to-cover-30-million-tax-liability-for-customers\/","title":{"rendered":"Bithumb to Cover $30 Million Tax Liability for Customers"},"content":{"rendered":"

Bithumb, South Korea’s largest cryptocurrency exchange, has announced plans to cover the tax liabilities of its customers arising from airdrop and similar events held on the platform.<\/p>\n

According to a statement released by Bithumb<\/a>, the exchange will pay approximately 40 billion won (equivalent to $30 million) in taxes on behalf of users who received tokens through these promotional activities.<\/p>\n

The tax obligation stems from various events organized by Bithumb between 2018 and 2021, resulting in a total tax liability of 20 billion won for approximately 10,700 users.<\/p>\n

While South Korea’s cryptocurrency tax regime has been postponed until January 2025, the local tax authority has classified the earnings from these events as “other income” subject to taxation.<\/p>\n

Despite appealing the tax authority’s decision, Bithumb has opted to settle the tax dues for its customers while the dispute remains unresolved.<\/p>\n

In January, the tax authority had also announced plans to collect 19 billion won in taxes from investors who profited from airdrop events. Bithumb has confirmed that it will also cover this amount.<\/p>\n

Bithumb management acknowledged the inconvenience caused to its users by this taxation and expressed its commitment to supporting its customers. The company emphasized its responsibility to protect its users’ interests and uphold legal and ethical standards.<\/p>\n

\n
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Bithumb, South Korea’s largest cryptocurrency exchange, has announced plans to cover the tax liabilities of its customers arising from airdrop and similar events held on the platform. According to a statement released by Bithumb, the exchange will pay approximately 40 billion won (equivalent to $30 million) in taxes on behalf of users who received tokens<\/p>\n","protected":false},"author":1,"featured_media":20109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[3250,58,6031,2184],"class_list":["post-20193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exchange-news","tag-bithumb","tag-cryptocurrency","tag-south-kore","tag-tax"],"yoast_head":"\nBithumb to Cover $30 Million Tax Liability for Customers - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bithumb, has announced plans to cover the tax liabilities of its customers arising from airdrop and similar events held on the platform.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bithumb-to-cover-30-million-tax-liability-for-customers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bithumb to Cover $30 Million Tax Liability for Customers - 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