South Korea Slams Bithumb With $70 Million Withholding Tax

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According to a Coindesk report, the withholding tax will be imposed on the exchange’s foreign clients. If the NTS proceeds, it will be the first time the South Korean government will impose a tax on cryptocurrency transactions. This is especially curious because the country does not have proper laws on digital assets.

The report also categorizes the exchange’s foreign crypto payments as “miscellaneous income.” This tag refers to income that isn’t regular, such as lottery profits. South Korea’s withholding tax rate for miscellaneous income is set at 22 percent. It also says that the NTS reached its 80.3 billion won figure from the total withdrawals of Bithumb’s foreign customers.

Back in April, the exchange lost about $19 million worth of EOS and XRP to hackers.

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