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8.77%South Korean Tax Agency Carries Out Irregular Audit on Crypto Exchange Operator
The team of investigators requested past data and transaction details from Korea Digital Exchange.
South Korea’s National Tax Service has conducted a special audit of Korea Digital Exchange, which operates the local cryptocurrency exchange Flybit.
STORY CONTINUES BELOW
- On Tuesday, the tax service, managed under the nation's Ministry of Economy and Finance, sent a team of five to the firm's offices in Gangnam, Seoul, to investigate and audit the exchange, according to a report by CoinDesk Korea.
- The investigators requested data and transaction details from 2017 to 2019.
- According to CoinDesk Korea, the National Tax Service may conduct such special investigations if it spots anomalies between actual transaction data and reported data, or if it suspects tax evasion.
- In April, the Korea Digital Exchange renamed its crypto trading platform from Dexko to Flybit.
- Similar special tax audits were carried out at the Bithumb and Coinone exchanges in 2018, which resulted in hefty tax bill for Bithumb.
Read more: South Korea’s Dunamu Launches Bitcoin ‘Fear and Greed’ Index to Guide Traders
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
