South Korea’s National Tax Service conducted a special tax audit on Korea Digital Exchange, which operates the local cryptocurrency exchange Flybit.
They asked for all transaction records between 2017-2019
According to a report published by CoinDesk Korea, the tax service, administered under the country’s Ministry of Economy and Finance, today sent a team of five to the firm’s offices in Gangnam, Seoul, to investigate and audit the exchange.
Researchers requested data and transaction details from 2017 to 2019.
According to CoinDesk Korea, the National Tax Service can conduct such special investigations if it detects anomalies between actual transaction data and reported data or if it suspects tax evasion.
Will there be tax sanctions?
The Korean Digital Exchange changed the name of the crypto trading platform from Dexko to Flybit in April.
Similar special tax audits were conducted on the Bithumb and Coinone exchanges in 2018, resulting in a high tax bill for Bithumb.
India is shaking too
In our news about three weeks ago, we mentioned that India wants to impose taxes on all crypto money transactions. In a period where cryptocurrencies are used extensively in order not to pay taxes, it is enough to make the public worried that countries come up with taxation policies one after another.
It was stated that the data would be around 18 percent in India. The country’s complex attitude towards cryptocurrencies is likely to continue. The country introduced a ban in 2018 that prevented all BTC and crypto businesses from working with standard banks, and two years later the decision was overturned.