December 30, 2019 South Korea withholds $70 million in taxes from Bithumb.

South Korea’s National Tax Service is withholding $70 million in tax from foreign customers of Bithumb, a Korean cryptocurrency exchange, and is categorizing foreigner’s cryptocurrency earnings as ‘miscellaneous income.’ While Bithumb is permitted by law to collect the amount paid from its foreign clients, Dr. Kim Woo-cheol, a scholar on taxation at University of Seoul, suggests such efforts may be practically impossible. Bithumb plans to take legal action to adjust the final payment amount.