South Korean cryptocurrency exchange Bithumb has pledged to invest roughly $8 million into the Busan blockchain zone. The region was recently declared “regulation-free” by the national government and modeled after the Switzerland town of Zug. Bithumb’s subsidiary GCX Alliance will discuss the preliminary plans with the Financial Services Commission (FSC) this month.
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Bithumb Joins South Korea’s Blockchain Coalition in the ‘Regulatory-Free’ Zone in Busan
On December 30, 2019, news.Bitcoin.com reported on the South Korean exchange Bithumb when the National Tax Service of South Korea (NTS) withheld more than 80 billion won ($69 million) from the company’s international clients. Bithumb is one of South Korea’s most profitable exchanges and the Korean won is often a top five trading pair with the most popular digital currencies. The recent tax levy was considered South Korea’s first attempt to have the NTS enforce tax commitments tied to cryptocurrencies….