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<ul class="wp-block-list news-points"> 
 <li>Bithumb Korea secured a major legal win after a court successfully overturned a previous ruling that imposed corporate tax.</li> 
 <li>The court determined that Bithumb’s virtual assets were not considered inventory assets, eliminating the need to report a change in valuation method.</li> 
 <li>The ruling provides legal clarity on the tax treatment of virtual assets in South Korea, benefiting businesses operating in the industry.</li> 
</ul> 
South Korean crypto exchange Bithumb Korea has secured a key legal victory against the country’s tax authorities. A high court ruled that Bithumb’s virtual assets are not to be classified as inventory, <a href="https://n.news.naver.com/mnews/article/366/0001013291?sid=001" target="_blank" rel="nofollow">offering much-needed clarity</a> to the digital asset industry. 
The dispute stemmed from Bithumb’s change in its virtual asset valuation method between 2014 and 2017. Tax authorities claimed this led to underreported profits. However, the Seoul High Court sided with Bithumb, emphasizing the lack of regulations at the time. This ruling comes amidst South Korea’s increasing crypto scrutiny, with potential delistings for non-compliant assets looming. 
Crucially, the court also determined that<a href="https://coinedition.com/bithumbs-no-fee-promotion-responsible-for-btc-volume-spike-in-south-korea-analyst/"> Bithumb’s virtual assets</a> could not be considered inventory assets. The…
The post <a href="https://coinedition.com/bithumb-korea-wins-tax-dispute-virtual-assets-not-inventory/">Bithumb Korea Wins Tax Dispute, Virtual Assets Not ‘Inventory’</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Bithumb Korea Wins Tax Dispute, Virtual Assets Not ‘Inventory’

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