Regulation

Special Audit Of FlyBit Exchange – South Korea’s National Tax Service Agency.

South Korea’s National Tax Service has announced a special audit of Korea Digital Exchange, that operates the native cryptocurrency exchange Flybit.

Earlier on Tuesday, the tax service, beneath the nation’s Ministry of Economy and Finance, sent a team of 5 to the firm’s offices in Gangnam, Seoul, to research and audit the exchange, consistent with a recent official report.

The investigators requested data and transaction details from 2017 to 2019.

In line with the official details requested, the National Tax Service might conduct such special investigations if it spots anomalies between actual transaction data and reported data, or if it suspects tax evasion.

Earlier in April, the Korea Digital Exchange renamed its cryptocurrency trading platform from Dexko to Flybit.

Similar special tax audits were administered at the Bithumb and Coinone exchanges earlier in 2018, that resulted in hefty tax bill for Bithumb.

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