Major South Korean cryptocurrency exchange Bithumb is planning to hold an initial public offering (IPO) in South Korea.
On June 24, MoneyToday reported that Bithumb Korea, the trading platform’s operator, has begun preparing for a stock market launch, tapping Samsung Securities as its underwriter.
Bithumb is reportedly facing a number of potential obstacles (recent crypto taxation) that could prevent it from successfully filing an IPO in South Korea.
During this month, South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, with more details to be revealed in July.
At the beginning of the year, Bithumb filed a complaint with the National Tax Service. It suggested that the imposed $69 million tax bill is baseless, given that cryptocurrencies are not legally recognized in the country.
The report suggests that current regulatory uncertainty surrounding digital assets might prevent local regulators from green lighting Bithumb’s IPO application in the near future.