Main South Korean cryptocurrency alternate Bithumb is planning to carry an preliminary public providing (IPO), in keeping with studies from native
Main South Korean cryptocurrency alternate Bithumb is planning to carry an preliminary public providing (IPO), in keeping with studies from native media.
As reported by MoneyToday on June 24, Bithumb Korea, the buying and selling platform’s operator, has begun getting ready for a inventory market launch, tapping Samsung Securities as its underwriter.
Bithumb is reportedly going through numerous potential obstacles that would forestall it from efficiently submitting an IPO in South Korea, specifically current crypto taxation points.
Earlier this month, the South Korean Finance Minister, Hong Nam-Ki, introduced plans to impose a tax on cryptocurrency, saying that extra particulars will probably be revealed in July.
Notably, in early 2020 Bithumb filed a criticism with the Nationwide Tax Service, suggesting that the imposed $69 million tax invoice is baseless, on condition that cryptocurrencies will not be legally acknowledged within the nation.
Present regulatory uncertainty surrounding digital belongings would possibly forestall native regulators from inexperienced lighting Bithumb’s IPO utility within the close to future, the brand new report alleges.
Furthermore, MoneyToday notes that Bithumb’s present “opaque” composition of shareholders may also increase questions. The most important investor of Bithumb Korea is Bithumb Holdings (former BTC Holding Co.), with a reported stake of 74.1%. In response to native studies from December 2019, Bithumb Holdings govt Lee Jung Hoon was sued for financial fraud because of a number of entangled acquisitions involving a Singapore subsidiary referred to as BTHMB Holdings.
Bithumb’s earlier IPO try
Information present that Bithum has already thought-about going public up to now. In January 2019, CNBC reported that Singapore-based holding agency Blockchain Alternate Alliance, which had a controlling stake in Bithumb on the time, was seeking to listing in the USA via a reverse merger, however these plans have seemingly fallen via since.
Cointelegraph reached out to Bithumb for extra remark, however acquired no reply as of press time. This story will probably be up to date, ought to we hear again from the agency.