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Korean Gaming Firm WeMade Hit With $41 Million Crypto Tax Bill

South Korean gaming company WeMade received a 41 million U.S. dollar tax bill from authorities related to its cryptocurrency operations from 2019 to 2021.

Tax Investigation Reveals Unpaid Corporate Levies

The National Tax Service (NTS) of South Korea issued the tax bill after investigating WeMade’s crypto activities, according to the Central Regional Tax Office’s integrated corporate tax probe. [1] The surcharge to equity ratio on the bill is 10.05%, indicating a large sum of unpaid taxes.

WeMade’s Involvement in Crypto

WeMade is known for promoting blockchain gaming and established a crypto subsidiary named Wemade Tree in 2018. The subsidiary launched a cryptocurrency called WEMIX that faced controversy over circulation data. While WEMIX was delisted from some platforms, it was later re-listed.

WeMade also sponsored a KLPGA Tour event awarding WEMIX tokens as prizes.[2]

Company Plans to Pay But Seeks Clarity on Rules

WeMade CEO Henry Chang stated the company will pay the tax bill in good faith. However, WeMade has called for clearer tax rules for crypto firms to provide stability for the business sector.

Key Takeaways

  • WeMade received a $41 million tax bill related to its crypto operations from 2019 to 2022.
  • The bill resulted from a tax investigation by South Korea’s National Tax Service.
  • The company plans to comply and pay the tax by the February 29 deadline.
  • WeMade seeks clearer tax rules for crypto businesses to reduce uncertainty.
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