South Korean Gaming Giant WeMade Gets $41M ‘Crypto Tax’ Bill

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South Korean Gaming Giant WeMade Gets M ‘Crypto Tax’ Bill

South Korean Gaming Giant WeMade Gets M ‘Crypto Tax’ Bill
Supply: Zerbor/Adobe

The South Korean gaming agency WeMade has been hit with a $41 million tax invoice for its crypto-related actions.

Yonhap reported that the Nationwide Tax Service (NTS) issued the invoice following an investigation into the agency’s historic crypto enterprise operations.

The NTS stated it had issued the invoice “on account of the Central Regional Tax Workplace’s built-in company tax investigation” into the agency “for the interval 2019 to 2022.”

The tax physique stated WeMade’s cost deadline was February 29, including that the surcharge to fairness ratio was 10.05%.

WeMade is likely one of the nation’s keenest blockchain gaming proponents. The corporate created a blockchain and crypto-focused subsidiary named Wemade Tree in 20218.

WeMade initially spun this agency off, however in February final 12 months, reabsorbed it into its dad or mum firm.

The agency additionally launched a cryptoasset named WEMIX. The coin has skilled blended fortunes, working right into a circulation data-related controversy that resulted in a number of home delistings in late 2022.

A graph showing WEMIX prices over the past 12 months.
WEMIX costs over the previous 12 months. (Supply: CoinMarketCap)

The corporate launched an unsuccessful legal bid to reverse the delisting determination in the summertime of final 12 months.

Nonetheless, the coin loved one thing of a resurgence in 2023, re-listing on many of the same platforms.

WeMade additionally made historical past final 12 months when it sponsored the season-ending KLPGA Tour (women’s pro golf) event.

The agency gave the successful golfer, Lee Ye-won, WEMIX tokens instead of a fiat prize.

South Korean Gaming Agency WeMade Able to Pay Crypto Tax Invoice

The NTS stated that it had “determined to impose a surcharge” on the agency following a “tax investigation into WEMIX.

WeMade CEO Henry Chang.
WeMade CEO Henry Chang. (Supply: SBS Information/YouTube)

WeMade stated it will not contest the invoice, however recommended that “clearer” tax guidelines for crypto companies would assist the sector. A WeMade spokesperson stated:

“We plan to pay the tax invoice in good religion. Because the [somewhat vague] taxation of cryptoassets turns into clearer, stability will improve for companies.”

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