TL; DR Breakdown
- Hashed under investigation for tax issues
- NTS has refused to give insight into the nature of the investigation
- Hashed raises $200 million in its second venture fund
The activities of crypto exchanges and traders can never go under the radar as they are regulatory oversights on their actions. Although more countries have more regulations than the others, it goes without saying that exchanges must follow them. In recent news coming out of South Korea, seasoned crypto exchange, Hashed is now under the regulatory floodlight of the National Tax System for offenses related to tax evasion.
NTS refuses to give insight into the nature of the investigation
According to the reports by local stations across the country, the office in charge of the investigation is the Seoul Tax Office. Going by prior records, the office handles issues bordering from tax evasion to slush fundraising. A slush fundraiser is an event where a company raises an amount that is not disclosed with the sim to use it for usually an illegal means. Presently, the media stations are still holding on to the position that they don’t know Hashed’s exact crime.
A top member of the tax office has allayed fears, noting that it is normal for investments to be under the radar for tax-related offenses of their owners. The investigation into Hashed is currently ongoing, and the regulators are moving swiftly to conclude things before citizens go out to vote. Notably, the presidential election in South Korea is scheduled to hold on March 2022, and investigators want to wrap up the case by February.
Hashed raises $200 million in a second venture fund
Hashed has cemented its place at the top of the pick for crypto exchanges with prestige in South Korea and across the world. The exchange was floated in 2017, and although it is quite young, it is gradually moving up the ladder globally. The firm currently has three CEOs who also double as the exchange’s founders. Ethan Kyuntae, Ryan Kim, and Simon Kim are listed on their website as the CEOs of the firm.
Hashed reportedly launched its second venture fund valued at $200 million at the beginning of this month. This second venture firm is coming off the back of an earlier one that it launched at the same period last year, worth $120 million. During the launch, Hashed mentioned that it wants to use the funds to further the growth of Web3.
Hashed has invested in more than 80 companies across the crypto sector, with MakerDAO and The Sandbox some notable investments. Since the beginning of this year, South Korea and the NTS have been clamping down on investments in the crypto sector for tax-related offenses. Some weeks ago, news emerged that crypto investments and traders would be given an extension by one year before they start paying taxes.
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