TechFlow news — According to The Block, South Korea-based cryptocurrency venture capital firm Hashed has confirmed it is under investigation by the Korean National Tax Service (NTS). Edward Hong, Hashed's Head of Growth, stated that the investigation is not related to tax evasion or illegal funds. He said, “It was impossible from the start to evade taxes or create illegal funds,” as individuals in South Korea currently have no obligation to pay taxes on cryptocurrency gains. Hong explained that Hashed invests in cryptocurrencies through its proprietary funds, which are wholly owned by the company’s individual co-founders, meaning taxation would occur at the individual rather than corporate level. In South Korea, corporations are prohibited from investing in cryptocurrency.
Hashed is one of South Korea’s most prominent cryptocurrency investment firms, founded in 2017 by Simon Seokoon Kim, Ethan Kyuntae Kim, and Ryan Sungho Kim. Hashed’ portfolio includes over 80 companies, including blockchain networks such as Klaytn, Cosmos, and Terra.
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