Terraform Labs CEO and cofounder Do Kwon refuted reports that the company owes nearly $80 million in taxes to the South Korean government. He further claimed that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation.
<h2 class="articleTitle font-headline">Terraform Has No Tax liabilities in S. Korea: Do Kwon</h2>
Another report from local media suggested that Kwon had closed Terra’s headquarters in Busan and Seoul days before the collapse of the Terra ecosystem.  Kwon addressed these allegations, saying Terra’s parent company Terraform Labs has “always been incorporated in Singapore” and the timing of shutting down its South Korean subsidiary was just a coincidence.

https://twitter.com/stablekwon/status/1527987967662247936

The Terra CEO also claimed the South Korean government charged crypto businesses “millions” to offset coronavirus-related spending, and ‘creatively charged millions from crypto companies.’
<h2><strong>Terra’s S.Korean Office Closure ‘Purely Coincidental’?</strong></h2>
Another report from local media suggested that Kwon had closed Terra’s headquarters in Busan and Seoul days before the collapse of the Terra ecosystem.  Kwon addressed some of these allegations on Twitter, saying Terra’s parent company Terraform Labs has “always been incorporated in Singapore” and the timing of shutting down its South Korean subsidiary was just a coincidence.

https://twitter.com/stablekwon/status/1527986680849760256

He also said that taxes were not a major factor in his decision to move out of Korea because the country “has zero crypto taxes and cheaper cost of living.”

https://twitter.com/stablekwon/status/1527986238157750272

Do Kwon Refutes Allegations of Unfulfilled Tax Obligations in Korea

Terraform Labs CEO and cofounder Do Kwon refuted reports that the company owns nearly $80 million in taxes to the South Korean government.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Do Kwon Refutes Allegations of Unfulfilled Tax Obligations in Korea

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