ICON Was Not Affected By The Tax Investigation Into ICONLOOP In South Korea

The price chart of the crypto shows optimistic dynamics. Prices are surging by 7.1% today. Recently, the ICON Foundation, the creator of the ICON Project (ICX), has published an official response to the news that the South Korean tax authorities are investigating their technical partner ICONLOOP.

In a statement released on Monday, ICON Foundation chairman Min Kim said the investigation would not affect the ICON Foundation, noting that ICONLOOP operates as a separate organization. ICON Foundation is a non-profit organization based in Switzerland.

At the end of 2017, she conducted an initial coin offering for her own ICON blockchain coin, ICX, raising over $42 million in the process. ICONLOOP is a technical partner of the ICON Foundation, operating from South Korea, and the creator of the “loopchain” technology on which ICON is based.

Beginner's Guide to ICON (ICX) Information, Review & How to BuyIt has previously been used by the Seoul government in various blockchain pilot projects, including research on the COVID-19 tracking app, citizen awards, and mobile driver’s licenses. ICONLOOP is the second blockchain company that the Korean tax authorities investigated this year. In January, he launched an investigation against HN Group, the issuer of the HDAC token. It is expected that the official tax laws for the issuance of virtual assets in South Korea will be put into effect next year. Meanwhile, the National Tax Service has initiated tax evasion procedures and accounting audits for large domestic issuers of virtual assets.

Miriam Bozini

Finance and Business Reporter