Bithumb has won the second appeal of its 130 million won (approximately $97,000) corporate tax lawsuit. On August 20th, the Seoul High Court overturned the first ruling and ruled in favor of Bithumb. The case originated in 2019 when the tax authorities imposed a corporate tax of 180 million won (approximately $134,000), later reduced to about 130 million won, on Bithumb for changing its virtual asset valuation method. The second court ruled that there were no clear accounting rules at the time, and Bithumb's choice of the "total average method" to evaluate virtual assets was legal, and its virtual assets should not be considered inventory assets, so there was no need to declare a change in the valuation method.

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