WeMade was pursued by the local tax authorities for the recovery of over $41 million in WEMIX token business

According to the report from Han Kyung News Agency, South Korean listed game company WeMade has been ordered by the local National Tax Service to pay back 53.69 billion Korean won (approximately $4,106.75 USD) due to its virtual currency business. On the 3rd, WeMade disclosed that the central regional National Tax Service of Korea imposed a collection of 53.69 billion Korean won based on the comprehensive investigation results of corporate tax from 2019 to 2022. The payment deadline is next month on the 29th, and the ratio of collection amount to equity capital is 10.05%. This amount was calculated after assessing the amount collected from WeMade and its subsidiary WeMade Tree. WeMade Tree was established in January 2018 as an enterprise for entering into blockchain business by WeMade and was absorbed and merged by the parent company in February 2022. According to reports, the National Tax Service of Korea conducted a tax investigation on WEMIX, a virtual currency issued and used by WeMade and WeMade Tree in the past, and decided to impose a collection payment. A representative from WeMade stated that "We plan to truthfully pay taxes generated from accounting and taxation related to Wemix between 2019-2022. As taxation treatment regarding virtual assets becomes more clear with uncertainty reduced, our company's business stability will improve."