Fireblocks and NongHyup Bank have signed a Memorandum of Understanding to launch a pilot project for VAT and sales tax refund using tokenization. This will enhance transparency and security, allowing real-time asset tracking and eliminating risks of errors and fraud. The project aims to improve trust between the bank and customers while reducing operational costs. In South Korea, VAT is 10%, with a refund possibility of 3-6%.
11/14/2024 12:52:59 PM (GMT+1)
Fireblocks and NongHyup Bank are launching a pilot project for the tokenization of VAT and GST refunds on purchases in South Korea to improve transparency and security 💰
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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