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South Korea postpones tax on cryptocurrencies for 2 years

The 20% tax on digital assets in South Korea, which was due to apply from 2023, has been postponed for another two years.

Tax announced in 2020

Before the announcement of the 2-year delay, the hefty 20% tax on crypto-asset earnings was due to go into effect on January 1, 2023. However, thanks to strong investor protests, the plan was pushed back to 2025. .on cryptocurrencies was first introduced in December 2020, when the government announced the 20% tax rate on cryptocurrency earnings above KRW 2.5 million ($1974.10). Under the initial plan, the tax was supposed to be imposed from January 1, 2022. However, the Democratic Party and the center-right People’s Power Party decided in November 2021 to defer it for a year.

Investors protest taxes

Despite the many delays, the January 1, 2023 timeline did not please investors, who claimed that the tax could harm a growing cryptocurrency industry in South Korea. Another argument they made was that the tax threshold (2.5 million KRW) was too low, especially considering that the proposed stock tax is levied on capital gains above 50 million KRW ($39,475.76). This was noteworthy as one of the promises made by the country’s president-elect Yoon Suk-yeol during his campaign was to tax cryptocurrencies to the same extent as other financial assets.

Minister defends postponement

Choo Kyung-ho supported the investors’ demand to defer taxes in May 2022, when he has yet to be confirmed as Deputy Prime Minister and Minister of Economy and Finance. During a National Assembly confirmation hearing, Choo stated that a 20% tax on the cryptocurrency industry would be detrimental at this time. He proposed waiting for the market to mature and for legislation to guarantee transparency and investor protection before charging the tax.

Fiscal policies in the world

Taxing capital gains from cryptocurrencies has become a hot topic in many countries. While some countries want to lighten the industry as much as possible and have therefore deferred imposing a tax, others are eager to bank the profits through taxes. Germany, like South Korea, has maintained a more crypto-friendly tax policy after announcing zero taxes on held cryptocurrencies for more than a year. At the end of the spectrum, Portugal, known to be a crypto haven for its zero-tax policy, is reconsidering a tax on crypto profits. Investors in India are also saddled with the 30% cryptocurrency tax announced at the last budget meeting and are choosing to take their business abroad.

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Ukraine joins the European Blockchain Association as an observer

Ukraine has been granted observer status in the European Blockchain Association (EBP). Kyiv officials hope the move will make it easier for the Ukrainian government to implement blockchain technologies and lead to the adoption of more efficient cryptocurrency regulations.

Ukraine moves towards membership of the European Blockchain Association

Ukraine has been accepted as an observer in the European Blockchain Partnership (EBP), an initiative to develop an EU blockchain strategy and build blockchain infrastructure for public services. Observer status is a step towards full membership, which Ukrainian authorities and members of the cryptocurrency community have been pushing.

The push for the country’s accession to the EBP was initiated by Oleksii Zhmerenetskyi, chairman of the Blockchain4Ukraine interfactional association of Ukrainian lawmakers, and Konstantin Yarmolenko, who chairs the non-governmental organization “Ukrainian Virtual Assets”.

In March of this year, they sent letters to European Commission President Ursula von der Leyen and other EU representatives calling for the establishment of a common European blockchain infrastructure based on EBP.

In response to his appeal, the head of the executive body in Brussels confirmed Ukraine’s membership prospects as an observer. The country has now become the third non-EU country to participate in the initiative, besides Norway and Liechtenstein.

“Ukraine’s integration into the European Blockchain Association will strengthen joint work on the introduction of blockchain technology into government records and services,” said Ukraine’s Deputy Minister of Digital Transformation Alexander Bornyakov, according to his department.

Bornyakov, who represents the Eastern European nation on the EBP, recently attended an online meeting of all members. He added that joining will also promote “a highly efficient regulatory environment, including for the virtual asset market” in the country.

According to the head of Blockchain4Ukraine, Zhmerenetskyi, by joining the blockchain association, Ukraine will be in a better position to boost recognition of its higher education diplomas and driver’s licenses for millions of Ukrainian refugees in Europe.

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Japan’s Largest Bitcoin Lightning Community Partners With Tokyo’s Largest Real Estate Company

Diamond Hands, Japan’s largest Lightning Network community, is partnering with a major real estate company in Tokyo for a joint research project for wider adoption.

Japan's largest Lightning community, Diamond Hands, is teaming up with one of the largest real estate companies, Open House Group, in Tokyo for a joint research project.

Open House will investigate how to leverage the Bitcoin Lightning Network for real estate transactions in the region.

The real estate company will also look to develop infrastructure practices for companies in the area looking to adopt the Lightning Network.

Open House Group Company Limited, a major real estate company in the Tokyo metropolitan area, is sponsoring Japan’s largest Lightning Network community, known as Diamond Hands, in a joint research project, according to a press release sent to Bitcoin. . Magazine.

Open House will sponsor Diamond Hands’ advocacy and outreach efforts in its pursuit of greater adoption of the Lightning Network in the region. The Lightning community will join Open House on internal research and development and community development projects regarding Lightning adoption for individual users and businesses.

In addition, Open House seeks to strengthen its understanding of the ecosystem by exploring full-node business operations for enterprises. This research will include secure data storage on personal devices and cloud databases on full nodes in real estate, leveraging layer two Bitcoin technology for real estate transactions and how to route payments on the Lightning Network.

Previously, Diamond Hands made headlines for its partnership with bitcoin gaming company ZEBEDEE, in which the two organizations, along with Mimesis Capital, joined forces to strengthen Lightning adoption in Asia.

Consequently, Mimesis Capital, being a bitcoin-focused family office, planned to leverage Diamond Hands connections to offer business advice to companies looking to integrate the Lightning Network into their professions. Additionally, ZEBEDEE sought to build infrastructure to enable high levels of bitcoin gaming in the region.

“The Diamond Hands community has played a key role in the adoption of Lightning for individuals and businesses in Japan over the past year, but we look forward to taking this forward by collaborating with businesses and international communities,” Koji Higashi, co-organizer of Diamond Hands had previously stated.

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Bitcoin of America is working to solve the gender issue in the crypto industry

The cryptocurrency industry has a major gender issue when it comes to female participation. Bitcoin of America (BOA), a popular virtual exchange, seeks to solve this big problem. BOA has been very open about its female participation at conferences, exhibitions and even within its own company. Bitcoin of America has revealed that the majority of its top-tier positions are held by women. Its Director of Operations, Director of Operations, Director of Marketing, Director of Agent Locations and Director of Business Development are led by powerful women.

Bitcoin of America sent its women’s team to the world’s largest Bitcoin conference, Bitcoin 2021 Miami. The BOA women’s team hopes to encourage other women to join the industry. Alice Gorodetsky, Director of Business Development, shared her thoughts on the industry. Gorodetsky explained: “The male presence is huge in the tech sector and in the crypto space. I am excited to be a part of an inclusive company like Bitcoin of America that encourages women to succeed in a male-dominated industry.”

Bitcoin of America is currently hiring and looking to expand its women’s team. They seek to promote women in the cryptocurrency industry and help give them a voice. Jenna Polinsky, director of marketing, spoke about her experiences working in a predominantly male industry. Polinsky mentioned, “I am lucky to be part of a team that values ​​everyone’s opinion. I had a positive experience working for Bitcoin of America and hope to use my influence to help encourage other women to join the industry.

Bitcoin of America is registered as a Money Services Business with the United States Department of the Treasury (FinCEN). Bitcoin of America offers a number of different services, including Bitcoin ATMs, Bitcoin tablets, and an online exchange. BOA is known for providing fast and hassle-free transactions to its customers by offering top-notch customer service, making it one of the best in the industry.

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Brazilian congressman sees Bitcoin as a transformer for the country

Brazilian congressman Fábio Ostermann sees Bitcoin as a means to make state tools obsolete and allow technology to free people.

In an episode of the “Bitconheiros” podcast with the guest Fábio Ostermann, the Brazilian deputy commented, among various topics, on Bitcoin and the adoption of decentralized technologies. This story was shared by local news outlet Bitcoin Bulletin.

The Brazilian parliamentarian said that technologies that promote decentralization have the potential to liberate Brazil, as they can render many institutions obsolete, such as the Central Bank and other institutions linked to monetary policy. he he shared,

“Personally, I firmly believe in the future of freedom in Brazil and, consequently, in the future of prosperity in Brazil. I believe that our children will live in a level of freedom that we never imagined.

“Probably because of what our generation is building. […] I have a lot of confidence in the future of freedom and of Brazil, consequently, because I see that in the worst case, technology will make us free.”

Brazil currently ranks 133rd out of 177 countries in the Heritage Foundation’s Index of Economic Freedom. The Latin American country did not have a significant indication of freedom in any observable aspect.

Bitcoin, as the parliamentarian and various people throughout the episode rightly pointed out, has the potential to open up a lot of room for the growth of freedom in the world. It takes away from centralized agents the monopoly of money issuance and the financial system.
Bitcoin Adoption in Brazil

In recent decades, Brazil has gone through a series of episodes that have undermined the population’s trust in state institutions. From 1940 to 1994, the country experienced severe inflation and occasional hyperinflation. Many point out that this may be one of the main reasons for the popularity of bitcoin in the country, since the population is used to not trusting money issued by the government.

Brazil currently has more people investing in bitcoin and other digital assets than the US stock market.

The lack of confidence in the government itself due to various historical events has become an inseparable part of the culture of Latin American countries. As most South American countries have experienced hyperinflation, dictatorships, and confiscation of their economies, it is natural that there will be resistance to trusting centralized institutions.

Because it is a decentralized currency network that does not need to rely on intermediaries, Bitcoin has become a strong net alternative to government-issued money, as well as a way to gain sovereignty through hard currency in a crash-resistant currency network. the censorship.
“Technology will set us free”

During the conversation, the deputy, known for defending agendas linked to economic freedom, continued:

“[Bitcoin] is going to transform various state tools, which today, or until recently, were considered as indispensable as the Central Bank itself. As monetary regulatory authorities, it will sooner or later render them obsolete.”

As stated, Bitcoin has the real potential to undermine the power of central banks and monetary institutions around the world because it is a protocol for money in the virtual cyberspace of the Internet.

Through aligned incentives and an “army of miners” striving to find new blocks and maintain network security, Bitcoin has held its own for 13 years, providing a robust monetary network and a highly appreciable liquid asset.

The parliamentarian also highlighted the emergence of a number of technologies that have the potential to reduce the role of the state through decentralization. “The trend is that we follow the path of increasing decentralization… It is what some people commonly call uberization… But there is a phenomenon behind it, which is the phenomenon of decentralization, the decentralization of options.”

Ostermann was most likely referring to decentralized applications, which seek to run services from conventional applications and systems through complex smart contracts. The congressman’s statements are very reminiscent of the predictions made by the economist Milton Friedman, who stated on several occasions that eventually the creation of money native to the internet would be responsible for diminishing the role of governments around the world.

Bitcoin is a hope for Brazil, for Latin America and for people around the world.