Cryptocurrencies to watch as South Korea defers crypto taxes

Cryptocurrencies to watch as South Korea defers crypto taxes
фото показано с : coinjournal.net

2022-7-23 20:35

The South Korean government has moved to defer proposed cryptocurrency taxes up to 2025. The country has cited the weak market conditions as one of the reasons for the move. 

This is a big move considering South Korea is one of the biggest global cryptocurrency markets. If the move spurs an increase in demand for cryptocurrencies in the country, it could trigger a positive price move across the markets. 

The big question then becomes, which cryptocurrencies will benefit the most if there is a surge in crypto demand in South Korea? 

According to recent research by top crypto exchanges in South Korea, the most popular cryptocurrencies in the country are Bitcoin, XRP, Ethereum, Dogecoin, and Cardano, in that order. As such, these cryptocurrencies are likely to lead the way in gains if the move to defer taxes triggers an increase in demand. 

Besides the news coming out of Korea, there is a strong case for investing in any of these cryptocurrencies. Here’s why. 

Bitcoin (BTC)

In the last two weeks, Bitcoin bulls have managed to hold the price above the $20k support. This indicates that after a selloff that has lasted for most of the year, Bitcoin could be close to the bottom. If factors like the Korean news help push Bitcoin through the $25k resistance, then Bitcoin could trade back above $30k in the next few months. For this reason, Bitcoin comes across as a good investment at current prices.

XRP (XRP)

For a while, XRP has been held back by the ongoing case between Ripple and the SEC. However, all indications are that the case could end within the year. If it ends in favor of Ripple and the market keeps going up, XRP could end the year as one of the top cryptocurrency performers. 

Ethereum (ETH)

Ethereum seems to be making a good rebound, following Bitcoin’s lead. However, over and above being uplifted by broader market dynamics, Ethereum has a lot of positive news this year. One of them is news touching on the Ethereum upgrade to Eth 2.0. After two years in the works, the transition process is almost complete, and it comes with many perks that could boost Ethereum’s price. They range from deflationary tokenomics to better scalability, making Ethereum attractive to developers. 

Dogecoin (DOGE)

The king of meme coins is highly popular in Korea, and that’s a good reason to keep an eye on it in H2 of 2022. That’s because it responds well to the hype, and if Korean hype drives up its price and the broader market goes up, DOGE could rally. Besides, Elon Musk still loves DOGE, and he remains one of the most influential people in crypto. 

Cardano (ADA)

Cardano is likely to get a boost from Korean hype, but that’s just a small portion of its potential. Cardano is one of the best scaling platform blockchains in the market today. At the same time, Cardano adoption has increased since it introduced smart contract functionality in 2021. When you combine such fundamentals and potential hype, it’s not hard to see why Cardano has a bright future ahead.

The post Cryptocurrencies to watch as South Korea defers crypto taxes appeared first on CoinJournal.

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south taxes cryptocurrencies crypto watch defers korea

Источник: coinjournal.net

south taxes → Результатов: 40


South Korea Finance Minister: Taxing Cryptocurrency Gains is ‘Inevitable’ Starting Jan 2022

On Tuesday, Hong Nam-Ki, South Korea’s finance minister, stated that the government is on course with the proposal to introduce capital gains tax on crypto trading starting next year. “It’s inevitable, we will need to impose taxes on gains from trading of virtual assets,” Hong stated during a news conference on Tuesday.

2021-4-28 21:38


Фото:

Why the Recent Developments in South Korea and the Swelling tide of Regulation Could be not so bad for the Crypto Industry 

The coming calendar change has regulators rethinking how they stand in relation to cryptocurrency moving forward. Reports out of South Korea have lawmakers in the country drafting up bills for legislature that would levy taxes on capital gains earned with crypto and increase the transparency of the virtual asset market.

2019-12-17 12:00


Фото:

South Korea: Government Mulling Taxing Cryptocurrency Capital Gains

The South Korean government is mulling imposing taxes on capital gains arising out of cryptocurrency transactions – including Bitcoin (BTC) – reports The Korea Times, December 9, 2019. South Korean Authorities Taming the Crypto Conundrum In their short history, cryptocurrencies haven’t exactly been able to earn the trust of a large number of financial watchdogsRead MoreRead More.

2019-12-9 18:00


Фото:

Crypto Regulation Roundup: More Cryptocurrency Control Urged in South Korea and Thailand, France Plans to Ease Crypto Taxes

South Korea’s lawyers have lobbied the government to establish a better legal framework around blockchain that would help develop the industry and protect investors. More regulation was also urged in Thailand, where on November 7, 2018, the Deputy Prime Minister has called for more measures to control cryptocurrencies and prevent them from being used to fund terrorism.

2018-11-9 00:00


Фото:

South Korea Denies Cryptocurrency Exchanges From Venture Firm Certification

Although the South Korean Government is keen to improve blockchain regulations, they do not express the same sentiment towards the cryptocurrency industry. According to an article published by Business Korea on October 1, 2018, the South Korean Government decided to deny cryptocurrency exchanges from venture firm certification, which will lead to an increase in taxes for these companies.

2018-10-3 23:00


Crypto Traders Targeted By South African Revenue Service, Work To Track Transactions

The South African Revenue Service is currently working to improve the way it tracks cryptocurrency traders and their transactions to determine if they are paying taxes. The service’s commissioner stated that the agency is looking to explore ways to identify parties that are profiting from trading digital assets to see if they are evading taxation. […]

2018-8-20 10:15


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