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“# Korean crypto investment firm Hashed reportedly under tax investigation ” Crypto investment firm Hashed is currently under investigation by the National Tax Service (NTS) in South Korea according to local media. The 4th Bureau of Investigation from the Seoul Regional Tax Office, which is handling the investigation, is best known for conducting investigations into…
“#The world’s first floating city designed by BIG & backed by UN can withstand Category 5 hurricans!” OCEANIX, an ambitious floating architecture concept envisioned to be built off the South Korean coast by BIG – Bjarke Ingel‘s design group. It was first revealed in 2019 and now has received the green light from UN-Habitat and…
“# South Korean lawmakers inch closer to deal to delay crypto tax by one year ” In what could be a big win for the local crypto industry, South Korean lawmakers are close to delaying taxation on digital assets for another year. Representatives from the Tax Subcommittee in the National Assembly, South Korea’s legislative body,…
“# Law Decoded: India ponders going full China on crypto, Nov. 22–29 ” Are big emerging economies more likely to gravitate toward blanket crypto bans? China has set a precedent, and now it appears as if India could be weighing a similar policy direction: A bill containing a proposed ban on all “private cryptocurrencies” will…
“# South Korean regulator proposes strict new rules for token issuers ” South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance. The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended…
“# Mixed messages on crypto tax rules create confusion in South Korea ” South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022. Throughout 2021, debate has increased in intensity in the National Assembly, South…
“# South Korea financial authority rules that NFTs are taxable ” South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won…
“# South Korea’s leading blockchain facing greater competition in NFT market ” South Korea’s nonfungible token (NFT) space has rapidly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao, but competitors are entering the fray. The NFT market in South Korea could be on a path for even more…
“# South Korea embraces the proto-Metaverse ” The South Korean people and an increasing number of major companies in the country have begun to embrace and integrate the Metaverse into their everyday lives in new and unexpected ways. Two major retailers in the country have recently introduced Metaverse and AI elements to shoppers to enhance…
“# South Korean lawmakers push back against controversial “know-the-sender” rule ” South Korea’s crypto community coul soon face stringent reporting requirements on all cryptocurrency transactions, with the country’s National Assembly currently debating whether “know-the sender” (KTS) rules should be imposed. Arguments against the proposed KTS rule were heard before the Political Affairs Committee of South…