South Korea Considers Imposing a 20% Income Tax on Cryptocurrencies

South Korea’s Ministry of Economy and Finance is considering imposing a 20% tax on income from cryptocurrency transactions. According to a report published by local English-language news outlet The Korea Times on Jan. 20, the ministry had reportedly ordered its income office to review cryptocurrency taxation. The Korea Times cited an anonymous official who reportedly said that the ministry has not finalized its plan, but noted that the government may impose a 20% tax on crypto income. News of the proposed rate follows reports earlier this month that South Korea…

Texas Securities Board Added Cryptocurrencies to List of Top Threats to Investors

Texas regulators have included cryptocurrencies in their list of top threats to investors, according to the latest Texas Investor Guide. In its tenth anniversary edition of the State Securities Board’s “Texas Investor Guide: Strategies for Investing Wisely and Avoiding Financial Fraud,” the regulator added cryptocurrency to the list of investments that raise red flags and require careful scrutiny. The document specifically outlined that cryptocurrencies are extremely volatile and difficult to understand for a non-professional trader. The purported threats Among the purported threats, the report pointed out investment opportunities in cryptocurrency…

ESMA Wants to Create ‘Sound Legal Framework’ for Cryptocurrencies in 2020

The European Securities and Markets Authority (ESMA) plans to push for more regulation around cryptocurrencies and related products as part of its 2020 focus. ESMA published its 2020-2022 priorities list Thursday, noting that EU capital markets are facing new risks from digitalization. The organization wants market participants to acknowledge and prepare for these apparent risks. “The dangers of cyberthreats to the financial system as a whole and a sound legal framework for crypto-assets are increasingly becoming areas of focus for ESMA together with the other ESAs, the ESRB, the ECB…

Cryptocurrencies Show Signs of Maturing But Remain Too Risky

Bitcoin (BTC) presented historically low volatility this year, argues the Dec. 2019 SFOX report released on Jan. 8. Coupled with a lower correlation with altcoins, there are emerging signs that the market could start to behave in a more predictable way. However, the cryptocurrency asset class remains disproportionately risky compared to the stock market. In its final monthly report for 2019, the analytics firm SFOX analyzed the yearly performance of Bitcoin and other cryptocurrencies. Compared to traditional assets such as gold and stocks, Bitcoin held a remarkably low correlation index…

India’s Income Tax Department Is Secretly Training Its Officials to Investigate Cryptocurrencies

The Income Tax Department of India is secretly training its officials to investigate cryptocurrencies. An internal guidebook circulated by the department explains cryptocurrencies, their characteristics, the “dark side of Bitcoin” and the best investigation practices for tax officials. The Indian government doesn’t consider cryptocurrencies as legal tender, but it also hasn’t declared them outright illegal. Crypto investors are therefore still doubtful on how to show their investments in their annual income tax returns. Due to all these circumstances, earning through cryptocurrencies is a gray area for the Indian crypto community.…

Asian Investors Call For Regulatory Clarity on Cryptocurrencies in the US

Speaking at BlockShow Asia 2019, Proof of Capital managing partner Edith Yeung called out American regulators for leaving blockchain-based ventures in the dark. These companies are commonly domiciled in Singapore, Switzerland, or Hong Kong because “they have no idea of what is happening in the US. They don’t want to touch it because of the legal tension.” Some exchanges are in fact leaving the US amid continued regulatory uncertainties. Last month, Poloniex spun out from Circle to form a new exchange that will not allow American customers to trade on…

We Are Very Careful About Where We Offer Cryptocurrencies

Kathleen Murphy, personal investing president of American financial services company Fidelity Investments, has said that the firm does not offer cryptocurrencies on retail trading platforms to protect its clients. Murphy voiced this sentiment during an interview with CNBC published on Oct. 11. After the interviewer asked when she expects users to trade cryptocurrency “in a meaningful way” on Fidelity’s platform, Murphy replied: “You know, we’re really careful about that. So while we embrace crypto in terms of trying to understand it and be innovative and thoughtful… We’re also very careful…

Tim Cook Talks Cryptocurrencies | It’s a No for Tech Behemoth

Three months ago, Facebook (NASDAQ:FB) disclosed plans to roll out a cryptocurrency in the summer of 2020. Such news has made several headlines, with the latest being negative, as PayPal (NASDAQ:PYPL) might pull out of Facebook’s project. Even worse for the technology behemoth is that Apple (NASDAQ:AAPL), another tech giant, has expressed zero desire in following in the company’s footsteps, according to Tim Cook. Which brings forth the question: is it correct for Facebook to involve itself with virtual currencies? Here’s what we know about Apple’s latest comments. Tim Cook Talks…

The Original Sins of Cryptocurrencies

The crypto industry is on its way from the epic early days, when it was a technological phenomenon exclusive to a limited group of techs, scientists and enthusiasts, to its final destination: a financial commodity intended for use by everyone. Of course, the journey has just begun, and it is riddled with potholes, traps and a high level of resistance. The extent of the crypto revolution is total, disruptive, world-wide and irreversible. But its final destination is pretty neat: a screenshot of an average day on planet Earth by 2050…

Coinbase Now Supports Stellar and Chainlink Cryptocurrencies in New York

Cryptocurrency exchange Coinbase has announced that New York residents now have access to two cryptocurrencies launched for other jurisdictions months ago. In two tweets late on Wednesday, the exchange said customers based in New York state can now hold, buy, sell, send and receive both Stellar lumens (XLM) and Chainlink’s LINK token. The cryptos will now be available on Coinbase.com and the exchange’s iOS and Android apps in the state. XLM had previously been launched in most jurisdictions on Coinbase back in March, while LINK followed in June. The high regulatory…