By Larry Wright
Interesting turns of events took place in the crypto market and have been taking place for several days now. Bitcoin managed to break its previous all-time high and set a new one; Ether is chartering into calm waters in terms of consistent rise in price across the board, the meme coin Shiba Inu successfully overcame the current market cap for Dogecoin and the Securities and Exchange Commission is approving Bitcoin futures ETF right and left. But amid all these things, the most tempting might have been South Korea bringing up the crypto debate once again.
There have been some obvious tensions when it comes to the idea of decentralization and crypto trading in South Korea; the country was not primarily on board with this whole thing, but the famous boy band BTS group managed to turn the whole thing around. Today the boy band BTS is once again live in the news and various crypto blog posts and articles, but it is now being used as a political statement as South Korea is all set to impose the new crypto tax. The boy band is very popular in South Korea, and being a celebrity entity, the type of influence that it brings forward in supporting cryptocurrencies in the country is phenomenal.
Crypto Tax
Due to this, the crypto tax debate is once again flying and hitting up in South Korea. It was earlier planned that the new crypto tax policy would go live in the January of the next year, but there are some restrictions and obvious friction in this plan. The national tax service of South Korea has already consulted this whole thing with 28 crypto exchanges, and the idea was unanimously supported, but there are still many entities that are against implementing this.
One of the lawmakers has even questioned the validity of taking tax for crypto endeavours and earnings by the government. He said that how is he supposed to understand what profit or revenue he would be able to generate over BTS’s NFT merchandise. If he can’t do that, he can’t decide if this crypto tax applies to him. The situation is quite complicated and is awaiting a final response from the state of South Korea.