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South Korean Government Delays Crypto Tax Until 2025

Daily Market Wrap

  • Crypto market cap: 1.05 trillion, up 0.94%

  • BTC price stands at USD 23,124, down 0.62%

  • ETH price stands at USD 1,576, up 2.93%

  • Top gainer: Bitcoin Gold (BTG), up 25.96%

  • Top loser: XDC Network (XDC), down 3.03%

News of the Day

Why it matters:

  • The South Korean government announced that its taxation of cryptocurrency will be postponed until 2025

  • According to the announcement, the new taxation policy will be implied from January 1, 2025

  • The initial “2022 tax reform bill” plans to generate income from the transferring and lending virtual assets platforms, which levies an additional 20% tax on crypto gains exceeding KRW 2.5 million (US$1,900) in one year

Crypto Daily Spotlight

Brief introduction: The popular memecoin, Dogecoin, is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. It was created via Twitter by Jackson Palmer who is from Sydney, Australia on November 27, 2013, when he tweeted about “investing” on “Dogecoin”. In 2021, Elon Musk was a well-known Dogecoin supporter and enthusiast, having used his Twitter to shill Dogecoin for several business purposes.

Why it matters:

  • The developers of the Dogecoin (DOGE) project have released a new update for the core software, which improves security, efficiency, and user interface

  • Security-related updates include changes to alert messages and increased transaction download system reliability, allowing developers to download historical transactions

  • The update also highlights that dust limits for all network participants have been reduced from 1 DOGE to 0.01 DOGE

Daily Sector Tracker

Daily News Roundup

  • Crypto Exchange KuCoin Raises $10 Million From Susquehanna International Group (SIG)

  • Lays Off 25% of Its Workforce Amid Crypto Bear Market

  • Elon Musk’s Tesla Sells 75% of Its Bitcoin Holdings

  • Zipmex Resumes Withdrawals and Discloses $53M Exposure to Babel and Celsius

  • Syscoin Launches a Zero-knowledge Cross-Chain Bridge To Prevent Bridge Hacks

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