South Korea is known as one of the most enthusiastic countries in the sphere of technologies and innovations. Now the country’s regulators are working on elaborating their decision on regulation of cryptocurrencies and ICOs.
As it has been revealed by South Korea’s incoming finance minister Hong Nam-Ki at the meeting with the country’s Democratic Party, the financial authorities are considering an option to introduce a cryptocurrency tax.
Taxation Plans
According to the minister, the South Korean government is planning to tax cryptocurrencies and initial coin offerings. Though the ministry is already working on new taxation plans, they will be presented only after consultation with experts.
It is planned to create a working group consisting of specialists of government agencies including the National Tax Service and the private sector. Moreover, the financial authorities will take into consideration the world’s best taxation practices. Nevertheless, right now it is too early to speak about the final version of this plan as it is only at the initial stage.
ICOs in South Korea
Though it is already known that not only crypto trading will be taxed but also ICOs, the authorities still haven’t decided how it would be carried out. But they claimed that they would elaborate the ways of imposing taxes in full accordance with the current market conditions and global industry’s tendencies with a view to ensure the highest level of customers protection.
ICOs are currently banned in South Korea, many citizens and residents of the country manage to find opportunities to invest in them abroad. Now the country is seeking the most feasible ways to bring them back and regulate them. Such a move will help the government to receive additional income from taxation.
Legalization of ICOs is still just an idea, nevertheless, in the context of possible charging taxes from people who want to invest in such projects, the government itself is interested in allowing this form of raising funds.
Minister’s Stance Towards ICOs
As CoinSpeaker has , South Korean authorities were going to reveal their final decision on the possibility of reallowing ICOs within the country in November. Nevertheless, still, it hasn’t been announced.
South Korea’s incoming finance minister highlighted that while cryptocurrencies are a new phenomenon and there is no any single internationally elaborated approach to this class of assets, the country should be very careful in building the regulatory framework.
As for ICOs, he also that there is a lot of work to be done:
“We will determine our policy orientations on ICOs with relevant agencies after reviewing the results of the financial regulator’s market survey and getting feedback from experts.”
Though initially it was expected that cryptocurrencies would be somewhere aside from the regulation, the reality has turned out to be quite different. Some countries, like Spain, for example, have already introduced crypto taxes, while some others including Russia and South Korea are considering such an option. It means that in the future we may see cryptocurrencies even more regulated than they are now.
Price Action
| 24 hours | -4.48 | $-180.63 |
| 7 days | -0.53 | $-20.63 |
| 1 month | -40.56 | $-2630.85 |
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Remarks
G20 news reports suggest major government players will collude to impose more regulation on cryptocurrencies. This has never been good news. The usual outcome of such news is lower prices.
Coupled with the dismal news are $BTC confirmed transaction totals, which have been heading south. Blockchain.com data shows the total confirmed transactions for bitcoin have been headed deeply south since mid November 2018. This transaction activity is bearish, as it indicates a decreasing level of demand.
Blockchain.com Confirmed bitcoin Transactions per Day: One Month
Technicals
Moving Average Convergence Divergence (MACD)
The MACD on the four hour chart is bearish.
Exponential Moving Averages (EMA)
| 7 day | $3922.46 |
| 25 day | $4043.89 |
| 99 day | $4469.59 |
The short term EMA (four hour chart) is below both the medium and long term EMA, and pointing south. This is a bearish state.
Relative Strength Index (RSI)
The Relative Strength Index on the one hour chart is 33.7. This is a neutral state.
24 Hour bitcoin $BTC Price Outlook
the twenty-four hour bitcoin $BTC price outlook is bearish
if the price finds acceptance at higher levels the immediate resistance prints at $3927.00
if the price finds acceptance at lower levels the immediate support prints at $3827.00
Resistance levels: $3927.00 $4066 $4275
Support levels: $3827.00 $3652 $3580
Reality Check
The author holds bitcoin $BTC at the time of writing.
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Today’s edition of The Daily covers everything from hardware wallets to fake volume on cryptocurrency exchanges. But to kick-start proceedings, we’ve got the first report on a survey in which a surprising proportion of freelancers express an interest in being paid in cryptocurrency.
Also read:
US Freelancers Express Interest in Crypto Payments
P2P platform has commissioned a survey into the payment preferences of American freelancers. It quizzed 1,100 U.S. citizens to determine their amenability to being paid in bitcoin or other cryptocurrencies, with 18 percent expressing a clear preference for digital currency payments over fiat currency. Among those questioned were self-employed professionals such as tutors, designers and developers.
Given that the respondents were drawn from across the gig economy and were not prescreened for cryptocurrency interest, the 18 percent statistic can be taken as evidence of growing interest in bitcoin. An additional 11 percent of those surveyed stated that they would like to receive partial payments in cryptocurrency, making a total of 29 percent of freelancers who would be happy to receive crypto.
Ellipal and Ledger Wallets Get an Upgrade
The software that powers cryptocurrency hardware wallets is regularly updated to incorporate new features and coin additions. Ellipal, whose wallet we a few weeks back, has just had its firmware refreshed. “The Cold Wallet 2.0,” which ships from Hong Kong, now supports XRP, DGB, LTC, DASH, ETC, USDT and CMT, in addition to existing cryptos BTC, BCH and ETH. The accompanying smartphone app has also been upgraded, with an improved UI and a new digital assets overview page. Meanwhile, Ledger has updated its to support monero (XMR).
Storecoin Launches Governance Peer Review
It’s not uncommon for cryptocurrency projects to seek peer review of their technical papers. Zero-fee payment protocol has narrowed in on a highly specific facet of its forthcoming blockchain however — governance. In addition to establishing a Governance Peer Review & Working Group, the project is soliciting community feedback on the trade-offs it has proposed in order to settle upon a workable system of governance.
“We believe that the only governance model that can function at global enterprise scale without returning to centralization or descending into the volatility of mob rule is a checks-and-balances based system,” concludes its public peer review .
Coinbit and GDAC Accused of Manipulating Volume
Coinbit and GDAC, two South Korean exchanges that launched during the summer, have joined the growing list of Asian platforms that Crypto Exchange Ranks (CER) of fake volume. Inflating trading figures is a way that some exchanges game the system, placing them higher in Coinmarketcap’s by reported volume. Coinbit currently places fourth, with around $600 million of cryptocurrency supposedly traded in the past 24 hours, while GDAC occupies the 53rd spot.
“Since GDAC’s trade fees are 0 percent the exchange redistributes its tokens ‘based on contribution for buy orders’ and calls it a ‘Purchase Contribution Air Drop,’ but the principle is the same as trans-fee mining,” CER. It also notes that in mid-November, Coinbit claimed the top spot on Coinmarketcap by reported volume, placing it ahead of Binance and Bitmex. Transaction fee mining exchanges remain , with CER having previously taken platforms like Bitforex and Fcoin to task for similar practices. When Coinmarketcap’s exchanges are ranked by rather than reported volume, it’s no surprise that Coinbit and GDAC fall out of the top 100.
What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.
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