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Home » Business » South Korea back on track to roll out 20% digital currency tax by 2022: report
South Korea back on track to roll out 20% digital currency tax by 2022: report Business
South Korea is reportedly bringing forward yet again plans for a tax on digital currency profits, which will see gains liable to a 20% tax, according to local media.
Reporting on an announcement from the Ministry of Economy and Finance, the Korean Herald said profits from trading and holding digital currencies in Korea would be subject to the new tax from as early as January 1, 2022, as part of the country’s commitment to establish a more robust legal framework for digital currency dealings.
Over 60% of all scams are related to digital currencies: Austrian regulator Business
The Austrian financial watchdog has revealed that cryptocurrency-related scams have shot up in the Central European country. They accounted for close to two-thirds of all financial scams in the past year, the regulator according to authorities.
The Financial Markets Authority (FMA) stated that it saw a record in whistle-blower reports of potential fraud in 2020. As Bloomberg reports, digital currencies were the main focus of most reports. Over 60% of all financial fraud in Austria last year was tied to digital currencies.
FMA spokesperson Klaus Grubelnik said that scammers have mainly targeted social media users. They promoted their scams on WhatsApp, Facebook, Telegram and TikTok, he said, and this made them more difficult to stop for the regulator. With digital currencies being global, investigations are also more complicated as they span across jurisdictions.
Kyrgyzstan to license digital currency exchanges to protect investors Business
Kyrgyzstan wants to formally regulate its digital currency industry, starting off with a licensing regime for exchanges. The country’s central bank revealed recently that it believes the move will protect investors from scammers and uphold market integrity.
The National Bank of the Kyrgyz Republic announced the move recently, as local business news outlet Tazabek reports. With the new regime, it believes it will be able to offer investors the same protection they enjoy when dealing in the foreign exchange market. Forex platforms are all licensed by the bank. This gives investors the confidence that their money isn’t at risk.
Thai regulator wants to cushion digital currency investors against losses coingeek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coingeek.com Daily Mail and Mail on Sunday newspapers.