Asia's weekly TOP10 crypto news (Nov 18 to Nov 24)
Colin Wu . 2024-11-24 . New article

1. Japan Advances Economic Stimulus, Proposes 20% Unified Cryptocurrency Tax link

The Japanese government has announced plans to advance a new economic stimulus package, expected to receive approval by the end of 2024. The proposed tax reforms include changes to income tax, corporate tax, and cryptocurrency taxation. Currently, Japan’s policy on crypto taxes relies on a vague and fluctuating “miscellaneous tax,” which can levy up to 55% on transactions. Opposition parties are advocating for a standardized 20% tax rate on digital assets.

2. South Korea to Implement 20% Crypto Gains Tax in 2025 link

South Korea’s ruling Democratic Party plans to enforce a 20% tax on cryptocurrency gains (22% including local tax) starting in 2025, without further delay. Additionally, the tax exemption threshold will be raised from 2.5 million KRW (approximately $1,795) to 50 million KRW (around $35,919). The revised bill is set to be voted on by the National Assembly’s Tax Subcommittee on November 25 and submitted for approval at the full National Assembly session on November 26. This move aims to ease the burden on investors, allowing them to use a percentage of the selling price as the acquisition cost when precise purchase records are unavailable amid the crypto market’s high volatility.

3. Taiwan Considers Exchange Taxation link

On Monday, Taiwan’s Legislative Yuan’s Finance Committee addressed the issue of cryptocurrency taxation. Minister of Finance, Chuang Tsui-yun, stated that profits from related transactions would be subject to income tax, with further discussions to refine the oversight process. Song Hsiu-ling, Director of the Taxation Administration, noted that the tax authorities currently have tools available to monitor digital product transactions. She also promised to devise guidelines for taxing cryptocurrency trading income within three months.

4. Russia’s Weekly News

4.1 Russia to Levy 15% on Crypto Income link

On Monday, Russia’s Ministry of Finance proposed a draft amendment suggesting a 15% tax on cryptocurrency income. The proposed changes aim to reshape the tax framework for crypto miners, impacting revenue, expenses, and related infrastructure. A key aspect of the new legislation is the proposed 15% personal income tax on cryptocurrency earnings, with mined tokens being taxed at market value upon receipt. Miners will be allowed to deduct operational expenses, ensuring a balanced tax calculation. Cryptocurrencies will be classified as property for taxation purposes, and the VAT on crypto transactions will be eliminated.

4.2 150 Mining License Applications Received link

Russia’s national tax agency has confirmed that Russian businesses are applying for cryptocurrency mining licenses, with 150 applications submitted since November 1. Federal Tax Service head Daniil Egorov stated that applicants are required to provide data on the mined crypto assets, wallet addresses, and other identifiers to the Federal Tax Service. Private miners consuming less than 6,000 kWh of electricity per month are exempt from registration.

4.3 Russia Plans Mining Ban in Occupied Ukrainian Regions link

Russian Deputy Prime Minister Alexander Novak announced plans to ban cryptocurrency mining in the occupied Ukrainian regions, including Donetsk, Luhansk, Zaporizhzhia, and Kherson. According to *The Moscow Times*, this move aims to address anticipated power shortages during the autumn and winter seasons. Additionally, a comprehensive mining ban will be enforced in six regions of the North Caucasus, while partial restrictions will apply to areas in Irkutsk, Buryatia, and the Transbaikal Territory during the autumn and winter periods, extending until 2031.

5. Malaysian Police and Binance Recover 7 Million Ringgit Ransom link

The Royal Malaysia Police (RMP), in collaboration with Binance, utilized blockchain analytics to trace cryptocurrency transactions involved in a kidnapping case, successfully recovering approximately 7 million Malaysian Ringgit (around $1.6 million) in ransom. The kidnapping demanded a total ransom of 20 million Ringgit (around $4.5 million), with part of the payment made in cash and cryptocurrency. Authorities have seized some of the cash and cryptocurrency, and 14 suspects have been detained as the investigation continues.

6. The Mainland of China’s Weekly News

6.1 Shanghai High Court Affirms Property Status of Virtual Currencies link

The Shanghai High Court published an article regarding a case adjudicated by the Songjiang District People’s Court, involving a dispute over the validity of a contract related to virtual currency issuance and financing services. The court determined that token issuance and financing constitute illegal public fundraising, rendering the involved “Blockchain Incubation Agreement” invalid. The article noted that, while virtual currency is considered a virtual commodity with property attributes and is not outright banned by law, activities related to virtual currency remain tightly regulated, with legal and regulatory frameworks maintaining a stringent stance against virtual currency trading and speculation.

6.2 Beijing Court Handles Blockchain Engineer’s Misconduct Case link

The Changping District Court of Beijing heard a case involving a blockchain engineer who abused his authority for personal gain. The defendant, Zhang, during a company project, obtained program code and private keys beyond his authorized access under the pretext of “code learning.” He then shared this information in a technical chat group, inviting members to crack the code and attack the company’s accounts, successfully stealing 106.15 Ethereum. Zhang later “washed” the stolen funds and transferred the proceeds to his personal account. Ultimately, Zhang was sentenced to 3 years and 6 months in prison for the crime of illegally obtaining data from a computer information system, fined 60,000 yuan, and had his illicit gains of 38,329.76 yuan confiscated.

7. South Korean Police Trace 5-Year-Old Upbit Hack to North Korea link

For the first time, South Korean police confirmed that the theft of 342,000 Ethereum from the cryptocurrency exchange Upbit in 2019 was carried out by the North Korean reconnaissance bureau’s hacker groups “Lazarus” and “Andariel.” The police reached this conclusion through evidence gathered from North Korean IP addresses, the flow of crypto assets, and cooperation with the FBI. Of the stolen Ethereum, 57% was exchanged for Bitcoin at a low price, while the remaining assets were laundered through 51 overseas exchanges. After four years of investigation, the police successfully recovered 4.8 Bitcoin (approximately 600 million Korean won) from a Swiss exchange and returned it to Upbit.

8. Binance’s Trading Volume Surpasses Major Global Stock Markets link

Over the past 30 trading days (from October 7, 2024, to November 15, 2024), Binance’s total trading volume (spot + derivatives) surpassed that of major global stock markets. Binance’s trading volume was 10% higher than that of Nasdaq and twice that of the New York Stock Exchange (NYSE), accounting for approximately 50% of the global trading volume across all centralized exchanges (CEX).

9. OKX to Integrate SGD Trading for Singapore Clients link

OKX has announced the integration of Singapore Dollar (SGD) trading for its Singaporean customers. The service, launched on Monday, connects the trading platform with the local financial system through payment services provided by DBS Group. Previously, OKX obtained a payment license from the Monetary Authority of Singapore, allowing the exchange to offer digital payment token services and cross-border remittance services.

10. Top Three Global CEX by Weekly Visits: Binance, OKX, Bitget link

According to data from CoinMarketcap on global crypto CEX weekly visits, Binance ranks first with 11.2 million weekly visits, followed by OKX (5.45 million), Bitget (4.98 million), Bybit (4.37 million), Gate (3.43 million), and LBank (2.85 million). Among these platforms, Binance holds the top position in global CEX spot trading volume, while OKX and Bitget rank fourth and sixth, respectively.

Follow us
Twitter: https://twitter.com/WuBlockchain
Telegram: https://t.me/wublockchainenglish