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South Korea proposes pushing back crypto gains taxation to 2028 South Korea's right-wing political party has proposed delaying the taxation of cryptocurrency gains by three years. If passed, the country’s crypto gains taxation will be pushed back from the beginning of 2025 to 2028. “As at the moment, the investor sentiment for crypto is negative, most investors are expected to leave the market if the country imposes an income tax on an asset that has higher risks than stocks,” the bill’s description on the South Korean National Assembly’s website said. The bill was proposed last Friday. A 20% taxation on crypto gains was initially scheduled to take effect on Jan. 1, 2022, but has been pushed back twice so far to Jan. 1, 2025, due to heavy backlash from investors and industry experts. South Korea’s right-wing People Power Party, in which current President Yoon Suk-yeol is based, pledged in the last general election to push back the crypto gains tax. According to local news reports, the country’s Ministry of Economy and Finance said it has not made a decision on additional delays in the crypto tax. The ministry is scheduled to announce new amendments to the tax code at the end of this month. The country hosts one of the world’s largest and most active cryptocurrency markets. Around 6.5 million citizens, which accounts for 12.5% of the country’s population, used crypto as of the end of last year, according to the Financial Services Commission. The Korean won was the most-used fiat currency for crypto trading over the U.S. dollar in the first quarter of 2024, Kaiko data showed. #Megadrop #CPI_BTC_Watch #SOFR_Spike #Ethereum_ETFs_Expected_Date $BTC $ETH
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What is liquidation/Liquidate In crypto. In cryptocurrency trading, the term "liquidation" can strike fear into the hearts of investors. It happens when a trader can no longer meet the margin requirements for a leveraged position. Understanding how liquidations work, why they occur, and ways to potentially avoid them is crucial for anyone trading cryptocurrencies with borrowed funds. Let's dive into the mechanics of liquidation and how to manage your risk. Crypto liquidation refers to the closing of a trading position by converting a cryptocurrency asset to fiat currency or stablecoins, often executed at levels less favorable than the current market price. This happens when a trader has insufficient funds to keep a leveraged trade open. Liquidation is not exclusive to cryptocurrency. It's a common occurrence in various forms of trading, including futures trading, where it typically happens when a trader borrows money to enhance their position or lacks sufficient capital to keep the position open. This can happen either voluntarily or involuntarily. There are two main types of crypto liquidation. The first is partial liquidation, where a trader cashes out to prevent losing the entire trading stake before depleting the initial margin, either voluntarily or based on an agreement. The second is total liquidation, where the entire trading balance is sold off to offset losses, often occurring in forced liquidation. #BinanceTournament #SOFR_Spike #Ethereum_ETFs_Expected_Date #CPI_BTC_Watch $BTC $ETH
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A Crypto Trading Clampdown Expands Beyond Binance to Another Large Exchange The second-largest crypto exchange, OKX, asked key trading firms for more information about their clients, in what it appears to be an effort to root out misuse of a VIP fee program. Cryptocurrency exchanges are cracking down on brokerages that bundle clients' orders to enjoy lower, VIP trading fees. OKX, the second-largest exchange by volume, recently asked prime brokers for details of subaccounts including the names of the entities or individuals that control each subaccount and the jurisdiction in which they are located. OKX said it needs the information by July 17. "A failure to do so may result in undisclosed subaccounts being restricted from trading and/or subaccount closure," the letter said. Earlier this month, OKX's larger rival Binance changed its Link Plus interface, effectively closing a loophole that let prime brokers use a multitiered fee system to offer rebates to clients. Binance said the measure was "to uphold compliance and ensure a level-playing field for all users, whether they access Binance directly or via an intermediary. Exchanges offer their biggest customers discounted trading fees, treating them like VIPs to boost the odds they'll stick around. Prime brokerages – firms that provide trading services for professional, and often large, investors – could, in theory, funnel several customers' trading through a single account at an exchange, qualifying for those lower fees. "This is being done very much for the purpose of disbanding clients under brokers to price them separately," said a person familiar with the prime brokerage industry who asked to remain anonymous. OKX declined to comment. Bybit, another large crypto exchange, is "closely monitoring the recent developments regarding the removal of the prime brokerage multi-tiered fee structure by other platforms. "However, we have no plans to make any changes to our fee structure. Our commitment remains steadfast in ensuring compliance and the best interests of our users," Cheung said in an email.
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JUST IN: BRICS will use cryptocurrency for it's new payment system! #CPI_BTC_Watch #BinanceTurns7 #VanEck_SOL_ETFS #BinanceTournament
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