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Tag: digital assets

  • South Korea Faces Backlash over Planned 22 Percent Crypto Tax Rollout

    South Korea Faces Backlash over Planned 22 Percent Crypto Tax Rollout

    South Korea will enforce a 22 percent tax on annual cryptocurrency gains over 2.5 million won on Jan. 1. Retail traders across the country are pushing back hard.

    The policy targets earnings from trading and lending digital assets across domestic platforms serving an estimated 14 million registered users. Backlash intensified after the government scrapped a planned financial investment income tax on domestic equities. Retail investors argue the disparity unfairly penalises digital asset holders.

    Tax structure and revenue estimates

    Tax officials convened a closed-door expert panel to settle implementation rules. Yet questions remain. Traders and platforms want to know how the National Tax Service will assess earnings from staking yields and token airdrops.

    Parliamentary filings project annual tax revenue from digital assets between 400 billion won and 600 billion won. A prolonged market slump could drop that intake to 200 billion won. That lower sum represents less than half the corporate tax paid last year by Dunamu, the operator of South Korea’s largest digital asset exchange, Upbit.

    Local crypto trading volumes frequently rival main-board equity turnover in South Korea, one of the world’s most active retail markets. Regional rivals take a different path. Singapore and Hong Kong leave retail capital gains untaxed to attract capital, while Seoul pulls digital assets into its standard income tax net.

    Legislative push to delay rollout

    Political resistance is building ahead of the 2028 general elections. If the law takes effect in January, taxpayers will file their first returns in May 2028. That deadline falls just one month after voters cast ballots in the 23rd parliamentary elections.

    Opposition People Power Party lawmakers are moving to postpone the start date. Representative Jung Sung-kook introduced a bill on Aug. 10 to delay implementation by three years to Jan. 1, 2030. Representative Kim Sang-hoon is drafting a separate proposal for a two-year extension.

    Voters are also acting directly. A public petition on the National Assembly platform gathered more than 10,000 signatures within a week of its Aug. 21 launch. If the petition hits 50,000 verified signatures by Sept. 20, the parliamentary committee must open formal deliberations on whether to defer the start date.

  • Cryptex Allocates 4.88 Percent XRP Weighting in US Digital Asset ETF Filing

    Cryptex Allocates 4.88 Percent XRP Weighting in US Digital Asset ETF Filing

    Cryptex Finance assigned a 4.88 percent weighting to XRP in an amended registration statement submitted to the US Securities and Exchange Commission for its proposed Digital Market Cap ETF. The fund, set to list under the ticker BAGZ, tracks a diversified digital asset index where XRP held a 4.36 percent baseline weight before eligibility screens.

    The filing includes language suggesting Ripple could retain higher quantities of XRP from its monthly escrow distributions if federal rules become clearer, directing those tokens toward liquidity for stablecoin and foreign exchange trading pairs. That language appeared without an attributed source or direct confirmation from Ripple representatives, drawing scrutiny from institutional market watchers and legal analysts who follow cross-border digital payment infrastructure.

    Escrow releases and market liquidity

    Ripple locked 55 billion XRP into 55 monthly escrow contracts of 1 billion tokens each to ensure predictable distribution. Under current ledger mechanics, the company cannot unlock tokens ahead of schedule, but it regularly decides how much of each released tranche returns to new escrow contracts. Historically, Ripple returns between 60 percent and 80 percent of each monthly 1-billion token release, keeping the remainder for operational reserves and institutional sales.

    Retaining a higher portion of monthly releases would expand secondary market circulating supply for cross-border liquidity rails. For digital asset fund managers and trading desks operating between Asia and North America, any shifts in circulating XRP balances directly alter transaction depth on major exchange corridors.

    Regulatory timeline for the CLARITY Act

    Cryptex tied its liquidity assumptions to legislative momentum around the CLARITY Act, a federal measure designed to provide an explicit regulatory framework for digital asset markets in the United States. The Senate Banking Committee cleared the bill in May on a 15-9 vote.

    Procedural action on the bill heads to the Senate floor in September, where broader legislative debate will determine whether digital asset issuers gain the regulatory protections required to restructure their asset distribution models.

  • Bitcoin Leads Crypto Recovery with 1.55 Trillion Dollar Market Cap

    Bitcoin Leads Crypto Recovery with 1.55 Trillion Dollar Market Cap

    Bitcoin rebounded to 77,676 dollars following a 22 per cent rally over 14 days, outpacing Ethereum and XRP in market resilience despite prolonged sector-wide corrections throughout 2026.

    The two-week market surge followed an announcement by the US Treasury that it would double long-end bond buybacks, forcing traders to liquidate roughly 3.3 billion dollars in short positions across crypto derivatives. Ethereum climbed 29 per cent to 2,440 dollars during the same window, while XRP advanced 33 per cent to 1.38 dollars.

    Institutional Inflows Support Spot Valuations

    Institutional demand continues to anchor Bitcoin trading volumes. US spot Bitcoin exchange-traded funds recorded 242.24 million dollars in net inflows on August 27, extending an uninterrupted nine-day buying streak. Corporate buyers including Strategy and sovereign holders such as El Salvador expanded their balance sheet holdings, constraining circulating liquidity across primary exchanges.

    Ethereum relies on structural supply limits rather than spot ETF velocity. Network validators have staked nearly 47 per cent of total circulating Ethereum, locking up volume as institutional asset managers test tokenized bonds and equities on the network.

    XRP recorded 155.98 million dollars in net inflows across spot funds over a three-week period without a single day of net redemptions. The token’s circulating supply stands near 62 billion coins, giving it an 86 billion dollar market cap compared to Ethereum’s 294 billion dollars and Bitcoin’s 1.55 trillion dollars.

    Legislative Filings and Price Resistance

    Regulatory decisions in Washington now dictate secondary market pricing for alternative tokens. The US Senate faces a cloture vote on the CLARITY Act on September 15, which aims to formally classify XRP as a digital commodity under federal law.

    For digital asset treasuries across Asia and global trading desks, Bitcoin remains the primary defensive allocation during macro tightening cycles. While high-beta assets like XRP gain faster during sharp liquidity squeezes, Bitcoin holds nearest to its prior peak, trading 38 per cent below its October 2025 high of 126,198 dollars compared to a 64 per cent deficit for XRP.

    Traders now track the September 15 Senate vote alongside daily US spot ETF subscription data to gauge whether institutional accumulation can sustain current price floors.

  • Bitcoin Tests $80,000 Level as IREN Beats Sales Targets

    Bitcoin Tests $80,000 Level as IREN Beats Sales Targets

    Bitcoin traded near $80,000 on Thursday as institutional demand and momentum buying pushed the cryptocurrency to fresh highs.

    The rally lifted digital asset equities across global markets, led by data center operator IREN, which topped consensus revenue projections in its latest financial reporting.

    Mining revenue and market momentum

    Data center operator IREN reported sales above analyst estimates, driven by expanded power capacity and improved fleet efficiency across its facilities. Higher realized prices per coin lifted margins across commercial mining operations, offsetting rising global network difficulty.

    Trading desks across Singapore and Hong Kong reported steady buy orders from institutional funds throughout the session. Liquidations of short positions accelerated the advance once the asset broke past key resistance levels.

    Institutional demand in Asian trading hours

    Regional crypto exchanges recorded elevated turnover during Asian morning hours, tracking sustained inflows into exchange-traded spot products. The upward momentum created strong tailwinds for hardware suppliers, hosting providers, and infrastructure businesses linked to digital asset networks.

    Trading volume across major regional venues remains concentrated on spot books, with institutional desks watching whether capital sustains above the $80,000 mark through the weekly close.

  • US SEC Regulation Signals Greater Clarity for Crypto Assets

    US SEC Regulation Signals Greater Clarity for Crypto Assets

    The United States Securities and Exchange Commission (SEC) has introduced a new regulatory framework for digital assets, aiming to provide clearer guidelines for the classification and trading of cryptocurrencies. This move is expected to bring substantial clarity to a sector previously marked by regulatory uncertainty, particularly concerning tokens like XRP.

    Legal experts, including those from Skadden, Arps, Slate, Meagher & Flom LLP, view this regulation as a significant step forward in establishing a more structured environment for the crypto market. The framework addresses key areas such as asset categorisation, disclosure requirements, and market integrity, which could help institutional investors and businesses better navigate the digital finance landscape.

    Implications for Digital Asset Markets

    The new SEC regulation is anticipated to impact how digital assets are treated by financial institutions and technology firms. By defining clearer rules, the framework could foster greater investor confidence and potentially encourage broader adoption of cryptocurrencies within established financial systems. This clarity is particularly relevant for tokens that have faced scrutiny over their classification as securities, offering a pathway for compliance and legitimate operation.

    For retailers and consumer brands exploring blockchain and digital payment solutions, regulatory clarity from a major market like the US can set precedents. Asia-Pacific countries are also developing their own frameworks, and global harmonisation, even if gradual, could simplify cross-border digital transactions and the use of cryptocurrencies in retail.

    Global Regulatory Ripple Effects

    While this regulation originates from the US, its implications could extend internationally, influencing how other jurisdictions approach digital asset oversight. As major economies establish robust frameworks, there is a growing potential for a more standardised global approach to crypto regulation. This development could reduce fragmentation and facilitate international trade and investment involving digital assets, including their use in supply chains and consumer loyalty programmes.

    Several Asian markets, including Singapore, Hong Kong, and Japan, have been proactive in developing their own digital asset regulations. The SEC’s move provides another data point for these regions as they refine their policies, potentially accelerating the mainstream integration of cryptocurrencies and blockchain technology into various business sectors across Asia-Pacific.

  • SEC Regulation Proposal Drives Bitcoin and Ethereum Price Gains

    SEC Regulation Proposal Drives Bitcoin and Ethereum Price Gains

    Bitcoin and Ethereum saw price increases following an announcement from the US Securities and Exchange Commission (SEC) regarding proposed new regulations for crypto assets. The move, aimed at providing a clearer operational framework for the nascent industry, was positively received by the market.

    As of Wednesday, August 19, 2026, Bitcoin opened at $64,681.22, marking a 0.3% increase from the previous day, and climbed to $64,877.66 in early trading. Ethereum also experienced a boost, opening at $1,916.47, up 0.2%, and reaching $1,936.31 during the same period. These gains come as global financial markets, including those in Asia, continue to watch regulatory developments closely for their impact on crypto adoption and stability.

    New Regulatory Framework Unveiled

    The proposed SEC rules outline a framework for crypto companies seeking to raise capital, introducing two exemptions for crypto-related investment contracts. While allowing for flexibility, the regulations mandate certain disclosures from issuers. Larger offerings will be required to provide financial statements and adhere to ongoing reporting standards.

    A key aspect of the proposal is the provision for certain crypto assets to shed their securities classification and related reporting requirements once a project fulfills its core managerial commitments. This could particularly benefit established networks such as Bitcoin and Ethereum, signalling a potential path to greater regulatory clarity and reduced compliance burdens for mature digital assets.

    Market Performance And Tax Implications

    Despite recent gains, both major cryptocurrencies have faced significant headwinds over the past year. Bitcoin’s current price is down 44.4% year-on-year, while Ethereum has fallen 55.6% over the same period. One week ago, Bitcoin was up 1.8%, and Ethereum rose 1.9%. Over the last month, Bitcoin experienced a slight dip of 0.2%, whereas Ethereum saw a 3% increase.

    The US regulatory body also emphasized that profits from cryptocurrency transactions are subject to taxation. This includes sales of digital assets for more than their purchase price, as well as exchanges between different cryptocurrencies. The tax rate depends on the holding period; assets held for less than a year typically incur higher short-term capital gains rates, while longer holding periods benefit from lower long-term rates. This tax clarity, while not new, continues to shape investor behavior and compliance efforts across financial markets, including Asia where similar tax discussions are ongoing in various jurisdictions.

    The all-time high for Bitcoin was $126,198.07 on October 6, 2025. The all-time high for Ethereum was $4,953.73 on August 24, 2025.

  • Trump Urges Congress to Pass Clarity Act for Cryptocurrency Regulation

    Trump Urges Congress to Pass Clarity Act for Cryptocurrency Regulation

    Former US President Donald Trump has urged Congress to pass the Clarity Act, a bipartisan legislative proposal aimed at establishing clear regulatory guidelines for the cryptocurrency sector. Speaking at the White House on Wednesday, August 19, 2026, Trump emphasized the importance of the bill for maintaining America’s leadership in digital asset innovation.

    The President convened crypto industry leaders, including executives from Coinbase, Kraken, and Robinhood, alongside regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He lauded the industry’s efforts in fostering commercial markets within the US, stating the Clarity Act would open doors for future innovation and help the country stay ahead of rivals like China.

    This move is particularly pertinent for businesses and investors in Asia who closely monitor global regulatory trends in the digital asset space. The region has seen its own efforts to clarify crypto regulations, with countries like Singapore and Hong Kong actively working on frameworks to attract and govern digital asset businesses.

    Aims of the Clarity Act

    The Digital Asset Market Clarity Act seeks to provide a definitive statutory framework for cryptocurrencies. Its core objective is to end the SEC’s practice of ‘regulation through enforcement’ by clearly defining which digital assets are securities and which are commodities. The bill also incorporates consumer protection measures, allocating approximately $150 million for anti-fraud initiatives and imposing resale restrictions on insiders to curb ‘pump-and-dump’ schemes, where asset prices are artificially inflated before being sold off.

    Currently, the legislation is stalled in the Senate due to partisan disagreements over ethics provisions. It is expected to be reconsidered when the Senate reconvenes on September 15. Coinbase CEO Brian Armstrong expressed strong support for the bill at the event, noting it would ensure the administration’s progress in this sector endures for decades.

    Political Opposition and Conflicts of Interest

    The Clarity Act faces significant opposition from some Democratic lawmakers, who voice concerns about potential presidential conflicts of interest. Senator Elizabeth Warren, D-Mass., criticized the bill, highlighting Trump’s substantial earnings from cryptocurrency ventures. She argued the legislation does not adequately protect investors or the financial system.

    In June, the President disclosed nearly $1.2 billion in income from his crypto businesses in 2025, including $526 million from World Liberty Financial, a venture he co-founded, and over $600 million from CIC Digital LLC, which sells souvenir ‘meme’ coins. These earnings have prompted criticism, with former Trump White House special counsel Ty Cobb suggesting the President’s involvement in these ventures, coupled with policy creation that benefits himself and his family, raises legal and ethical questions.

    Despite political hurdles, the SEC proposed a new Crypto Assets Rule on Tuesday that aims to facilitate capital raising for crypto entrepreneurs in the US. SEC Chairman Paul Atkins affirmed the agency’s support for the Clarity Act, viewing it as a critical step. Similarly, the CFTC is set to hold its first innovation advisory committee meeting on Thursday to discuss its regulatory plans, with Chairman Michael Selig underscoring that clear rules foster confidence, attract investment, and create jobs.

  • Thailand Reins in Speculation in Digital Assets

    Thailand Reins in Speculation in Digital Assets

    The country’s finance regulator is banning licensed digital asset exchanges from trading meme coins, fan-based tokens, NFTs, and social coins as part of its ongoing regulatory action against crypto trading.

    The Thai Securities and Exchange Commission (SEC) is prohibiting exchanges in the country from providing services related to utility tokens or cryptocurrencies to ensure customer protection and ward off attempts by anyone using digital assets to operate a grey business, the regulator announced on Friday.

    As a result, meme coins like Doge, which has attracted the interest of investors in the past year as its price surged by as much as 10,000 percent this year, will no longer be allowed to be traded in Thailand. The SEC said such coins have «No clear objective or substance or underlying, and whose price runs on social media trends.

    According to «The Bangkok Post,» the move came amid reports that publicly listed mobile phone retailer Jay Mart was making plans to launch the country’s first non-fungible tokens (NFTs) linked to nine local stars and celebrities. However, Jay Mart said it would go ahead with the launch this week as planned, though the NFTs will be listed on foreign exchanges.

    NFTs have garnered increasing popularity in recent months, particularly as a way to sell and invest in digital artworks as verification of authenticity and ownership are stored on the blockchain

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  • GIC Bets on Digital Assets

    GIC Bets on Digital Assets

    The blue chip-focused Singapore sovereign wealth fund has invested in a crypto bank, in a signal that digital assets are here to stay.

    In an announcement on its blog last week, U.S.-based digital asset bank Anchorage said it raised $80 million in a Series C funding round led by GIC.

    Joining the sovereign wealth fund were U.S. venture capital firms Andreessen Horowitz, Blockchain Capital, and Lux, as well as Portuguese fund Indico.

    Anchorage said the new capital will allow it to «rapidly scale to meet the rising demand for participation in the digital asset space, particularly among corporations and traditional financial institutions.»

    It also said that it wants to be a crypto partner to neo banks, challenger banks, and traditional banks, and make institutional decentralized finance (DeFi) participation accessible.

    In 2018, GIC was among investors who raised $300 million for Coinbase, a digital currency exchange headquartered in San Francisco, California.

    The news came as a surprise as CEO Lim Chow Kiat previously said that GIC would avoid crypto-related investments as it goes against GIC’s investment mandate, which is «to preserve and enhance the international purchasing power of Singapore’s financial reserves.»

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