Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

DOGE is the one that is yet again leading the market, closing in on a $100 bln market cap, and is accounting for 41.55% of Upbit’s overall volume, which is also more than Coinbase Pro’s entire volume.

Yet again, DOGE has gone parabolic.

Hitting a new all-time high at nearly $0.69, DOGE is up over 140% in the past 7-days ahead of Tesla CEO and “Dogefather” Elon Musk’s appearance on SNL on May 8.

Dogecoin is currently the 4th largest crypto asset with a market cap of $85 billion.

The DOGE FOMO is getting real, which yet again ends up taking Robinhood down. “We’re currently experiencing issues with crypto trading,” said the retail trading app on Tuesday, yet again, before restoring the crypto trading an hour later.

Retail traders are all simply FOMOing in on the meme coin, as evident from the fact that Dogecoin is the most traded crypto asset on the leading cryptocurrency exchange Binance.

According to CoinGecko, DOGE/USDT on Binance is recording $14 billion in volume, accounting for 19.82% of the overall exchange volume. ETH/USDT and BTC/USDT account for only 7.74% and 6.42% of Binance’s total volume, only to be followed by DOGE/BTC yet again at 3.78%. ETH 9.79% Ethereum / USD ETHUSD $ 3,527.78
Volume 48.06 b Change $345.37 Open $3,527.78 Circulating 115.75 m Market Cap 408.36 b
3 h WallStreetBets Launches Blockchain-Powered Exchange Traded Portfolios, Ran Through A DAO 7 h Ether Retraces to Trade Under $3,400 But Several Catalysts Are Still Present to Sent it Higher 8 h Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL
BTC 8.56% Bitcoin / USD BTCUSD $ 57,504.68
Volume 68.9 b Change $4,922.40 Open $57,504.68 Circulating 18.7 m Market Cap 1.08 t
5 h JPMorgan’s Jamie Dimon Still Has ‘No Interest’ in Bitcoin Despite Growing Adoption 5 h Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 6 h NYDIG Partners with FinTech Giant to Enable US Bank Customers to Buy, Hold, and Sell BTC through their Existing Accounts

Meanwhile, as per Binance owned Coinmarketcap, ETH/USDT derivatives are seeing the highest volume at $20.4 billion, followed by DOGE/USDT derivatives recording $19.4 billion in volume.

While BTC/USDT derivatives are the third most traded pair with a $19.4 billion volume, DOGE/USDT spot trading is yet again seeing $15.8 billion volume.

Just like the global users of Binance, South Koreans are all-in on DOGE as well. Dogecoin is accounting for 41.55% of all the volume on the largest cryptocurrency exchange of the country, Upbit.

Trading at a premium of 9.75%, DOGE/KRW is at $0.7077, down from a $0.7142 high earlier in the day.

Compared to Coinbase Pro’s $9.3 billion total volume, DOGE/KRW alone on Upbit did $14.3 billion in the past 24 hours.

As we previously reported, South Koreans have been more involved in altcoins than Bitcoin and Ether. And this continues with Ethereum Classic accounting for nearly 19% of all Upbit volume and the highest 20.69% on Bithumb.

XRP, BTT, EOS, LINK, and LTC are other popular altcoins on Korean exchanges. XRP 19.50% XRP / USD XRPUSD $ 1.64
Volume 13.38 b Change $0.32 Open $1.64 Circulating 45.4 b Market Cap 74.4 b
8 h SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing 9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE
BTT 5.17% Blocktrade Token / USD BTTUSD $ 0.00
Volume 0 Change $0.00 Open $0.00 Circulating 55.75 m Market Cap 231.49 K
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 4 w South Koreans Are Trading XRP & BTT More than BTC and Ether 4 w Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still ‘HODLing and Not Selling’
EOS 39.15% EOS / USD EOSUSD $ 8.75
Volume 8.56 b Change $3.43 Open $8.75 Circulating 953.13 m Market Cap 8.34 b
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 1 w USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap
LINK 9.64% Chainlink / USD LINKUSD $ 49.49
Volume 4.91 b Change $4.77 Open $49.49 Circulating 419.01 m Market Cap 20.73 b
9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 4 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
LTC 18.31% Litecoin / USD LTCUSD $ 356.66
Volume 13.11 b Change $65.30 Open $356.66 Circulating 66.75 m Market Cap 23.81 b
5 h Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 9 h Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE

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Author: AnTy

Survey: South Korean Investors Welcome Controversial Crypto Tax Law

A new survey has revealed that a majority of South Korean investors support the proposed crypto tax law set to be unveiled next year.

53.7% Support Crypto Gains Tax

According to a recent survey sponsored by local television station YTN, many South Korean crypto investors support the government’s move to tax crypto gains.

The research carried on 500 respondents aged 18 years upwards by local research firm Realmeter showed that 53.7% of respondents support the proposed taxation regime scheduled to come into effect in Jan. 2022.

38.3% of responders feel it could hamper the sector’s growth, saying the move was biased.

The survey showed that respondents within the age bracket of 20 and 29 were strongly against the planned taxation more than any other age group.

47.8% of respondents in their 20s said they do not support crypto taxation, while 47.5% of respondents said it might be necessary to do so.

The data collated also showed that female crypto respondents were more supportive of the taxation scheme than their male counterparts.

Data collated by South Korean statesman Kwon Eun-hee showed that crypto investors in their 20s and early 30s were the most active participants with over 2.35 million confirming that they have traded digital currencies at least once in the top four crypto exchanges operating in the country: Bithumb, Upbit, Korbit, and Coinone.

But despite what may be a growing dissent against Seoul’s plans to regulate the burgeoning industry, Finance Minister Hong Nam-ki believes it’s only fair to tax capital gains on crypto transactions the same way other financial transactions are taxed.

But crypto stalwarts have called for a revision of the incoming tax law. The capital gains tax on virtual currency transactions has been pegged at 20% and will only affect trading profits that surpass the 2.5 million (about $2,234) mark.

South Korea’s Growing Regulations On Crypto

South Korea is determined to regulate its crypto sector. The Asian nation has been working steadily to bring the crypto industry under the purview of the government. It started by outlawing privacy tokens like Monero’s XMR.

It then extended its laws to comprise virtual assets service providers (VASPs), including cryptocurrency exchanges stipulating a hefty fine for any crypto company that fails to report suspicious transactions on its platform. It also said that failure to keep relevant customer data and separate management of customers’ transaction records would see them facing the full weight of the law.

These laws have since seen crypto exchanges like OKEx and Binance close shop in the country.

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Author: Jimmy Aki

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

International FX Exchange & Ripple Partner, Mercury to Boost Remittances in South Africa Using ODL

Mercury’s international payments firm to utilize RippleNet On-Demand Liquidity (ODL) platform to ease remittance payments between the United Kingdom and South Africa.

On Tuesday, Ripple confirmed Mercury, which has been using the RippleNet ODL platform and its associated XRP digital asset since 2019, to reduce transaction times and fees to a minimum in South Africa. Mercury was added to the first cohort of South Africa’s Intergovernmental Fintech Working Group (IGFW), the inaugural fintech regulatory sandbox in the African state.

Mercury-RippleNet ODL was one of the six chosen projects for an inaugural 50 companies that applied to enter the sandbox. Of the six, Mercury is only one of two companies leveraging blockchain to enhance global remittances and payments in South Africa.

Consisting of top financial regulators such as South Africa’s National Treasury, the South African Reserve Bank, and Financial Sector Conduct Authority, IGFW has previously called for strict regulations to be put in place to curb unregulated crypto transactions.

In April 2020, IGFW stated domestic crypto transactions are accepted in the country but under strict adherence to the FATF “Travel Rule” recommendations. This gave rise to the regulatory sandbox –later in the year – the IGFW stating at the time,

“Payments using crypto assets will, in the interim period, be subjected to a regulatory sandbox approach.”

As a member of the sandbox, Mercury aims at enhancing the future of blockchain-based payments/ transfers to “cut the time and cost of sending money into and out of South Africa using RippleNet-ODL service.”

South African tax regulator, South Africa Revenue Authority (SARS), recently announced plans to audit crypto investors amidst the country’s rising demand for crypto.

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Author: Lujan Odera

Morgan Stanley Participating in the Acquisition of South Korea’s Top Crypto Exchange, Bithumb

Morgan Stanley Participating in the Acquisition of South Korea’s Top Crypto Exchange, Bithumb

Morgan Stanley is bidding for the acquisition of South Korea-based cryptocurrency exchange Bithumb for a $2 billion valuation, reported a local publication. The article circulated on the leading local search engine Naver.

Bithumb is South Korea’s top Bitcoin and crypto exchange, recording $1.89 billion trading volume in the last 24 hours, as per CoinGecko.

The bank is rumored to be in discussion with Bident, the major shareholder of the exchange that owns a 10% stake in Bithumb. Morgan Stanley is reportedly planning between $250 million and $440 million investment.

“Morgan Stanley participated in the acquisition of Bithumb,” the report cited an anonymous senior Bithumb representative while the other source said, “The reason Morgan Stanley used Bident is because it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings.”

The latest news came right on the heels of the investment banking giant starting to offer its clients access to Bitcoin, although it is limited to their wealthy clients with “an aggressive risk tolerance” and still only much as 2.5% of their net worth.

This move can serve as a catalyst for other banks to follow suit and even relatively modest asset allocation exposure of 5% of a portfolio, “alone would represent $1.5 trillion of incremental capital into bitcoin, said Devin Ryan, an equity research analyst at JMP Securities.

Morgan Stanley has been making a lot of moves in the crypto industry. This month, the bank also invested in NYDIG, and before that, earlier this year, it increased the stake in Bitcoin invested MicroStrategy.

Now, the reports of investing in a crypto exchange have the market excited and extremely bullish on it.

“Traditional financial institutions will come up with their crypto strategies this year. I didn’t expect such a bold move from a tradfi. This will force the other tradfi’s to move more quickly,” said SpartanBlack, Partner at the crypto fund The Spartan Group.

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Author: AnTy

South Korea Finalizes New 20% Tax Regime on Crypto Starting in 2023

South Korea has been working towards a suitable tax system for crypto trades and profits for a while now, with different proposals and deadlines.

However, after much deliberation, the government has now put forth a viable tax plan for crypto gains.

Pay the Tax Man

Asia Today reported this week that the South Korean Ministry of Economy and Finance had issued an amendment to introduce a new tax rate for crypto trading profits. The amendment could be enacted into law in February, following a legislative notice that will last until January 21, according to the reports. However, the new tax rates won’t be levied until 2023.

Per the report, the government’s new proposal will introduce different additional taxes on capital gains. Crypto traders who make annual incomes of over 2.5 million won ($2,300) will be taxed 20 percent from their trading activities. Comparatively, the threshold is much lower for traditional stocks, with only gains higher than 50 million won ($46,000) receiving the same tax rate.

The tax rate goes even higher, reaching 25 percent for assets over 300 million won. Investors with annual profits of over 50 million won will also need to pay transfer taxes, regardless of whether they are major shareholders or not.

As for cryptocurrencies owned before the tax schedule’s 2023 implementation, authorities are still considering imposing taxes on the market price immediately before 2023 or the acquisition price.

What Date is Appropriate?

The new tax rate isn’t especially a novel development. The Ministry of Economy finalized the regime last July, following a Tax Development Review Committee meeting. The meeting concluded the government’s mission to ensure effective taxation of individuals’ and corporations’ virtual asset holdings – which, up to that point, had been non-taxable.

However, the new regime also ran into a bit of a hiccup, with industry insiders asking that the government delays its implementation. In October, the Korea Blockchain Association (KBA), one of the country’s most powerful blockchain advocacy groups, asked that the government delay implementation until January 2023

Per a report from News1 Korea, the KBA had explained that companies require a “reasonable period” to prepare for the new tax regime. The advocacy group explained that there was a short window between regulations applying to the old tax scheme and the expected start of the new one as crypto exchanges would still be allowed to report on trades falling under the previous tax code until September 2021.

Since the Income Tax Act is expected to be enforced from October 2021, companies would find it challenging to comply with the new regulations in less than 24 hours.

Last month, the South Korean national assembly ruled to extend the tax regime’s implementation to January 2022. With the new ruling setting an implementation date for 2023, crypto companies now have enough time to get in line.

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Author: Jimmy Aki

Crypto Exchange Bithumb to Be Acquired By South Korean Gaming Giant, Nexon, for $460M

Crypto Exchange Bithumb to Be Acquired By South Korean Gaming Giant, Nexon, for $460M

South Korean cryptocurrency exchange Bithumb wants to put a troubling 2020 behind it and look to the future. It appears that the company’s plans also involve new owners.

Per local news sources, multi-billion-dollar gaming company Nexon is in advanced talks to purchase the exchange outrightly.

Time to Move On

Nexon’s chief executive Kim Seoung-Ju is in talks with some top Bithumb officials over a possible buyout worth 650 billion won ($460 million), local news outlet Mekyung reports. The deal is said to be advanced, as both parties have reportedly signed a memorandum of understanding with Vidente, one of Bithumb’s top shareholders. If everything works out as planned, Nexon would control three top crypto exchanges in South Korea. Nexon already owns Bitstamp and Korbit.

The $460 million price would give Nexon a 65 percent stake in Bithumb. Nexon had reportedly been in talks with Bithumb and several shareholders since August 2020 over a potential sale. The gaming company also took part in a September auction, which involved several potential investors and equity fund managers from home and abroad.

Bithumb’s Big Baggage

However, the acquisition process was slowed down due to investigations into Lee Jong Hoon, the chairman of Bithumb Korea.

The same month as the auction, Seoul Shinmun reported that an intelligence crime unit at the Seoul Metropolitan Police Agency had searched Bithumb’s Gangnam District office. The checks were connected with investigations into Hoon, who was being probed over alleged economic fraud concerning the BXA token.

Per the report, Hoon had promoted BXA as Bithumb’s native token, encouraging investors to purchase the asset. However, the token turned out to be a high-scale fraud endeavor with over 30 billion won ($25 million) in reported damages.

Police conducted two more raids of Bithumb’s offices in September. On the third raid, they reportedly seized company shares belonging to Kim Byung-Geon, the Director of Bithumb Korea.

The Nexon sale isn’t the first time that Bithumb will go through a potential acquisition. In 2018, Hoon was reported to have been shopping for a buyer for the exchange. However, his 400 billion won asking price at the time was considered to be too much.

Local news sources reported in September 2020 that the company was up for sale again per reports, Bithumb Holdings, the exchange’s largest shareholder, had promoted it to interested buyers. Local financial giant Samjon KPMG was overseeing the sale, with several interested companies already submitting proposals. The firm was reported to have asked for 500 to 700 billion won at the time.

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Author: Jimmy Aki

Bitcoin ‘Kimchi Premium’ Makes a Comeback As Euphoria Builds

South Koreans have also started to join in on the crypto rally.

Another sign of Bitcoin euphoria can be seen in the “kimchi premium” that has returned.

The positive price gap between South Korean cryptocurrency exchanges and other exchanges is the Kimchi premium which has hit two-year highs amidst the ongoing price rally.

This premium first made its presence known in December around the time Bitcoin breached its 2017 peak of $20,000. At one point this premium was above 6% in January this year.

As of writing, Bitcoin price BTC 4.05% Bitcoin / USD BTCUSD $ 35,315.36
$1,430.27 4.05%
Volume 68.8 b Change $1,430.27 Open $35,315.36 Circulating 18.59 m Market Cap 656.61 b
2 h Bitcoin Supply Liquidity Falling Faster than Ever Amidst ‘Tremendous Demand’ 2 h IGT Gets Regulatory Approval to Use Bitcoin & Crypto’s at Slot Machines 2 h What’s Happening on the Bitcoin Network Amidst The Red Hot Market?
is trading at $34,670 on Bitfinex, $34,685 on Coinbase, $35,621 on Upbit, $35,595 on Bithumb, and $34,834 on Binance, as per Coinmarketcap.

The last time such a difference in prices was seen was in early 2018.

“‘Player 2 has entered the game,” said Ari Paul CIO at Blocktower Capital. “The long-running trend of Asia hours being bearish may be broken as South Korea seems to have finally caught a major bid yesterday and continuing into tonight,” he added.

Korean exchanges are also seeing massive deposits. On Tuesday, 3,001 BTC worth more than $99 million was moved to Bithumb, as per data source CryptoQuant. Just this week, Bithumb Global also opened the BTC market for their KRW only market.

These premiums appear for a number of reasons which include the availability of crypto service providers, regulatory environment, fiat currency conversion ease, and economic situation.

As Bitcoin price rallies, people are getting back into crypto which can also be seen in Bitcoin trending on South Korea’s biggest search engine Naver, which happened the day the digital asset ripped past $30k. The volume on these exchanges has also started to trend up moving into 2021.

Just this week, Naver published an article about Bitcoin, gold, and real estate skyrocketing, noting how BTC surpassed 30 million won at the end of last year.

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Author: AnTy

Coinbit Execs Charged with Market Manipulation; ‘Wash Traded’ $84 Million in Crypto

South Korean authorities are pushing for Coinbit executives’ prosecution for wash trading and market malpractices on their exchange.

Local reports from Seoul’s financial website, Newspim, confirm that Seoul Metropolitan Police Agency has handed over Coinbit’s chairman Choi Mo and two other unnamed executives at the exchange to the prosecution office for market manipulation charges, forgery, and fraud.

In August, BEG reported that the Seoul Police were investigating Coinbit, once the third-largest crypto exchange in the country, for wash trading cases. According to the report, over 99% of the trading volumes on major cryptocurrency pairs were wash traded by the executives leading to the investigations.

Authorities halted trading on the exchange, and assets owned by the exchange seized, including the Coinbit headquarters in Gangnam district. The authorities are charging the company with wash trading over 100 billion Korean won (KRW), or approximately $84 million, in 2020.

Wash trading is a tactic that entails using ghost accounts to make trades on an exchange to inflate the volumes. This can allow the trader to manipulate the price and market-leading to fraud. Authorities could trace the ghost accounts on Coinbit as no corresponding deposits and withdrawals were found on trades made with these accounts.

According to a lawyer familiar with the South Korean financial law system, cases of market manipulation and wash trading could carry a penalty of 5 years to life in prison.

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Author: Lujan Odera

South Korea Approves Amendment to Push Crypto Tax Rule to January 2022

South Korea is set to enforce its upcoming crypto tax law in January 2022 instead of the earlier proposition of October 2021. This will give crypto stakeholders operating within its jurisdiction one more year to sort out in-house tax reporting infrastructure.

A South Korea local news agency dubbed ‘Yonhap’ reported yesterday that the National Assembly’s Strategy and Finance committee met on Nov 30 and agreed to include the amendment into the recently proposed tax code. Last week, the committee had raised this suggestion, and now it seems that there is consensus on the date of implementation.

This piece of legislation is expected to capture South Korea’s active crypto market in matters tax, an issue that remains complex for most jurisdictions. As we reported earlier, South Korea’s government’s tax code was finalized in July and was awaiting parliament approval.

Some of the pertinent highlights in this tax code are that crypto assets will be considered commodities, attracting a 20% income tax. However, this will only apply to above 2.5 million Korean Won ($2,000).

Other than crypto trading activity, the tax code also captures gains from mining and income attributed to ICO’s. While it is a financial reprieve for the government, some stakeholders believe that smaller players will be forced out given the activity in South Korea’s crypto markets.

Notably, South Korea had already begun intense crypto oversight, especially when it comes to KYC and AML practices by exchanges. The country legalized crypto trading in March this year, requiring that exchanges comply with the real-name trading account stipulations.

Meanwhile, they have taken a ‘watch first’ approach in the Central Bank Digital Currency (CBDC) space, with the digital Won test scheduled for next year. This initiative is currently in its second phase, where stakeholders are being consulted before token distribution rolls out next year.

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Author: Edwin Munyui

Korea’s National Assembly Suggests Delaying Income Tax Rule on Crypto Assets to Jan 2022

South Korean lawmakers have allegedly proposed to delay the upcoming income tax rule on crypto-assets by three months from its scheduled commencement date in October 2021. According to the Dong-a Ilbo, a South Korean media which first reported this news, the law might come into effect later in January 2022.

The report notes that South Korea’s National Assembly, led by its planning and finance committee, recently tabled a report to suggest this law’s delay. This is because local crypto exchanges have asked for more time to develop proper tax infrastructures to meet the reporting requirements.

Through the Ministry of Economic and Finance, South Korea’s government made amendments to its tax code back in July. The new framework, which is yet to be approved by the National Assembly, proposed a 20% capital gains tax on crypto trading activity for income above 2.5 million Won ($2000).

As earlier reported by BEG, the suggested South Korea tax code details how transacting parties will annually report their taxes. It outlines that tax payments associated with crypto assets will be paid in May, per the ‘Taxation on Virtual Asset Transaction Income’ section on the new tax code.

Notably, the proposed tax on virtual assets is applied to both residents and non-residents that leverage South Korea-based crypto exchanges for their digital asset activity. With the commencement dates pushed back, the planning and finance committee is expected to update in the coming days.

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Author: Edwin Munyui