DeFI News by Thebittimes.Com

1. South Korea: Over 30% of Population Now Engaged in Cryptocurrency Investments link According to data from the Bank of Korea, as of the end of November, the total number of cryptocurrency investors in South Korea surpassed 15.59 million for the first time, accounting for over 30% of the country’s population. The total asset size reached 102.6 trillion won (approximately $79 billion), with the daily trading volume nearing the total of the domestic stock market. Fueled by expectations of crypto-friendly policies following Donald Trump’s election as U.S. president, Bitcoin prices surged nearly 35% in November, significantly boosting investment activity in South Korea’s crypto market. Among the five major exchanges, the average cryptocurrency holdings per investor reached 6.58 million won (approximately $5,070), with 610,000 new investors added in November alone. Additionally, the volume of deposits not yet invested in the market increased to 8.8 trillion won (approximately $6 billion). ...

The Japanese government has approved an amendment to the taxation of companies holding third-party-issued cryptocurrencies in its fiscal 2024 tax reform plan. According to local news sources, the alteration to the taxation of firms holding third-party-issued crypto currencies means that such companies will no longer be subjected to the year-end mark-to-market valuation tax. The Japanese Cabinet meeting approved the tax reform outline for fiscal year 2024. Companies holding crypto assets will no longer need to levy market value tax, and will only be taxed on profits generated by the sale of cryptocurrencies by relevant companies.… — Wu Blockchain (@WuBlockchain) December 24, 2023 Before this amendment, corporations holding third-party-issued crypto currencies were required to record profits or losses based on the disparity between market value and book value at the end of the fiscal year. Under the new reform , assets assumed to be held continuously will be exempted from th...

Circle, the issuer of the second largest stablecoin by capitalization, USD Coin (USDC), has entered into a partnership agreement with Tokyo-based financial services company SBI Holdings. SBI Group and Circle have also committed to properly complying with regulations related to stablecoin s, including communication with authorities. To circulate USDC stablecoin s in Japan, SBI VC Trade Co., Ltd. (head office: Minato-ku, Tokyo) is seeking registration as an electronic payment instrument service, which is subject to government approval. The goal of the collaboration is to adapt the token and its own Web3 services in Japan, Circle says on its website. The parties came to an agreement against the backdrop of active work by the Japanese authorities on the formation of legal standards for stablecoin s. You might also like: Japan to lift its ban on foreign stablecoins in 2023 “Our partnership with SBI Holdings represents a shared vision for the future of digital currency, and is...

Japan's Web3 project team released a white paper suggesting ways to expand the country's crypto industry to establish a welcoming atmosphere for crypto. The Web3 project team of Japan's ruling Liberal Democratic Party has released a white paper containing suggestions for expanding the nation's industry, which has been incorporated into the national strategy by Prime Minister Fumio Kishida's administration. The Web3 project team aims to bypass the usual bureaucratic processes to formulate regulatory proposals for everything from nonfungible tokens (NFT) to decentralized autonomous organizations (DAO). In contrast to other governments seeking to implement consumer protection regulations, Japan is striving to establish a more welcoming atmosphere for cryptocurrency, as many companies have relocated to other countries due to high tax obligations. According to the white paper, Japan must exhibit leadership during this year's G7 summit, which will address crypto cur...

Miners are in deep trouble due to increased hash rate and energy costs, but pro traders slightly added to their longs despite the recent BTC pullback. Bitcoin (BTC) price lost 11.3% between Dec. 14 and Dec. 18 after briefly testing the $18,300 resistance. The move followed a 7-day correction of 8% in the S&P500 futures after the U.S. Federal Reserve chair Jerome Powell issued hawkish statements after raising the interest rate on Dec. 14. Bitcoin price retreats to channel support Macroeconomic trends have been the main driver of recent movements. For instance, the latest bounce from the 5-week-long ascending channel support at $16,400 has been attributed to the Central Bank of Japan's efforts to contain inflation. Bitcoin 12-hour price index, USD. Source: TradingView The Bank of Japan increased the limit on government bond yields on Dec. 20, which are now trading at levels unseen since 2015. However, not everything has been positive for Bitcoin as miners have struggled with the...