Day: February 22, 2021

South Korea Imposes 20% Crypto Tax and New Cryptocurrency Regulations

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Crypto tax regimes have generally drawn criticism from South Korean crypto enthusiasts who believe the imposed taxes are heavier on cryptocurrency trading when compared with stock investment. Authorities in South Korea are set to implement a 20% crypto tax on all profits made through crypto transactions from January 1, 2022. This is according to a report by the Korean Herald that stated that the country’s Ministry of Economy and Finance announced that crypto transactions would, henceforth, be subject to a tax regime following the recognition of cryptocurrencies like Bitcoin and…

Cloud-based Restaurant Software Provider Toast to File for IPO

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Toast has reportedly tapped Goldman Sachs and JPMorgan Chase as its lead underwriters for the proposed IPO this year. American cloud-based restaurant software company Toast Inc is set to go public. As reported by the Morning Star, the firm’s pursuit to get listed on a stock exchange may either be through an Initial Public Offering (IPO) or via a merger with a Special Purpose Acquisition Company (SPAC). The public listing is bound to give the firm a valuation of $20 billion according to people familiar with the matter. Per the…

Bitcoin Drops After Record-Setting Rally; Is Bearish Bias Returning?

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Key Bitcoin Takeaways Bitcoin plunged by almost 5.5 percent on Monday after setting up a record high in the previous session. The one-day drop is the largest since February 10, pointing to extended intraday declines as the European session matures. Long-term sentiment remains bullish on growing corporate adoption against the US dollar depreciation. Bitcoin (BTC/USD) sold off heavily throughout the Asian and early European session on Monday after achieving a new record high of $58,367 in the previous session. The flagship cryptocurrency was down by up to 5.5 percent after…

Swiss crypto ETP issuer passes $1B assets under management

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21Shares, a Switzerland-based provider of cryptocurrency exchange-traded products, or ETPs, has recorded a 100% growth in assets under management over the past two weeks. The company announced Monday that 21Shares has passed the $1 billion mark in AUM across its diversified 12 crypto asset ETPs. 21Shares CEO Hany Rashwan said that the company has seen a meteoric rise in its crypto ETP products recently, doubling AUM in less than two weeks. The company previously announced that 21Shares broke $500 million in AUM on Feb. 8. According to the announcement, the…

Crypto market too big to ignore, says Nigeria SEC

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Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country. According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria. For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market. Speaking at a virtual conference organized by the…

TransferWise Becomes Wise ahead of Its IPO

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TransferWise is expected to move all its users from the old platform to the “Wise brand” by March this year. Ten years ago, payments company TransferWise began offering money transfer services to customers. Fast forward to today and the company has outgrown that limited scope of operations and it is now expanding its services to include a cross-border payments network that would help to make international banking cheaper, faster and more pleasant for customers. To mark this expansion, TransferWise is now rebranding and wants to be known as Wise. The…

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Canadian Bitcoin ETF to Hit $1B AUM by Friday, Bloomberg Analyst Expects

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The emanation of the Bitcoin ETF in North America has been a good event but the US is still not sure of when their first Bitcoin ETF will see the light of the day. Following the boom of the entire cryptocurrency market led by Bitcoin, the Asset Under Management (AUM) of the Canadian Bitcoin ETF under the ticket BTCC has been said to benefit from the demand with a predicted surge to $1 billion by Friday according to a Bloomberg analyst. The prediction for the AUM was guided by how…

South Korea fast tracks 20% tax on Bitcoin and crypto profits to 2022

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South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made from both trading and holding cryptocurrencies will be subject to the tax, reported the Korean Herald on Monday. The tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt. South Korea previously aimed to levy the tax starting in 2020, but pushback from cryptocurrency enthusiasts and lobbyists…