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South Korea’s Democratic Party agrees to delay crypto tax by 2 years

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South Korea has announced a two-year delay in the implementation of its planned cryptocurrency taxation, pushing the start date to 2025. The decision, confirmed on Nov. 21, follows extensive deliberations in the country’s National Assembly, where lawmakers cited the need for additional time to establish a robust regulatory framework and infrastructure for effective tax collection. The move comes as the crypto industry continues to grow, with increasing participation from retail and institutional investors.

Initially scheduled to take effect in 2023, the tax framework proposed a 20% levy on annual gains exceeding 2.5 million won (approximately $1,900). The delay provides more time for policymakers to address concerns from industry stakeholders, including traders and exchanges, who have argued for clearer rules and a more supportive environment for digital asset innovation. Officials emphasized the importance of aligning the tax policy with broader economic and technological developments.

The postponement coincides with South Korea’s broader efforts to regulate its crypto market more comprehensively. In recent months, the government has introduced stricter rules for exchanges and ramped up measures to combat money laundering and fraud in the sector. By deferring the tax policy, South Korea aims to create a balanced approach that fosters industry growth while ensuring adequate oversight and compliance.

The delay is viewed as a positive signal by the crypto community, which has expressed concerns that premature taxation could stifle innovation and drive activity offshore. Analysts believe the additional time will allow South Korea to refine its policies and address industry feedback, positioning the country as a competitive hub for blockchain and digital assets in the Asia-Pacific region.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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