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South Korea’s Democratic Party pushes to implement 20% crypto tax in 2025

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South Korea has reaffirmed its plans to impose a 20% tax on cryptocurrency gains starting in 2025, following a resolution passed by the National Assembly. The tax will apply to profits exceeding 2.5 million Korean won (approximately $1,860) annually, as part of the government’s broader efforts to regulate and standardize the digital asset market. The decision solidifies South Korea’s position as one of the nations actively integrating cryptocurrency into its formal tax system.

The tax, initially slated for implementation in 2022, faced multiple delays due to pushback from industry stakeholders and concerns over insufficient regulatory infrastructure. Lawmakers cited the need for comprehensive guidelines to address the growing complexity of the cryptocurrency market. The two-year extension allowed for the establishment of stronger oversight mechanisms, including anti-money laundering measures and investor protection frameworks.

Market participants have expressed mixed reactions to the announcement. While some view the tax as a step toward legitimizing cryptocurrencies and encouraging responsible trading, others fear it could stifle innovation and discourage investment. Critics have also raised concerns about the potential impact on retail investors, who may bear the brunt of the new tax policies in an already volatile market.

As the 2025 deadline approaches, South Korea continues to refine its crypto-related legislation, aiming to strike a balance between fostering innovation and ensuring market stability. The country’s proactive stance on digital asset regulation is seen as a model for other nations grappling with similar challenges in the rapidly evolving cryptocurrency landscape.

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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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