Bitcoin’s Push to $100K Alerts Tax Authorities, Vitalik Takes a Trip to Real Moo Deng: Asia Express

Bitcoin’s Staggering Rise Sparks Tax Discussion, Visit to Real Moo Deng: Asia Express

By Yohan Yun

Bitcoin’s climb towards $100,000 is grabbing the attention of tax authorities around the globe, while a notable visit spices up the headlines. Here’s a breakdown of the latest happenings in the cryptocurrency world.

In China, commercial judge Sun Jie from the Songjiang District People’s Court in Shanghai clarified that cryptocurrencies like Bitcoin are considered commodities, but cautioned that digital assets’ various uses, such as trading or payments, are deemed illegal financial activities. Sun was addressing a case from the 2017 crypto boom, emphasizing the risks involved in crypto engagement.

Elsewhere, Taiwan’s Finance Minister Chuang Tsui has committed to revisiting cryptocurrency tax regulations, underscoring the nation’s need to effectively collect taxes on crypto trading profits. Meanwhile, South Korea is postponing its plan to implement a 20% tax on crypto gains, citing ongoing debates on the best approach to taxing digital assets.

On the political front, a stirring controversy has emerged in India’s Maharashtra state, just ahead of the 2024 Assembly elections. Ravindranath Patil, a former Indian Police Service officer, alleged that 80,000 Bitcoin seized during a 2018 crypto Ponzi scheme probe was misused to support political campaigns, implicating prominent political figures.

Stay tuned for more updates on the evolving landscape of cryptocurrency, taxes, and political intrigue. As Bitcoin continues its meteoric ascent, the world watches with bated breath for what comes next.