Taxman awakens as Bitcoin pushes towards $100K, Vitalik tours real Muay Thai: Asia Express
Bitcoin’s value is soaring, but governments are taking notice. In China, Judge Sun Jie clarified that Bitcoin is considered a commodity, but activities like trading and payments are illegal. This statement was made during the 2017 crypto boom, labeling it a modern “gold rush.” The judge highlighted a case where crypto-related services were deemed illegal, but it is legal for individuals to hold virtual currency.
Meanwhile, in South Korea, the Democratic Party plans to implement a 20% tax on crypto gains from 2025, with a threshold of $36,000. Taiwan is also reviewing its tax regulations surrounding cryptocurrencies. Japan is undergoing tax reforms, proposing a flat 20% tax rate on cryptocurrencies, down from 55%.
In India, a scandal erupted involving the misuse of 80,000 Bitcoins seized during a 2018 Ponzi scheme investigation. Former police officer Ravindranath Patil alleged that these funds were used for political campaigns. This controversy has escalated just before the 2024 Assembly elections, implicating prominent political figures.
As Bitcoin continues its meteoric rise, governments are responding with new regulations and tax laws to navigate the evolving crypto landscape. It’s a dynamic and ever-changing industry that requires close attention from both regulators and investors.
