South Korea Considers Postponing Cryptocurrency Taxation to 2028

South Korea's conservative party has proposed delaying the implementation of crypto taxation by three years. If approved, the tax would take effect in 2028

South Korea’s ruling conservative party has proposed delaying the implementation of crypto taxation by three years. If approved, the tax would take effect in 2028 instead of 2025 as currently planned.

The bill argues that taxing crypto gains now could drive investors away from the market due to its higher risk compared to stocks. This would be the third postponement of the 20% crypto gains tax, which was originally set to begin in 2022.

The ruling People Power Party, led by President Yoon Suk-yeol, had previously pledged to delay the tax. However, the Ministry of Economy and Finance has not yet decided on further postponements and plans to announce tax code amendments later this month.

**Crypto News: Australian BitConnect Promoter Convicted**

John Bigatton, who promoted the defunct cryptocurrency platform BitConnect in Australia, was found guilty of providing unlicensed financial advice. The Sydney District Court sentenced Bigatton to a three-year good behavior bond and banned him from managing corporations for five years.

Between August 2017 and January 2018, Bigatton promoted BitConnect through seminars and social media, offering financial advice without proper authorization. He marketed the platform, now known to be a Ponzi scheme, with promises of high returns.

Tether Freezes $14 Million Linked to DMM Bitcoin Hack

Tether has blacklisted a wallet containing $29.6 million in USDT stablecoins connected to Huione Guarantee, a Cambodian marketplace allegedly linked to a large-scale online scam. Of this amount, at least $14 million is associated with the recent hack of Japanese crypto exchange DMM Bitcoin, which lost approximately $300 million in June.

On-chain analyst ZachXBT suggests that the notorious Lazarus Group may be behind the hack, citing similarities in laundering techniques. The hacker allegedly laundered the fund through a complex process involving mixing services, cross-chain bridges, and token swaps before ending up at Huione.

**Crypto News: Bitcoin ETFs See $1.35 Billion Weekly Inflow**

Bitcoin exchange-traded funds (ETFs) attracted $1.35 billion in investments last week, marking their fifth-best week ever, according to CoinShares data. The total inflow for crypto funds across the market reached $1.44 billion, bringing the year-to-date total to a record $17.8 billion.

U.S. investors accounted for $1.3 billion of the total inflows. Ethereum funds saw inflows of $72 million ahead of potential spot ETF approvals in the United States. Altcoins like Avalanche, Solana, and Chainlink also experienced positive sentiment.

Farside Investors data shows that U.S. spot Bitcoin ETFs had a full week of daily inflows. It had over $310 million in net inflows on July 12 alone—the highest level in over a month.

Hacker Offers to Return $24 Million in Stolen Cryptocurrency

In a surprising turn, nearly a year after a crypto theft, a hacker has reached out to the victim of the crime to return funds that were stolen via an elaborate phishing scam. The victim lost $24 million in staked Ether tokens (stETH and rETH) last September due to a phishing attack.

On July 6, the hacker sent an on-chain message to the victim stating, “I want to give the money back, waiting for your reply.” The victim has confirmed the receipt of $10.3 million in DAI stablecoin and is awaiting for remaining funds.

Follow CoinChapter to stay up-to-date on the latest crypto news and insights.

The above is the detailed content of South Korea Considers Postponing Cryptocurrency Taxation to 2028. For more information, please follow other related articles on the PHP Chinese website!