Welcome to the first edition of ProBit (Blockchain) Bits where we give a recap of the past week’s selected crypto-related events and happenings that are significant to shaping the industry.
South Korea’s Third-Largest Conglomerate Sets Sights on Blockchain, Token Launch
For the first time ever, one of the companies under the purview of South Korea’s top 10 conglomerates has announced plans to spend 2 trillion won (US$1.6 billion) on semiconductors and blockchain. SK Square (of the SK Group) says the next three years would see it extend its reach beyond its 95 separate companies in chemicals, logistics, energy, and materials, among others.
It is also banking on its credibility to launch a digital asset before the end of 2022 as the company ventures into the metaverse. The token, to be based on SK Telecom’s blockchain technology, is to connect all the virtual economies developed in the group’s businesses. The average daily crypto trading volume in South Korea is estimated to be 11.3 trillion won (about $9.5 billion).
Crypto Tax to Go Into Effect in Indonesia
To all our Indonesian crypto enthusiasts, something is brewing from behind your base.
Crypto assets are about to be taxed in your country.
That’s right, crypto assets will be subject to VAT because they are a commodity, says a tax official, Hestu Yoga Saksama, as quoted by Reuters. No fiúrther details have been provided about the time the new tax regime would take effect but at least it’s out there now so heads up.
The country reportedly has about 9.5 million traders as of October 2021 with about US$33.4 billion traded in crypto assets for the first seven months of 2021.
Indonesia’s move follows India’s decision to impose a 30% capital gains tax on crypto transactions and a 1% tax deducted at source (TDS) with no offsetting losses.
Partner Spotlight: Like Crypto, Buy NFT With a Credit Card
As ProBit Global’s fiat on-ramp partner for the buy crypto with a credit card launch, MoonPay says it is now working on making it possible for OpenSea buyers to be able to pay for NFTs using credit or debit cards.
Whichever way you look at it, the adoption drive continues as more non-crypto users are bound to join the crypto wagon as NFT continues to be thrust into the consciousness of mainstream audiences through sports, fashion, and other major sectors.
Off-White Now Accepts Crypto
Talking about adoption, the luxury label founded by the late Virgil Abloh, is now accepting cryptocurrencies for its Off-White products.
Yes, you heard it right, they are now joining the likes of Tesla and other top brands that have shown interest in accepting some of the various digital assets in the market out there. The fashion outfit will accept Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Ripple (XRP), and stablecoins Tether (USDT) and USD Coin (USDC).
Remember, Rio de Janeiro, one of Brazil’s major cities, has announced it will enable citizens to pay local taxes in cryptocurrencies. City officials say they are trying to build a market around the emerging asset class.
20% Of Americans Have Taken the Crypto Plunge
Speaking of crypto adoption, a new finding has revealed that one in five Americans has either invested in, traded, or used cryptocurrency. According to a new NBC News poll, 21% of 1,000 Americans said they have at least once used or invested in crypto.
This shows that the industry is growing in popularity with many supporters of crypto regulation pointing to the sustained growth for expedited legislation. Of course, there remain detractors who believe the market does not warrant any regulation.
The debate is one that will certainly remain in play for the foreseeable future.
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