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[Delio] Shocking turn during the FTX storm. South Korea urges crypto tax implementation | <Virtual Talk> Weekly Crypto Report S2E3

A storm in the crypto market due to the FTX meltdown was felt in every corner of the financial industry.

This week we are bringing to light the details on the digital assets market impact after the FTX went bankrupt and the upcoming industry’s regulation approaches.

James Jung, CEO of Delio and director at Korea Financial Investment Association,

Former vice-chairman at Korea Blockchain Startup Association

Goran, CEO of Algoran, an economic-focused YouTube channel

Former reporter for the JoongAng Ilbo economy

Kim Donghwang, CEO of Wonder Frame

Former reporter at the CoinDesk Korea

According to the survey results, among 251 participants, 38.1% invested over $100,000 in digital assets, and more than 37% claimed a financial loss followed by the FTX meltdown.

Survey on the market impact due to the FTX meltdown: results

Despite that, most participants see the future prices of cryptocurrencies to be more likely to decline, and 49% are sure to maintain the current investment amount giving a promising industry’s recovery future.

Survey on the market impact due to the FTX meltdown: results

Pinpointing the past week’s crypto news highlights:

1. Post-FTX storm

2. Industry changes to be brough by Cosmos 2.0 upgrade

3. Korea’s crypto tax to be postponed?

Let’s have a full vision on the crypto market and its near future.

Post-FTX Storm

Genesis Trading, a pioneer in the cryptocurrency industry, joins a growing list of digital assets-backed companies facing collapses after the fall of FTX.

Thus, Genesis Trading has issued a warning that it may be in danger of bankruptcy after its lending arm ceased operations last week and spent the weekend trying dedicated to the fruitless fundraising efforts leading to a pause in withdrawals of assets lent to the Genesis Global Capital, the firm’s brokerage arm.

GBTC premium, which stands for the difference between the value of the assets held by the trust against the market price of those holdings, has gone down by a 40% discount for the first time.

In the meantime, South Korea’s cryptocurrency exchange GOPAX halted withdrawals and interest payments from their GOFi service, which brokers products from Genesis Global Capital.

Industry changes to be brough by Cosmos 2.0 upgrade

In the face of to release of trendy blockchain, Cosmos has released the updated whitepaper, which proposed the controversy over its revamped tokenomics. It suggested that the significant change in the tokenomics of ATOM, the native token of Cosmos, and the desire to implement multiple complex new tools all at once will harm the community.

Although ATOM 2.0 failed to pass after weeks of debate and voting, experts are predicting ATOM’s price to plump in the long-run investment.

Korea’s crypto tax to be postponed?

According to the 2022 tax reform, the implementation of South Korea’s planned taxes on crypto earnings has been delayed to 2025, as the research is not fulfilling all the industry details.

While the Yoon Seok-yeol government and the ruling party are sticking to the position of postponing the introduction of the crypto investment tax for two years, the opposition party insists that the revised tax law should be applied as scheduled during the following year, saying that the postponement of the introduction of the crypto investment tax is equivalent to a tax cut on the wealthy.

In the current situation, as the global virtual asset exchange FTX recently filed for bankruptcy, the voices of those opposing the introduction of the gold investment tax are growing, urging Korea’s government on tax implementation.

2023 urgent look at the crypto tax implementation

Watch the full episode to learn more about crypto news for the past week (KOR):

https://www.youtube.com/watch?v=7uIEhDsKohI&list=PLh6kUo7pqm_6e_HKvsaix0LVTxTHJEMFI&index=1

<Virtual Talk> is a Korean online program held by a leading Korean Economic Broadcast channel. The program is dedicated to discussing the world’s recent trends in the blockchain, cryptocurrencies, DeFi, and NFTs, issues that occurred in the Korean and global digital asset market, and the direction of the industry development and new digital asset pledge bills and regulations.

To provide easy-to-understand and accurate information on the digital assets industry, Delio will be weekly joining Season 2 of <Virtual Talk Virtual Asset>.

Live Stream: every Monday 7 PM (KST)

Live Stream Platform: Korea Economy TV

Stay updated on the recent crypto news with <Virtual Talk> Season 2.

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Delio

Delio Digital Asset Finance Group, established in 2018, is №1 fintech company based in Seoul and acquired digital asset licenses from Korean and US governments.