Asia's weekly TOP10 crypto news (Nov 18 to Nov 24)
1. Japan Advances Economic Stimulus, Proposes 20% Unified Cryptocurrency Tax link The Japanese government has announced plans to advance a new economic stimulus package, expected to receive approval by the end of 2024. The proposed tax reforms include changes to income tax, corporate tax, and cryptocurrency taxation. Currently, Japan’s policy on crypto taxes relies on a vague and fluctuating “miscellaneous tax,” which can levy up to 55% on transactions. Opposition parties are advocating for a standardized 20% tax rate on digital assets. 2. South Korea to Implement 20% Crypto Gains Tax in 2025 link South Korea’s ruling Democratic Party plans to enforce a 20% tax on cryptocurrency gains (22% including local tax) starting in 2025, without further delay. Additionally, the tax exemption threshold will be raised from 2.5 million KRW (approximately $1,795) to 50 million KRW (around $35,919). The revised bill is set to be voted on by the National Assembly’s Tax Subcommittee on November 25 and ...