China News by Thebittimes.Com

There are few companies that have a brighter future than those that are in the AI and tech space. Although things have not been strong this year amid increased macroeconomic uncertainty, that should change drastically in the coming years. Aligning with that optimism is Nvidia (NVDA), whose CEO, Jensen Huang, announced another key expansion as the stock stalls en route to $150. The firm was one of the biggest winners of 2024, surging more than 174% over the course of the year. Things have been far different this year, with the stock market facing increasing sell-offs. Moreover, its reversal that started at the midpoint of May looks to be stalling yet again, from data that has investors spooked. Source: Victor J. Blue / Bloomberg Also Read: NVIDIA and OpenAI partner with UAE to Build New AI Data Center Nvidia Unveils Yet Another Expansion As Stock Struggles The US stock market was hit with another piece of bad news on Monday. The Nasdaq and S&P 500 were all down from Moody’s de...

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 ...

In a massive development for the country, Taiwan’s Financial Supervisory Commission (FSC) has allowed professional investors to gain access to foreign Bitcoin and other crypto ETFs. Indeed, the commission announced the change Monday, allowing select investors to participate with “foreign virtu asset” exchange-traded funds. The crypto-based ETF market has surged in the United States this year. After receiving the first Bitcoin ETF approval in January, Ethereum quickly followed suit just a month earlier. Now, Taiwan has looked to expand “product choices,” for the country’s investors through its recent decision. Image Source: Pexels Also Read: SEC Approves BNY Custody of Crypto Beyond ETFs Taiwan FSC to Allow Crypto ETF Access in Notable Shift 2024 has been massive for Bitcoin, and its recently approved ETFs. Just last week, the ETFs of the leading crypto drew more than $1 billion in net inflows. That has proven to be its highest since July, and a notabl...