Daily Crypto News Dec 29: Asia's Crypto Reforms and Market Moves: Tax Cuts, Premiums, Busts, and ETFs
This week in Asian cryptocurrency markets reflects diverse reforms and dynamic activities. Japan's cabinet is considering a progressive step by proposing to scrap corporate tax on unrealized crypto gains, potentially boosting investment and innovation within the country's digital asset space. In South Korea, high Bitcoin premiums are indicative of strong retail investor activity, as analyzed by CryptoQuant, suggesting a growing and active crypto community. China remains vigilant against illegal financial activities, busting a $2.2 billion forex ring linked to crypto platforms, emphasizing the government's ongoing efforts to regulate the financial landscape. Hong Kong is making strides in the institutional sector by releasing specific requirements for crypto ETFs, positioning itself as a forward-thinking financial hub.
In the broader context, India is intensifying its crypto crackdown by moving to block major exchanges like Binance and Kraken, reflecting a stringent regulatory approach. OKX is responding to global regulatory pressures by delisting privacy coins, highlighting the ongoing debate over privacy and compliance. Despite the challenges, Binance reports a 30% growth in users in 2023, showcasing resilience and continued trust from the global crypto community, even as it navigates through executive resignations and legal hurdles.
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News Links 👇
https://www.cryptotimes.io/china-busts-2-2b-forex-ring-linked-to-crypto-platforms/
https://blockworks.co/news/hong-kong-releases-crypto-etf-requirements
https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC65
https://decrypt.co/62912/high-profile-bitcoin-etf-applications
https://decrypt.co/211114/india-block-binance-kraken-other-exchanges-crypto-crackdown
https://www.theblock.co/post/269613/okx-privacy-coins-delisting
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