Cryptos to Watch as South Korea Defers Crypto Taxes

This year, the Financial Services Commission was the one that came up with the idea for DABA (FSC). DABA stands for a set of laws that protect consumers. The law talks about token sales, nonfungible tokens (NFT), listings on centralized exchanges (CEX), and international financing in relation to cryptocurrencies. It also answers US Vice President Joe Biden’s executive order about cryptocurrencies. Anyone can trade and earn in cryptocurrencies with Bitcoin News Trader

The controversial crypto tax law, which has been put off again, would tax crypto investments with profits of more than $2,100 per year at a rate of 20%.

Simon Kim, the CEO of South Korean crypto venture capital firm Hashed, told Cointelegraph on Wednesday that it doesn’t make sense to tax cryptocurrency until the right laws are passed. Tax laws need to make it clear what kind of businesses can do business with cryptocurrency. Kim agrees with this point of view. Hashed is a South Korean venture capital firm that puts money into crypto.

South Korea’s government has taken steps to make sure there will be no new taxes on cryptocurrencies until 2025. The country has said that one reason it made this decision was because of how the market is right now.

South Korea is one of the biggest places in the world to buy and sell cryptocurrencies, so this is a big change. If more people in the country want to buy cryptocurrencies because of this change, the price could go up in all markets.

If more people in South Korea suddenly want to buy cryptocurrencies, the most important question to ask is, “Which cryptocurrencies would benefit the most?”

Leading cryptocurrency exchanges in South Korea recently did surveys that showed Bitcoin, XRP, Ethereum, Dogecoin, and Cardano are the most popular cryptocurrencies in the country, in order of how popular they are. Because of this, it’s likely that the above cryptocurrencies will make the most money if the decision to delay taxes makes more people want to buy them. 

BTC stands for Bitcoin (BTC)

For the last two weeks, Bitcoin bulls have been able to keep the price of Bitcoin above $20,000. This suggests that the price of Bitcoin may be about to stop going down, which has been the case for most of the year. The price of Bitcoin could go back up above $30,000 in the next few months if news from Korea and other things help it break through the $25,000 barrier. Since this is the case, it seems like a good idea to buy Bitcoin at the price it is at now.

XRP (XRP)

XRP’s price has been going down for a long time because of the lawsuit between Ripple and the SEC. Still, there are more and more signs that the problem might be solved by the end of the year. If things go well for Ripple and the market keeps going up, XRP could be one of the best-performing cryptocurrencies by the end of the year.

Ethereum (ETH)

It looks like Ethereum is about to make a big comeback as Bitcoin did. Even so, Ethereum has a lot of good news to share this year, on top of the fact that the market as a whole is supporting it. One is new information about Ethereum’s update to version 2.0. (Eth 2.0). The transition process, which has been going on for two years, is almost done. It has a number of benefits that could make the price of Ethereum go up.

The most popular meme-based currency is Dogecoin, which can also be written as DOGE. Since it’s very popular in Korea, it’s a good idea to keep an eye on it in the second half of 2022. Elon Musk still likes Dogecoin a lot, and he is still one of the most important people in the cryptocurrency world.

Cardano (ADA)

Cardano is likely to benefit from the excitement in Korea, but this is just the beginning of what it can be used for. Cardano is now one of the best and most advanced blockchain scaling platforms. At the same time, since smart contracts were added to Cardano in 2021, more people are using it. Cardano has a bright future ahead of it, which is clear when you look at how it works and how exciting it could be.