CarrieVerse Token CVTX Listed on BingX

Tether, the company behind USDT, the popular dollar-backed stablecoin, is seeking to establish a presence in South Korea through remote hiring, according to a report from Maeil Business Newspaper citing industry sources.Photo by DrawKit Illustrations on UnsplashRather than opening a physical office, Tether is looking for a remote employee who will focus on increasing USDT adoption in Korea, exploring business opportunities, building partnerships and navigating the local regulatory landscape. The expansion comes as stablecoins gain significant traction in South Korea. Data provided to lawmaker Min Byeong-dug from the country's five largest cryptocurrency exchanges via the Financial Supervisory Service (FSS) shows that dollar-pegged stablecoins accounted for 47% of crypto assets withdrawn from these platforms between January and March. Central bank pushes for regulationMeanwhile, South Korean officials are increasingly focused on regulating the stablecoin sector. Bank of Korea (BOK) Governor Rhee Chang-yong recently called for the swift implementation of stablecoin oversight, warning that they could bypass the country’s financial rules. During a press conference in Italy, Rhee argued that stablecoins pegged to either the Korean won or the U.S. dollar effectively function as alternative currencies and should be examined under existing money transfer laws. Rhee has emphasized that authorities must first determine whether won-backed digital tokens should be permitted at all. Last October, during a national audit, he expressed concerns about stablecoins' dependence on fiat currencies and advocated for implementing a central bank digital currency (CBDC) instead. These concerns were echoed by Ko Kyeong-cheol, head of BOK's electronic finance team, who recently highlighted at a financial law conference that stablecoins could profoundly impact the central bank's ability to carry out monetary policy, maintain financial stability and oversee payment settlements. Ko emphasized that if South Korea were to permit won-pegged stablecoins, the BOK should be involved early in the approval process to minimize potential risks to its policy objectives. On the regulatory front, Financial Services Commission (FSC) Chairman Kim Byoung-hwan has indicated that discussions on developing a stablecoin regulatory framework are likely to begin in June as part of a broader initiative. Presidential candidates weigh in on stablecoin futureThe issue has also entered the political arena ahead of South Korea's June 3 presidential election. Lee Jae-myung, the Democratic Party of Korea's presidential candidate, has advocated for a market featuring won-based stablecoins. Lee argues that quickly adopting stablecoins would help South Korea keep pace with global trends and prevent capital outflows. His platform includes introducing spot crypto ETFs and reducing digital asset trading fees.  Another candidate, Hong Joon-pyo of the People Power Party, also previously announced plans to explore the issuance of a won-pegged stablecoin before being eliminated in the party's primary election.

India’s WazirX Partners with TaxNodes to Simplify TaxesIndia’s largest cryptocurrency exchange by trading volume, WazirX, has integrated with TaxNodes to enable platform users to calculate and file their crypto-taxes with greater ease.TaxNodes is a platform that provides users with the ability to calculate taxes on their cryptocurrency transactions. The start-up company has built a product for the retail crypto investor and trader that’s accessible on a global basis.Photo by Julian Yu on UnsplashEase of calculationThrough the partnership, TaxNodes will enable WazirXs expansive user base to calculate and file taxes on their crypto trades and crypto investments accurately. Furthermore, it will extend its service to provide updates on any developments in Indian taxation relative to the digital assets sector.Avinash Shekhar, Founder and CEO of TaxNodes, commented on the partnership: “We are looking forward to embarking on a journey with WazirX. We believe that our solutions will help WazirX’s customer base get clarity on the taxes levied on their investment. We think that our users will be able to leverage our plans to not only compute but also file their taxes, thereby, enabling us to simplify the taxation journey of crypto investors in the country.”From its perspective, Rajagopal Menon, Vice President at WazirX, said that the company has always prioritized compliance with regulations in the country to set an example of fair practice in the virtual digital asset industry. The partnership between WazirX and TaxNodes will be beneficial in enabling an ecosystem of regulatory abidance and mainstream adoption of crypto without the challenges of tax miscalculation or default.”High taxesIndia has chopped and changed its position on digital assets many times, and its tax treatment of cryptocurrencies has also undergone changes in tandem with that. Currently, Indian investors who trade digital assets, inclusive of NFTs, are under the obligation to declare their income if the assets are held as investments.Income tax return (ITR) forms for the 2022–2023 tax year have been amended to include a section dedicated to digital assets. A section called “Schedule — Virtual Digital Assets (VDA)” is now included. Income from the sale of virtual assets is currently taxed in India at a rate of 30%. One inequitable feature of the Indian crypto tax treatment is the fact that losses incurred from digital assets cannot be offset against other income.Additional taxes are to be applied in the form of tax deducted at source (TDS) of 1%, applicable on all sell transactions of digital assets and NFTs. That measure was first applied as of July 1, 2022. The world’s largest democracy has taken a very repressive stance in taxing digital assets, and added to that, non-compliance in the case of TDS can be sanctioned by way of a fine or jail time.With those high stakes, it’s appropriate that service providers like TaxNodes are collaborating with Indian crypto exchanges like WazirX. Crypto market participants can’t afford to miscalculate their taxes given the sanctions that could potentially be applied.

Paxos gets green light from Singapore regulator for USD stablecoinPaxos, a regulated crypto infrastructure company, has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its new subsidiary, Paxos Digital Singapore Pte. Ltd.The company outlined in a press release that it published on Thursday that the new entity will be able to offer digital payment token services and issue a USD-backed stablecoin in compliance with Singapore’s upcoming stablecoin laws. Stablecoins are digital tokens that are pegged to the value of fiat currencies or other assets and are designed to minimize price volatility.Photo by Carlos Alberto Gómez Iñiguez on UnsplashRegulatory framework for stablecoinsThe MAS moved to finalize its regulation of stablecoins within the city-state in August. That regulation insists on stablecoin issuers holding reserve backing for a stablecoin in low risk, highly liquid assets. The regulator also puts an onus on the issuer to provide appropriate disclosures including audit results and to process redemption requests within five business days.According to Paxos, there is a strong global demand for the U.S. dollar, but it remains challenging for consumers outside the U.S. to access dollars securely, reliably and under regulatory protections. The in-principle approval from the MAS will enable Paxos to bring its regulated platform to more users around the world.The recently finalized stablecoin regulatory framework will apply to non-bank issued tokens that are linked to the Singapore dollar or G10 currencies, such as the euro, British pound and U.S. dollar. Additionally, it applies to stablecoins whose circulation exceeds five million Singapore dollars ($3.7 million). The framework aims to ensure that stablecoins are subject to appropriate governance, risk management, disclosure and consumer protection standards.Partnering with enterprise clientsPaxos said that once it receives full approval from the MAS, it will be able to partner with enterprise clients to issue the USD stablecoin in Singapore. Paxos already has experience in issuing stablecoins, such as the Paxos Standard (PAX) and the PayPal USD Coin (PYUSD), which are both backed by the U.S. dollar and cash equivalents. Paxos also issues monthly attestations and reserve reports to verify its compliance and transparency.Responding to this latest development, Paxos Head of Strategy, Walter Hessert, stated:“Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably and under regulatory protections. This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world. Because Paxos upholds the highest standards of compliance and oversight, global enterprises partner with us to power stablecoin solutions that drive their businesses and respond to their customers’ needs.”Paxos previously issued the Binance USD (BUSD) stablecoin, but was ordered by the New York Department of Financial Services (NYDFS) to stop issuing the token after the agency declared the stablecoin an unregistered security.The partnership between Paxos and the MAS is a significant step in bridging the gap between traditional finance and the emerging crypto industry. As more institutional clients seek exposure to digital assets, it becomes essential to provide them with secure and reliable solutions that meet their specific requirements.