Bitkub Addresses Market Conditions Thru Job Cuts

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.

South Korea's financial regulator is seeking to allow institutional participation in the cryptocurrency market this year, calling the move a prerequisite for the next phase of digital asset legislation aimed at reshaping a market now dominated by retail traders. Speaking at a judicial training program at the Seoul Southern District Court, Shim Won-tae, an official in the Virtual Asset Division of the Financial Services Commission's (FSC) Digital Finance Policy Bureau, said corporate participation in the crypto market was among the agency's priorities for the year, according to Herald Business. A market limited to retail investors would be at odds with the planned second phase of crypto legislation, he said, describing broader institutional access as a necessary first step.Photo by Mohammad Dadkhah on UnsplashStock token tax rules under reviewThe comments come as policymakers weigh the tax treatment of security tokens. A Ministry of Economy and Finance official said that the government currently regards stock tokens as securities, which could allow them to be taxed under the existing Capital Markets Act if the FSC adopts the same view, Bloomingbit reported. The outlet said taxation could begin later this year if the FSC clarifies the status of stock tokens in a planned July update to security token guidelines and implementing rules. Market conditions have added urgency to the debate. At a National Assembly forum on June 11 marking the first anniversary of the Lee Jae-myung government, Hong Sung-kook, who chairs the ruling Democratic Party's National Economic Advisory Council, flagged two urgent risks: the recent sharp sell-off in the crypto market, which counts an estimated 10 million Korean investors, and a weaker won, according to Digital Asset. He also warned of inflation risks from a prolonged Iran war and a semiconductor boom. South Korea should work to stabilize equities, real estate and digital assets, and prepare for policy shifts by the Trump administration after the war, he said. LG turns to Arbitrum for adsIn a sign of corporate blockchain adoption, LG Electronics is developing an Arbitrum-based network to automate the buying and selling of advertising, Fortune reported. The platform records ad inventory and user-response data on-chain and lets software settle transactions on its own. LG ran a pilot with a Japanese advertising agency and plans to weigh commercialization of the ad platform in the second half of this year. Arbitrum co-founder Steven Goldfeder described it as software running the advertising market. Investor sentiment, meanwhile, stayed bearish. In CoinNess and Kratos's weekly survey of South Korean investors, conducted June 9–12, 65.7% expected Bitcoin to fall in the week ahead, up from 58.8% in the prior poll, while 13.7% looked for gains, down from 17.7%, and 20.6% expected sideways trading, down from 23.5%. Bearish expectations held the majority, and both the bullish and sideways camps thinned from a week earlier. Asked whether Bitcoin had bottomed after it briefly slipped below $60,000 on June 6, the largest share (38.8%) said it had not and expected further declines. Another 28.6% allowed for a short-term rebound but not a trend reversal, 20.1% judged the bottom was in and called it a buy-the-dip opportunity, and 12.5% were unsure. According to CoinMarketCap data at publication time, Bitcoin was trading at $63,456.42, down 0.23% over the past week. 

Korean Crypto Exchange Alliance Reveals Standardized Regulation GuidelinesThe Digital Asset eXchagne Alliance (DAXA), consisting of five leading cryptocurrency exchanges in South Korea, today revealed standardized regulation guidelines, according to a report by news media The Asia Business Daily.Photo by Nick Fewings on UnsplashStandardized guidelinesTwo important documents — the standardized internal control framework and the code of conduct and ethics — were released by DAXA today. These documents were developed based on data provided by financial investment firms and member exchanges. Reviewed by DAXA members and advisors, this documentation represents a significant milestone as it is the first of its kind to address the unique characteristics of the crypto industry. The establishment of unified rules and regulations through the collaborative efforts of the member exchanges stands as a commendable achievement.Internal control frameworkThe internal control framework consists of five parts, encompassing a total of 68 articles. These parts cover general provisions; governance of virtual asset service providers (VASPs); organization and standards for internal control; compliance officers and internal control system management; and compliance details.Code of ethicsThe code of conduct and ethics comprises five chapters with 24 articles. These chapters focus on general provisions, customer ethics, employee ethics, corporate management ethics, and societal ethics.DAXA Vice Chairman Kim Jae-jin expressed optimism that these guidelines will serve as a valuable reference for all VASPs, fostering the development of a fair, trustworthy, and globally competitive crypto market.DAXA’s websiteLast month marked the launch of DAXA’s official website, and their YouTube channel has been active since January. The alliance is made up of five member exchanges: Gopax, Bithumb, Upbit, Korbit, and Coinone. At the helm of the alliance is Chairman Lee Sirgoo, who concurrently serves as CEO of Dunamu — the company operating Upbit, the largest cryptocurrency exchange in the nation.