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South Korea’s Presidential Candidate: ‘Delay Crypto Tax’

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  • The Governor of Gyeonggi Province has spoken out on the crypto issue.
  • The Governor of Jeju Island wishes to debate the former Prime Minister about crypto.
  • South Korea decided to delay the launch of taxes until January 1, 2022.

The Governor of Gyeonggi Province has spoken out on the increasingly thorny issue of crypto tax this week. More so, Won Hee-Ryong, the Governor of Jeju Island wishes to debate the former Prime Minister about crypto last week.

It is to be recalled, Won bought USD 900 worth of Bitcoin and other coins to better understand the youth. As the 2022 election draws ever nearer, provincial governors keep on finding ways to strengthen their political positions. Also, as the nation’s crypto interest is not lost, more reason for politicians to make bold moves regarding it.

Of note, Seoul had originally planned to start taxing crypto trading profits of USD 2,100 or over. Moreover, this plan proposes a flat rate of 20% starting in October 2021. However, after exchanges asked for a plea, the government decided to delay the launch of taxes until January 1, 2022.

Nonetheless, this plan for crypto received criticism from younger South Koreans. This criticism has led many in the ruling party to hint a possible tax U-turn, even at this late stage.

By far, WowTV’s Lee Jae-Myung, Gyeonggi Province Governor, and one of the two leading candidates for the Democratic Party have called for a one-year delay to the launch of the tax.

On another note, Lee Jae-Myung, the former mayor of Seongnam, is around 5% points behind his major challenger. He stated that delaying the tax would result in a revised stock trading tax law in January 2023. Under Lee Jae-Myung’s governorship, the number of local stablecoin projects in the province which surrounds Seoul has expanded rapidly.

Source: https://coinquora.com/south-koreas-presidential-candidate-delay-crypto-tax/

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Filipino Artists Participate in Binance NFT Marketplace Launch

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This June 24, four Filipino artists will be participating in the official launch of Binance NFT Marketplace “100 Creators Campaign,” an initiative to bring in different types of artists, celebrities & athletes into the platform.

LUIS BUENAVENTURA II

Table of Contents.

Luis is one of the world’s first NFT artists drawing under his own brand “CryptoPOP!” This year, he also had the highest NFT sale by any Filipino artist when he collaborated with Jose Delbo, an Argentinian artist who has worked for DC and Marvel Comics brands in the past. Together, they were able to sell 222 editions for $1,999 each of their art “Satoshi The Creator – Genesis.”

Luis collaborated with Filipino artist Ian Magbanua for the exclusive launch of their new creation: T4NG on Binance’s NFT marketplace.

MARVIN GERMO

Marvin Germo is a financial expert, author, and CEO of   Stock Smarts Inc. with over thirteen (13) years of experience in the Philippines financial industry. He is one of the most sought after investment speakers.

POKEMEN

Pokemen is the visual art project of two musicians Josh Villena (Guitars & Vocals) and Gep Macadaeg (Drums) from Autotelic, a popular Filipino indie-alternative rock band in Manila, Philippines under independent record label Nemesis Music Group, and major record label MCA Music.

“From the original 151 monsters we know today, we thought – what would they actually look like if they were humanized? They are massive. They are muscular. They are ugly. They are Pokémen.”

ALI YOUNG

Ali Young is the first artist under the new independent & Non-Fungible Token (NFT) label Alibatta Records which has been launched in the Philippines. Alibatta, a brainchild of tech executives Geoff Mabasa, Adrienne Cajayon and Charles Gener, is an “entertainment technology” company operating as a music label that provides traditional label services such as artist management, music production and marketing, with the goal of modernizing the way music reaches fans through blockchain technology.

Ali Young debut single album “Craving” will be released in a limited NFT version through the Binance NFT marketplace this June 24. It will be available on major streaming platforms the next day. This sets Ali as the first artist in Southeast Asia to have a simultaneous release of an ‘NFT’ format music album.

Premium Event Auctions

Binance will also have its first Premium event auction, titled ‘Genesis’, which will feature two (2) new iconic digitized artworks of Salvador Dali along with the tribute to Andy Warhol’s original works.

Three Self-Portraits by Andy Warhol

Divine Comedy: rebeget by Salvador Dali

Binance NFT will also feature its first series “mystery boxes”, a way for users to unlock special NFTs. According to Binance, the mystery boxes will contain NFTs ranging from ultra rare, limited edition to more common collectibles.

Lily Lee, Binance PR Manager said in an interview, “100 Creators Campaign is one of the campaigns prepared by Binance NFT, and it is to support and promote innovative creators from around the world and spotlight NFT pieces from different cultures.” Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. That means if you are already on the exchange platform, you are able to access the NFT marketplace and trade with your current funds on Binance.com. 

Check out Binance NFT Marketplace launch here.

This article is published on BitPinas: Filipino Artists Participate in Binance NFT Marketplace Launch

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Source: https://bitpinas.com/feature/filipino-artist-binance-nft-marketplace/

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Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin

The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]

The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.

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The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.

Largest Exit Scam ever?

In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.

The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.

10% Daily Return too good to be true

Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.

For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.

The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin-54425/?utm_source=rss&utm_medium=rss&utm_campaign=owners-of-south-african-investment-platform-vanish-alongside-3-6-billion-usd-worth-of-bitcoin

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Bitcoin: Everything you need to know about the ‘Magnificent F#^%ery’

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In the words of Michael van de Poppe, “Magnificent fuckery going on today on crypto and Bitcoin”, that does seem to be the case as Bitcoin in the late hours of June 22, fell below $29,000 and created a new wave of panic in the market. Analysts and traders had been holding $29k as an important support level ever since BTC started to fall. While the king coin did bounce back in a very short span to trade at $34,156 at the time of this report, it established new important levels in the market.

How much lower can Bitcoin go?

Since the BTC market’s volatility has roused every investor, analysts have lost hope in the coin to maintain close support. As the coin reached a low of $28,800 yesterday, it negated all gain that the coin had made since the beginning of 2021. At the start of this year, BTC was at $29,400 and as the coin fell below that point, $24k was seen as the only strong support going forward. Michael van de Poppe furiously tweeted,

“Let’s have that final crash to $24K and get over it #Bitcoin [sic].”

Next critical support level | Source: Michaël van de Poppe

However, this dip helped identify the next important levels for Bitcoin. According to Poppe $35,500 is the next crucial breaker. This is because the previous breakout, in Feb 2021, occurred at the same mark. For the coin to engage in a solid bull run, BTC will have to breach that level. 

In another story, the dip confirmed the speculated head and shoulder (HnS) formation as the fall helped establish an accurate neckline. According to popular trader DonAlt, the HnS pattern created the neckline at $32,000. Historically, the neckline has been observed to mark an important breakout level as the coin usually bounces upwards from it. Nonetheless owing to the volatility, the range between $20k and $32k can rustle Bitcoin’s movement in either direction.

BTC Head and Shoulder formation | Source: DonAlt

In an interesting development, Bitcoin’s present movement seemed to have negated the June 19 death cross’s effect. Trader and analyst Rekt Capital brought this to attention, as the 4-year cycle (4YC) begins to move in ways expected but not as the death cross suggests.

Based on previous observations, the recent death cross should have had BTC retrace towards the $18k – $20k levels. Even though the levels do represent the 4-year cycle level (red line), in order to reach them, BTC will have to lose the active 4YC level of $29,000 (black line). 

The 4-year cycle pattern | Source: Rekt Capital

Why is everyone selling?

Following the dip, panic selling ensued and its effects could be observed very clearly on the market. The sudden burst of selling by short-term holders turned in favor of long-term holders as they started accumulating heavily. Similarly, the number of active Bitcoin addresses came down significantly reaching a 14-month low of 43,639.482 (ref. Glassnode 7D MA chart).

Long term and short term holder’s movement | Source: Michaël van de Poppe

Falling Bitcoin active addresses | Source: Glassnode

Moving forward investors should watch the aforementioned levels in determining their stance on buying/selling BTC. Just make sure the volatility doesn’t rattle you.


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Source: https://ambcrypto.com/bitcoin-everything-you-need-to-know-about-the-magnificent-fery

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