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India crypto app CoinSwitch chief calls for regulatory ‘peace, certainty,’ Reuters says

India needs crypto rules to resolve regulatory uncertainty, protect investors and boost the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters. “Users don’t know what will happen with their holdings – is government going to ban, not ban,” Singhal, who co-founded CoinSwitch, told Reuters at the World Economic Forum in Davos. “Regulations will bring peace … more certainty,” he added. While India’s central bank has in the past voiced concerns and even supported a ban on …

Terraform Labs has no tax liabilities in Korea, Do Kwon says

Do Kwon, CEO of Terraform Labs, said today on Twitter that contrary to reports, his company has no tax liabilities in South Korea. Terraform Labs is the core development team working on the Terra blockchain whose native assets, LUNA and UST stablecoin, recently collapsed after a bank run that wiped out billions of dollars of value .  A recent media report suggested that authorities in Korea were investigating Kwon and Terraform Labs in more than $78 million in unpaid corporate …

South Korea revives ‘Grim Reaper’ financial crimes unit to investigate Terra’s collapse

A specialized financial crimes unit has been tasked with investigating last week’s collapse of the Terra blockchain’s main cryptocurrencies while founder Do Kwon faces hefty tax fines, according to South Korean media reports. The group, consisting of prosecutors and employees from the Financial Services Commission and the Financial Supervisory Service, will investigate the methods Terraform Labs used to attract investors, SBS News reported on Wednesday.  The unit’s accuracy and clinical approach has earned it the nickname “Yeouido Grim Reaper,” after …

Major Korean law firm decides to sue Do Kwon after UST collapse

LKB & Partners, one of the top law firms in South Korea, has decided to sue Terraform Labs founder and CEO Do Kwon after the sudden collapse of TerraUSD (UST) last week, Korean media reported on Wednesday. LKB will file the case against Kwon, a Korean national, on behalf of ordinary investors to the Seoul Metropolitan Police Agency, according to a report in the Munhwa Ilbo newspaper. Some of LKB’s employees may also join the case since they lost money …

South Korean politician calls for hearing on Terra crisis

Yun Chang-Hyun, a representative from South Korea’s ruling People Power Party, has called for a parliamentary hearing on TerraUSD (UST) after the stablecoin’s sudden collapse last week, local news outlet Newspim reported on Tuesday. “We should bring related exchange officials, including CEO Do Kwon of Terra, which has become a recent problem, to the National Assembly to hold a hearing on the cause of the situation and measures to protect investors,” Chang-Hyun reportedly said today at a plenary meeting of the …

SBI Holdings to buy controlling stake in BITPoint for about $99 million, Cryptonews reports

Japanese securities and banking giant SBI Holdings will buy a controlling interest in BITPoint Japan, a crypto trading platform and domestic rival of SBI VC Trade, from its parent company, Cryptonews reported on Saturday, citing Nikkei’s Japanese news service. SBI will buy a 51% stake of BITpoint from Remixpoint for $98.6 million. BITPoint’s market value was estimated at more than $193 million, the report said. Remixpoint said it will “form a capital and business alliance” with SBI to expand its …

South Korean president’s plan to raise crypto tax threshold hits snag, Forkast says

The South Korean National Assembly Research Service said in a report released on Thursday that a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won ($1,940) threshold, contradicting new President Yoon Suk-yeol’s initiative to raise the limit to 50 million won, Forkast said. Raising the tax threshold for crypto gains to 50 million won to match that of stock gains was a promise Yoon made to voters while running for office, Forkast noted. The Block …

Nomura begins offering Bitcoin OTC derivatives to clients in Asia

Japanese investment bank Nomura said on Twitter Friday that it has begun offering over-the-counter Bitcoin derivatives contracts to its clients in Asia out of Singapore. “We have launched #Bitcoin OTC #derivatives with Bitcoin non-deliverable forwards and non-deliverable options for clients in #Asia out of Singapore. We also executed our first Bitcoin #futures and #options trades this week on @CMEGroup with @CumberlandSays,” Nomura said in the post. CME Group is the world’s biggest financial derivatives exchange, while Cumberland DRW is a …

After Terra’s stablecoin implosion, battered investors ask ‘where is Do Kwon?’

With angry investors facing heavy losses following TerraUSD’s dramatic de-pegging this week, users on the Terra Research Forum and Reddit are now asking where Terraform Labs CEO Do Kwon is and even calling for his arrest. The Terra crypto ecosystem was thrown into chaos this week when its TerraUSD (UST) algorithmic stablecoin de-pegged sharply from the US dollar. The crisis has seen both the price of UST and its related Luna token tumble, resulting in billions of dollars of losses …

India mulls a 28% tax for crypto services: CNBC-TV18

India’s Goods and Services Tax (GST) Council is weighing a proposal to impose a 28% tax on all cryptocurrency transactions, according to a report by CNBC-TV18 on Monday. “The proposal is to levy 28 percent GST on services and all activities related to cryptocurrencies soon,” a source familiar with the issue told CNBC-TV18. The matter remains under discussion by a “law committee” working for the council. If passed, the new tax would increase the overall tax burden for the cryptocurrency …