South Korea's leading blockchain facing greater competition in NFT market
South Korean blockchain platform Klaytn may see its domestic dominance dwindle if it cannot keep pace with competitors such as Polygon. South Korea’s nonfungible token (NFT) space has rapidly expanded throughout 2021 led by the growth of crypto and NFT services offered by Kakao, but competitors are entering the fray.The NFT market in South Korea could be on a path for even more expansion following the Nov. 5 government ruling that NFT purchases will not incur taxes.Klaytn, the blockchain developed by Korean tech startups Kakao and GroundX, is the obvious first choice for Koreans searching....
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South Korea has become a hotbed for cryptocurrency and blockchain technology startups. Just recently the Korea Exchange launched its Korea Startup Market (KSM) based on blockchain technology, provided by Korean blockchain startup Blocko. Furthermore, the Korean Financial Services Commission (FSC) plans on regulating virtual currencies like bitcoin in....
The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying taxes by deducting the amount from their earnings. Expressly, officials from the South Korean Ministry of Strategy and Finance are set to apply a new rule for those who earn tokens over $2,220 annually by imposing a 20% tax rate. However, regulators....