Australian blockchain startups are taking tech giants to court for banning crypto advertisements during the ICO boom, Coinsquare executives have settled over accusations of wash trading and South Korea is mulling increased taxes on crypto profits.
You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here.
‘Be Thankful I Don’t Take It All‘
The South Korean government has proposed a 22% tax – including the 2% local income tax – on crypto trading profits. The Ministry of Economy and Finance tabled a proposal Wednesday to introduce the measure for gains above 2.5 million KRW (~$2,000). If approved by Korea’s National Assembly, the tax rule will come into force in October 2021, and will also apply to non-residents and foreign companies who trade on Korean exchanges.