S. Korea will start levying taxes on crypto transactions

South Korean authorities are actively studying the experience of the US in the field of cryptocurrencies taxes levying
16 October 2017   2380

South Korean lawmakers are considering various options for taxation bitcoin. This is reported by Bitcoin.com.

A meeting of the National Tax Service (NSO) was held in Sejong City on October 13, where representative of the department Han Seung-hee answered questions concerning taxation options for crypto-currency, in particular bitcoin.

Also at the meeting it was noted that the daily volume of trade operations with the crypto currency already surpassed the corresponding indicator of the South Korean exchange Kosdaq.

I am still taxing business income, and I am discussing whether to tax the value-added tax or capital gains tax with regard to virtual currencies such as bitcoin.
 

Han Seung-hee
NTS Commissioner

Also, according to Han Seung-hee, the Ministry of Strategy and Finance of South Korea actively participates in the discussion of taxation issues. Among other things, agencies are considering the introduction of a gift tax on digital assets.

Finally, Han Seung-hee noted that his department is actively studying the experience of the United States, where the profits from operations with crypto assets are taxed, as well as the Japanese experience in regulating the sphere of virtual currencies.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   317

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.