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South Korea’s National Assembly approved a key amendment to the Income Tax Law that redefines the country’s tax policies regarding financial investments and virtual assets. The reform, voted on Tuesday, obtained majority support with 204 votes in favor, 33 against and 38 abstentions out of a total of 275 deputies.
The most significant change of this amendment is the abolition of the Financial Investment Income Tax (FIT), which imposed a rate of 20-25% on annual profits over 50 million won (approximately USD 35,000) from assets. such as stocks, bonds and derivatives.
This decision seeks to stimulate market confidence and promote internal economic activity. Lee Jae-myung, leader of the Democratic Party, stressed that eliminating this tax will ease the financial burden of investors. However, not everyone agreed. Cha Gyu-geun, also of the Democratic Party, expressed concern about the possible incentive for high-risk investments, especially among young people.
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Bitcoin and quantum computing: an imminent threat or a future challenge?
Google’s recent announcement of its first quantum chip, called Willow, has reignited fears around the security of Bitcoin private keys. This breakthrough in quantum computing comes against a backdrop of increased activity in the Cryptocurrency market, with Bitcoin recently reaching $100,000 and an increase in leverage seen on Monday.
Willow, with 105 qubits, represents a major milestone in the development of quantum computing. However, experts say it is still far from the millions of qubits needed to breach the cryptographic algorithms that protect the Bitcoin network.
According to Bernstein analysts led by Gautam Chhugani, the ECDSA algorithms (used to protect private keys and validate transactions) and SHA-256 (which guarantees the integrity of the ledger) are still secure against this technological advance.
Did you hear about Willow today and are now panicking about adding quantum resistance to Bitcoin? “What are these lazy devs even doing??”, you might ask.
The solution is rather simple and just requires implementing a new quantum-resistant signature scheme. The problem is that…
— Mike In Space (@mikeinspace) December 10, 2024
«Should Bitcoin users start preparing for the quantum future? Yes, but any practical threat to Bitcoin appears to be decades away,” the analysts noted.
Faced with possible long-term risks, a transition to quantum computing-resistant encryption algorithms has been discussed. However, implementing these solutions is not without challenges. According to Mike In Space, creator of Bitcoin STAMPS, these quantum resistant signatures are larger, which would require adjustments to the network.
Binance-evalua-su-posible-regreso-a-los-estados-unidos-en-un-contexto-politico-favorable”>Binance evaluates its possible return to the United States in a favorable political context
Binance CEO Richard Teng mentioned in a recent interview with Bloomberg that the company could be considering an eventual return to the US market.
Although he called the issue “a premature discussion,” the change of administration in the United States appears to open new possibilities for the leading cryptocurrency exchange platform.
Donald Trump’s recent electoral victory has brought with it a friendlier perspective towards cryptocurrencies. The new administration has proposed several figures who own or actively support the crypto ecosystem: JD Vance, vice president-elect, owns between USD 250,000 and USD 500,000 in Bitcoin. Robert F. Kennedy Jr., appointed Secretary of Health and Human Services, has declared himself a “big supporter of Bitcoin.”
In November, Binance reached a $4.3 billion settlement with the Department of Justice to resolve allegations of sanctions violations and money laundering. As well as operating as an unlicensed money transmitter. This agreement marked its departure from the US market.
However, the company appears to be reassessing its position, especially after boosting its global strategy. Teng highlighted that Binance is focused on attracting institutions, sovereign wealth funds and high-net-worth investors interested in the crypto ecosystem.
Remixpoint reinforces its crypto portfolio with a new Bitcoin acquisition
Remixpoint, the Japanese energy and automotive consultancy, has taken another step in its cryptocurrency investment strategy with the purchase of 13.24 BTC worth $1.38 million.
This move brings the total market value of its digital assets to $34.3 million. Thus generating an accumulated profit of almost USD 6.72 million dollars. According to a recent announcement.
The acquisition, carried out between December 5 and 6, is part of an investment plan previously announced by Remixpoint, which contemplates allocating ¥1.5 billion (about USD 10.34 million) to the purchase of cryptocurrencies. With this latest transaction, the company has reached a total of 282.87 BTC. With an average purchase price of ¥15.1 million per Bitcoin (approximately USD 102,000).
This is the second significant move in December, following the initial purchase of 20.84 BTC for $2.07 million at the beginning of the month.
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