South Korea's Democratic Party has decided to delay the implementation of the country's crypto capital gains tax until 2027, postponing it by another two years.
Here are the latest updates from the crypto world.
South Korea's Democratic Party has decided to delay the implementation of the country's crypto capital gains tax until 2027, postponing it by another two years.
On December 1, Park Chan-dae, the floor leader of the Korea Democratic Party (KDP), announced in a press conference that the KDP has agreed to a two-year postponement of the digital asset capital gains tax, which was proposed by the government and the ruling People's Power Party (PPP).
The tax was originally set to take effect in January, but this new decision will now push its implementation to 2027. The government had initially suggested a two-year grace period, while the PPP had proposed a three-year grace period for the crypto gains tax.
On December 1, Ripple’s XRP token surpassed Solana’s market capitalization for the first time in the current market cycle, becoming the fourth-largest cryptocurrency by market cap.
Data from CoinMarketCap showed XRP with a market cap exceeding $122 billion at the time of writing, compared to Solana’s $111.9 billion.
Ripple’s native token has seen a significant increase in recent weeks, with the rally starting on November 10 and reaching a peak price of $2.19 on December 1, marking a seven-year high.
XRP’s remarkable price performance can be attributed to an increasing number of key partnerships, new product developments from Ripple Labs, the potential for an XRP ETF, and unverified rumors that Elon Musk might make a substantial investment in XRP and Ripple.
LimeWire, a once-popular peer-to-peer file-sharing site from the early 2000s, has made a comeback by launching a decentralized file-sharing feature powered by BNB Greenfield.
In a press release to Cointelegraph, LimeWire unveiled a product that enables users to send and receive encrypted files worldwide. LimeWire emphasized that file sharing has always been central to its brand, and reintroducing it on its platform merges its roots with modern advancements.
BNB Greenfield, developed by BNB Chain, is a decentralized storage infrastructure designed to mimic traditional cloud storage solutions while incorporating Web3 technology for improved ownership and integration with decentralized apps (DApps) and services.