South Korean lawmakers are inundating parliament with crypto tax delay bills. The National Assembly’s financial committees are set to weigh up the values of four separate attempts to derail Seoul’s plans to levy 20% capital gains tax charges on all trading profits over an annual threshold of USD 2,100.

The government has attempted to dig its heels in on the issue, after the National Assembly green-lighted the new tax rule with a bundle of other reforms earlier in the year. Since it was accepted, however, both exchanges and private investors have raised concerns about how the tax will be implemented. Some have claimed the tax is grossly unfair, particularly as KOSDAQ stock market investors’ profit threshold is currently USD 42,000.

Last week, the Deputy Prime Minister and Finance Minister Hong Nam-ki and Kim Dae-ji, the head of the National Tax Service (NTS), were grilled separately by the National Assembly’s Planning and Finance Committee on crypto tax-related matters. Both argued that there was no way to delay the new tax (due to come into force on January 1, 2022).

However, both men admitted that “practical difficulties” with implementing the tax still remained.

Meanwhile, at least three separate bills could further test the government’s resolve. The ruling Democratic Party is split on the issue of crypto tax, and with elections looming in March 2023, pushing through unpopular tax levies could alienate younger voters. A recent poll found that most South Koreans actually support the introduction of a tax on crypto trading profits. But crucially, opposition to the tax was lowest among younger respondents.

As the present government swept to power on the back of a youth-led popular movement, the party is wary of alienating its once-staunch support base, many of whom have taken to crypto in the past 12 months.

The Electronic Times reported that Cho Myung-hee, a member of the opposition People’s Power Cryptoasset Special Committee, has proposed an amendment to the Income Tax Act that would see the new tax delayed by a year, added to income tax calculations and would bump the reporting threshold up to parity with KOSDAQ stock trading levels.

Two of her fellow People's Power MPs, Yoon Chang-hyeon and Yoo Kyung-joon, have also launched separate bids to delay the tax to 2023 and 2024, respectively.

And a fourth bill from Noh Woong-rae, of the Democratic Party, has also put forward a proposed income tax amendment that would defer taxation by a year and see crypto income classified as “financial investment income.”

The relevant committees will consider all four bills in the day ahead, unless the authors decide to streamline and combine their proposals.

Elsewhere, the Korea Customs Service has promised to issue another crypto “crackdown.”

KBS reported that the service wants to make legal amendments and “push for revisions to the Customs Act” – to impose more fines “for non-submission or false submission of customs data.”

It also wants new powers to allow it to seize the assets of tax “dodgers” who make use of crypto, and will seek to share information with the Ministry of Public Administration and Security.

The service warned that it needs to combat “price manipulation” – likely a reference to the “kimchi premium” traders it has sought to prosecute in the past. Such traders have sought to exploit the difference between prices on domestic and international exchanges, buying bitcoin (BTC) and altcoins over-the-counter abroad and then selling coins on domestic platforms.more information

Solana-based digital wallet Phantom has shored up its cyber defenses after weeks of user-reported scams that drained victims’ crypto token balances.

The wallet, analogous to Ethereum’s Metamask, exiled its “auto-approve” transaction feature to the back of the app, an Oct. 7 blog post said. It also cleaned up the user interface (UI) for transaction previews and said an anti-phishing website blocker is slated for future rollout.


“We need a way to protect users from losing their funds to the ever-growing number of phishing scams out there,” Phantom’s Chief Product Officer Chris Kalani told CoinDesk in an email.

Phantom’s security upgrades highlight the tug-and-pull between developers trying to simplify crypto’s user experience and scammers exploiting their shortcuts.

The auto-approve feature, for example, instantly initiated crypto transactions between wallets and trusted web apps. It cut out seconds by eliminating prompts for Phantom’s 700,000 users. That could be critical in time-sensitive scenarios, like minting a non-fungible token (NFT) or executing a decentralized exchange (DEX) trade.

But it was also a boon for scammers. In one well-documented case, scammers distributed links to a phony version of the Aurory NFT project’s minting website in the lead-up to a highly-anticipated drop.

“When users interacted with the wallet address that was listed on that phishing site, it would automatically sweep the funds out of that user’s wallet,” said Esteban Castaño, CEO of TRM Labs, which tracked the funds.


Phantom’s knee-jerk reaction to the Aurory debacle was a pledge to nuke auto-approve outright. Solana whales pushed back: Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange FTX and a SOL booster, called for Phantom to preserve the “value” of auto-approvals with a middle-ground solution.

“We have a large community we need to accommodate for and this feature is widely used in the Solana ecosystem currently,” Kalani said.


Auto-approve will still be available to “advanced” users who enable it through Phantom’s app settings, he said.

Phantom’s upcoming phishing blocker will also look to protect wallet users. Kalani said the feature will try to block users from accessing suspicious websites with a history of pilfering coins. It will reference a user-generated list of websites.

“Our goal with this isn’t to police what users can and cannot see, it is meant to combat obvious phishing scams that are attempting to trick users,” he said. information collected

If we look at the Bitcoin market now, we can see that the price of Ethereum has not increased as much as Bitcoin has. Because we all know that when the price of Bitcoin goes up, the price of Ethereum and other coins goes up along with the price of Bitcoin. But now it is seen that the market of Ethereum is very stable. Do you think Ethereum's market will be pumping a lot more soon.

The platform is currently running on Ethereum testnet and plans to launch to mainnet in Q4, 2021 on Ethereum and Polygon.

On the other hand, CoinList is a platform for new crypto projects to get a head start. It aims to give access to new projects and tokens before they hit the significant exchanges.

Creaticles, an NFT Requesting Marketplace
Creaticles is an NFT request marketplace where those looking for specific NFTs can request them. Then, the platform sends the projects out to the artist community. It offers several reward options for creators responding to requests, which users have to pay in ETH.

The Funnel mode allows for tiered rewards. Single-mode is where the requester pays the entire prize to the winner or creator of the chosen NFT.

On the other hand, Creaticles has created its own native token, $CRTL, through activity participation on the platform. Requesting to submit an NFT will result in a token generation.

Trevor Keith, the co-founder of Creaticles, said: “The NFT space is heating up, and new projects are emerging daily,” said Trevor Keith, co-founder of Creaticles. “For CoinList, we were one of the most unique and promising NFT projects they’ve seen, addressing a real issue in the space that is relatable.”source

A popular crypto analyst and trader is predicting a massive run-up for Bitcoin (BTC) and anticipates that smart contract platform Solana (SOL) will also surge.

The pseudonymous trader known as Smart Contracter tells his 173,500 Twitter followers that Bitcoin is about to rocket to fresh all-time highs without any deep correction.

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“No significant BTC pullback in sight. We’re gunning straight to all-time highs. Markets rarely give you a second chance at sniping bottoms.”

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Source: Smart Contracter/Twitter
While plotting a BTC chart, Smart Contracter sees Bitcoin rising to a new all-time high of $70,000 as the leading crypto asset ignites a five-wave rally.

The trader’s prediction is based on the Elliott Wave Theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that manifests in waves.

As for Ethereum (ETH), the crypto analyst says that the leading smart contract platform has carved a bullish higher low setup and is now ready to rally above $3,700.

“Nice 0.618 test and higher low with trend being put in on ETH [4-hour timeframe]. Breakout soon.”

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Source: Smart Contracter/Twitter
The crypto strategist is also keeping a close eye on Solana, which he believes is nearly done with its corrective period in both the Bitcoin and USD pairs.

“[Wave] four low very close to being put in on SOL/BTC in my opinion. The same low on the USD pair already put in and just in some HTF [high timeframe] re-accumulation. The next move higher will be >100% [in my opinion].”

Imagesource

Chiliz (CHZ) has been increasing at a slow pace since the end of May. It is currently approaching the first of two major resistance levels, a breakout above which could trigger a sharp upward movement.

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Near Protocol (NEAR) is attempting to initiate a reversal at the previous all-time high level and has broken out from a short-term corrective pattern.

While Terra (LUNA) reached an all-time high price on Oct 4, it has broken down from its structure, putting its bullish trend in doubt.

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CHZ
CHZ has been increasing alongside an ascending support line since May 23. As long as the support line is intact, the trend is bullish and increasing at the rate of the line.

The bullish trend is also supported by technical indicators, more specifically the MACD and RSI.

The MACD is increasing and has nearly crossed into positive territory. The indicator is created by a combination of short- and long-term moving averages (MA), and the reading means that the short-term trend is gaining on the long-term one, but has yet to surpass it.

On the other hand, the RSI has already moved above the 50 line (Green icon). This often means that the trend is bullish. The previous time it occurred was on July 24, preceding the upward movement to $0.46.

The main resistance is at $0.465. It is created by the 0.382 Fib retracement resistance level and the Sept highs. If CHZ manages to move above it, it could increase considerably.


CHZ Ascending support
Chart By TradingView
The shorter-term six-hour chart shows that CHZ is following an even steeper ascending support line. This led to the $0.38 high on Oct 7.

However, the higher prices could not be sustained, and the token created a long upper wick (red icon). The wick is considered a sign of selling pressure, since the higher prices could not be sustained.

Furthermore, it validated the $0.355 area as resistance, since the same area rejected CHZ on Sept 10.

Therefore, there are two resistance levels left to clear so CHZ can begin a considerable upward movement.more

Ethereum corrected lower below $3,500 against the US Dollar. ETH price remained supported and it is now eyeing a key upside break above the $3,650 resistance.

Ethereum started a fresh increase above the $3,500 resistance level.
The price is now trading above $3,550 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum once there is a clear break above $3,640 and $3,650.
Ethereum Price Eyes Key Upside Break
Ethereum started a downside correction from the $3,634 swing high. ETH traded below the $3,550 support level and the 100 hourly simple moving average.

However, the price remained well bid above the $3,350 support. A low was formed near $3,375 and the price started a fresh increase. There was a clear break above the $3,500 and $3,550 resistance levels. Ether surpassed the 50% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low.

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There was also a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD. The pair is now trading above $3,550 and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com
It is also well above the 76.4% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low. An immediate resistance on the upside is near the $3,600 level. The first major resistance is near the $3,620 level.

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The next major resistance is near the $3,650 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,720 level. The next key resistance might be $3,800.

Dips Limited in ETH?
If ethereum fails to continue higher above the $3,620 and $3,650 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,550 level.

The first key support is now forming near the $3,520 level and the 100 hourly simple moving average. Any more losses could lead ether price towards the $3,400 support zonesource