ChainCatcher News: West Virginia Senator Chris Rose has submitted a bill proposing to allow the state treasury to invest up to 10% of its funds in Bitcoin or precious metals to hedge against inflation risks.The bill stipulates that the state treasury can invest in digital assets with a market capitalization of over $75 billion, with Bitcoin currently being the only asset that meets the criteria. Assets can be held on-chain or invested through ETFs.

ChainCatcher news, according to Tokenpost, the chairman of the Korea Financial Investment Association, Seo Yoo-sik, stated at the New Year meeting held in Yeouido, Seoul, that he will actively support the institutionalization of domestic token securities and the approval of virtual asset ETFs.Chairman Seo pointed out that, given that Bitcoin and Ethereum spot ETFs have already been listed and traded in the United States, Hong Kong, Canada, and other regions, South Korea should at least list Bitcoin or Ethereum ETFs and cultivate them into financial products. He emphasized that he will continue to propose to the financial authorities to allow virtual asset ETFs to ensure that South Korea does not fall behind in this trend.

ChainCatcher news, Xu Youxi, the president of the Financial Investment Association, stated in his New Year's address that he will promote the expansion of the digital asset market as a future growth driver for the capital market by advancing token securities legislation and virtual asset ETFs. He will also strive to innovate financial infrastructure to help financial investment companies find new growth opportunities in the digital asset market.He committed to supporting the business expansion and capability enhancement of financial investment companies, assisting large securities firms in becoming top securities companies in Asia, and promoting the expansion of comprehensive financial investment companies into overseas markets. In addition, the president also stated that he will actively promote policy reforms, including corporate payment and settlement, and support measures such as the BDC system and expanding financing channels for small and medium-sized securities companies.

ChainCatcher news, according to Yonhap News Agency, the Strategic and Financial Committee of the South Korean National Assembly has canceled the scheduled plenary meeting. The main reason is that the ruling People Power Party advocates postponing the taxation of cryptocurrency for two years, while the opposition Democratic Party of Korea supports implementing it as originally planned.According to the plan, South Korea will impose a 22% tax rate on cryptocurrency trading gains exceeding 2.5 million won. The Democratic Party of Korea proposed raising the tax exemption threshold from 2.5 million won to 50 million won, while the People Power Party believes that the current tax infrastructure is not yet完善, and that opportunities for asset appreciation should be provided for young people.The cancellation of this meeting also affects the previously agreed proposal for the abolition of the financial investment income tax by the two parties. According to regulations, if the relevant bill is not passed by the Standing Committee before November 30, but is related to the budget proposal, it can still be submitted for consideration at this meeting.

ChainCatcher news, according to the Korea Economic Daily, in light of the recent agreement reached by various political parties in South Korea to cancel the planned financial investment income tax, the cryptocurrency capital gains tax originally scheduled to be implemented in 2025 is now more likely to be postponed until 2027. A Democratic Party official stated that it is now deemed necessary to delay the cryptocurrency capital gains tax to maintain fairness.The South Korean government proposed a tax law amendment in July that includes the postponement of the cryptocurrency capital gains tax, but there has been uncertainty regarding the passage of the amendment due to the Democratic Party's opposition to other tax reduction policies proposed by the government. Democratic Party member Min Byoung-dug emphasized that before legally taxing the income from the virtual asset industry, legal recognition of the industry must first be established, thus he supports the current decision to postpone taxation on virtual assets.