Investing.com – While some cryptocurrencies rebound in trading on Wednesday, other cryptocurrencies are exposed to some regulatory risks, amounting to removal from some exchanges.
Cryptocurrencies have not been spared a new tax onslaught but this time the alleged taxes from South Korea come after those of the USA.
In a statement issued to clients on Tuesday, crypto exchange eToro announced that it will delist Cardano() and True() for UnitedStat clients by the end of the year.
According to the statement after December 31, US users will not be able to open new token trades nor stack ADA and TRX.
Additionally, the portfolios will be effectively withdraw-only until the first quarter of 2022, when selling will also become limited.
In making the decision, eToro cited the regulatory concerns surrounding each of the assets.
The move came as a surprise to some as Cardano has not traditionally been linked to regulatory problems.
During the previous quarter, Charles Hoskinson, founder of Cardano, announced a partnership with a blockchain analytics provider that confirmed compliance with regulatory frameworks, such as anti-money laundering directives.
The move was criticized by some of Cardano’s supporters, who wanted the project to take on a more decentralized nature.
The Cardano currency is now declining within the range of 7% down to 1.67 levels, while it is declining within the range of 9% within a week.
The market capitalization of Cardano, which is ranked sixth among cryptocurrencies in terms of market capitalization, fell to $ 56 billion.
Cardano has decreased by about 22% within thirty days, while it is declining by 30% within sixty days, while it has risen in the range of 340 percent since the beginning of the year.
And South Korea’s Financial Services Commission, or FSC, has announced that non-destructible tokens, or NFTs, will be taxed starting next year.
According to the tax amendment, a 20% tax will be imposed on income from virtual assets over 2.5 million won (US$2,102) effective January 1, 2022.
South Korea’s Financial Services Commission Vice Chairman Doh Kyu-sang specified that only some non-perishable tokens will be classified as virtual assets.
It is thus subject to “other income” taxes, referring to those used for large-scale investment or payment.
It seems that Korean lawmakers are now viewing non-perishable tokens in light of taxes such as .
A planned tax on cryptocurrency gains is set to take effect on January 1, 2022, but may now be delayed due to the political downturn.
On the other hand, Cardano’s decline is slightly higher by less than 1% at levels of $56.6 thousand, while it is declining 5% within a week.
While it rises 3% to levels of $ 4.2 thousand, and Binance Coin rises 4% at levels of $ 587.
While it rises slightly by less than 0.5% at levels of $217.7, and on the other hand, it decreases marginally at levels of $1.04.
Dogecoin is up less than 1% at $39.5 and $0.2213, respectively.
While it is exposed to strong profit taking as it is declining by 10.4% and also which is declining by 9%.
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.