Bitcoin’s $100k push sparks the crowd, Vitalik visits the real Moo Deng: Asia Express.

Chinese court declares bitcoin a commodity but warns its related uses are illegal

According to Sun Ji, a commercial judge at the People's Court of Songjiang District in Shanghai, cryptocurrencies are considered commodities in China and are not expressly prohibited by law.

However, crypto activities – such as trading, giving, or payments – are considered illegal financial activities.

Sun's statement posted on the Songjiang Court's official WeChat channel provides legal guidance on cryptocurrencies amid a rising market cycle, which she calls the new “gold rush.”

The judge was commenting on a 2017 crypto “gold rush” case in which he offered token issuance guidance services to a plaintiff for 300,000 yuan (about $44,000 at the time). The defendant provided the service by preparing the white paper but did not help to issue the token, which they believe is the responsibility of the plaintiff.

According to Sun, the crypto-related services described in the contract are considered illegal financial activities and the contract between the two parties is void. However, while it is illegal to issue tokens to businesses or participate in transactions, “it is not illegal for individuals to simply hold virtual currency,” she said.

The Shanghai court's interpretation is in line with a recent case by the Jiahe County People's Court in south central China's Hunan province.

According to municipal-owned media RedNet on November 21, the court recently rejected the plaintiff's claim and demanded the return of $6.27 million USDT.

The dispute originated in From the November 2021 WeChat agreement, the plaintiff paid $23.67 million in USDT for crypto mining equipment, but there was a difference in timing between the parties.

The court ruled that cryptocurrencies such as Bitcoin, Ether and USDT are not legal tender and cannot be used as currency. The court dismissed the plaintiff's claim that the agreement to deliver crypto-mining equipment to the USDT was invalid and did not fall within the scope of legal protection under Chinese law.

Experts have suggested that the recent victory of US President-elect Donald Trump may ease China's strict stance on crypto.

During the year, social media chatter fueled rumors that China would reverse its crypto ban, but Beijing has not publicly given any formal indication that it will do so. However, restrictions have been eased in Hong Kong.

As Bitcoin reaches new highs, governments see crypto tax opportunities.

Since Trump won the election, the price of Bitcoin has increased by $100,000.

In South Korea, the opposition Democratic Party has pushed to start paying crypto benefits starting January 1, from 2.5 million won (around $1,800) to 50 million won (around $36,000).

South Korea's plan to tax 20% on crypto profits has faced several delays. It was originally scheduled to go live in 2021, but public protests pushed it back to 2023, then again to 2025. Earlier this year, the ruling party presented a proposal to delay the crypto tax to 2028.

In Taiwan, Finance Minister Chuang Tzu has promised to review crypto tax regulations within three months, according to the state-backed Central News Service.

In a November 18 legislative hearing, Taiwanese officials reportedly said the country has yet to collect tax profits from traders profiting from the booming crypto market. Kuomintang lawmaker La Sheh-bao and Director of Tax Administration Sung Hsiu-ling argued that investors should add crypto profits to income tax accordingly.

Personal income tax in Taiwan can reach up to 40%. However, personal income tax is levied only on income generated in Taiwan, leaving a potential loophole for foreign exchange gains.

Meanwhile, Japan is moving forward with a stimulus package and sweeping tax reforms following Prime Minister Shigeru Ishiba's call for bilateral talks. In the year The reforms, which are expected to be passed by the end of 2024, mark a policy shift for the ruling party, which previously imposed high taxes. Key proposals include reducing the cryptocurrency tax rate from the current variable “variable tax”, which can reach 55%, to a flat 20%.

AI voices in 80,000 Bitcoin misuse scandal

A major political controversy has erupted ahead of the 2024 assembly elections in the Indian state of Maharashtra.

Former Indian Police Service Officer and Forensic Auditor Ravindranath Patil They say 80,000 bitcoins seized during an investigation into a cryptocurrency Ponzi scheme in 2018 were misused to fund political campaigns.

Patil said they have audio recordings of Supriya Sule, a member of Parliament from the National Congress Party, and Nana Patol, state president of the Indian National Congress.

The Bharatiya Janata Party (BJP), a rival political party, released audio recordings of Sule and Patole allegedly discussing the misuse of bitcoins to fund their political campaigns. However, both politicians deny that the voices in the recordings are theirs, while local media reports that they were actually created using AI. Sule and Patole have reportedly lodged a complaint with the cyber police against Patil.

The controversial It focused on the GainBitcoin Ponzi scheme investigated by the police in Maharashtra in 2017, of which Patil was the forensic auditor. Led by brothers Ami and Ajay Bharadwaj, this scheme scammed thousands of investors across India with false hopes of high returns on cryptocurrency investments. The scheme includes 6,600 crores (66 billion rupees or approximately 1 billion dollars) worth of Bitcoin, 80,000 units at the time.

In the year In a similar case in 2022, Patil and cyber expert Pankaj Gode were accused of stealing some of these seized Bitcoins.

Patil was arrested in 2022 and released in 2023. Newly, the Bitcoin wallet held in 2018 was diverted, the money was sold overseas, and then transferred to Sule and Patole to fund election campaigns.

Hong Kong has added 120 blockchain firms to its business hub.

Hong Kong's government business hub Cyberport has added more than 120 blockchain businesses in the past 16 months.

Cyberport now has a list of 270 blockchain technology companies, according to a discussion paper released by Hong Kong's Legislative Council.

Hong Kong has invested $50 million in cyberports in its 2023-24 budget.

The city is expected to continue its Web3 drive by the end of 2024. Recently, Securities and Futures Commission CEO Julia Ling said her agency is expected to issue 11 more crypto licenses by the end of the year.

So far, the SFC has approved only one license for Hong Kong's virtual assets exchange in 2024, bringing the total number of licensed operators in the city to three.

An additional 14 are awaiting the agency's decision on their permit applications, while 15 have withdrawn and returned.

Vitalik Buterin meets viral sensation Mu Deng.

It is no longer unusual for crypto founders to get the coverage of major websites and magazines.

This week, Ethereum founder Vitalik Buterin was the centerpiece of the Thailand Q Open Zoo Facebook page.

Buterin has been seen with international superstar Mu Deng, a pig at the zoo.

Moo Deng has gone viral online for her character, even inspiring the popular Moo Deng memecoin.

Buterin frequently receives unsolicited memecoins from community members and states that memecoins sent to his wallets are donated to charity.

In October, Buterin donated over $180,000 in ETH which was sent to his address as Moo Deng memecoins for the biotech charity Kanro.

John Yun

Yohan Yun is a multimedia journalist who has been reporting on blockchain since 2017. He has contributed as an editor to crypto media outlet Forkast and covered Asian technology stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.