The Shanghai Equity Exchange (SEE) has finalized the approval for its centralized blockchain system project, marking a significant step in integrating blockchain technology into regional equity markets. This initiative is part of a broader pilot program involving five regional equity markets in China.
Key Developments in Blockchain and Cryptocurrency
1. South Korea Imposes 20% Capital Gains Tax on Virtual Currency Earnings
South Korea’s proposed 2020 Tax Law Amendment introduces a 20% capital gains tax on annual virtual currency earnings exceeding 2.5 million KRW (~$2,100), effective October 2021. Key details:
- Tax threshold: 2.5 million KRW (no tax below this amount).
- Example: For 5 million KRW earnings, tax applies to 2.5 million KRW (20% = 500,000 KRW).
- Reporting: Annual declarations required by May.
This follows the March 2021 enactment of the Special Financial Act, which classifies crypto exchanges as financial institutions under anti-money laundering (AML) regulations.
2. Shanghai Equity Exchange Advances Blockchain Pilot
The SEE has:
- Established a dedicated task force.
- Completed立项 (project approval) for its blockchain-based股权登记托管 (equity registration and custody) system.
Next steps include:
- Structuring on-chain data formats.
- Initiating project bidding.
This aligns with the China Securities Regulatory Commission’s (CSRC) approval for five regional markets to试点 (pilot) blockchain integration.
3. Ren and Acala Partner to Bring Bitcoin to Polkadot
The collaboration aims to:
- Integrate renBTC (wrapped Bitcoin) into Acala’s DeFi ecosystem and Polkadot.
- Enable renBTC as collateral for aUSD (Acala’s stablecoin).
- Facilitate cross-chain trading on Acala’s DEX (e.g., DOT, LDOT pairs).
👉 Explore Polkadot’s DeFi potential
4. Avalanche Raises $42M in Public Sale; Mainnet Launch Imminent
- Funds raised: $42M (72M AVAX tokens sold in 4.5 hours).
- Mainnet launch: Scheduled for late August 2021.
Avalanche’s platform targets scalable decentralized services.
5. Swingby Exclusively Launches on BitMax
- SWINGBY listing: July 24, 22:00 UTC (SWINGBY/USDT pair).
- Official statement: BitMax is the sole authorized exchange; no other platforms currently offer legitimate SWINGBY trading.
FAQs
Q1: How does South Korea’s crypto tax work?
A1: Only earnings above 2.5 million KRW/year are taxed at 20%.
Q2: What is SEE’s blockchain project scope?
A2: Focused on equity registration/custody, with plans for data structuring and招标 (bidding).
Q3: How does renBTC benefit Polkadot?
A3: Enables Bitcoin liquidity in Polkadot’s DeFi apps (e.g., collateral, trading).
👉 Learn about cross-chain solutions
Keywords: Blockchain pilot, capital gains tax, renBTC, Polkadot, Avalanche, SWINGBY, BitMax, equity markets
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