Dollar Rises as Fed Hike Bets Weigh on Asian Currencies 
Houthis Escalate Saudi Attacks as Red Sea Oil Risks Grow 
US Futures Fall as Fed Meeting, Oil Surge Rattle Markets 
Asian Bank Stocks Slide as BofA Warning and Rising Yields Hit Sentiment 
Asian Stocks Fall as AI Fears and Oil Surge Hit Markets 
Finland Raises 2026 Growth Forecast as Exports and Investment Surge 
Oil Prices Surge as Houthi Attacks Deepen Hormuz Supply Fears 
German 2-Year Yield Hits 2023 High as Rate Hike Bets Rise 
Global Central Banks Brace for More Rate Hikes as Inflation Risks Rise 
Saudi Oil Exports Face 4% Global Supply Threat as Pipeline Remains Shut 
China Home Prices Fall Again as Property Slump Drags on Growth 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
BOJ Flags Import Costs and Yen Shocks as Persistent Inflation Risks 
Asian Tech Stocks Slide as AI Concerns and Rising Bond Yields Hit Chipmakers 
Japanese Yen Retreats as Dollar Rises Ahead of Fed, BOJ Rate Decisions 
US Treasury Yields Near 5% as Oil Fuels Inflation Fears 
China Industrial Output Beats Forecasts as Exports Support Growth 
Add as a preferred source on Google
Economists warned the South Korean government that levying a cryptocurrency tax may stunt industrial growth in the emerging digital currency market.
Yonsei University economist Sung Tae-yoon said it is premature for the government to impose cryptocurrency taxes when the market is still in its infancy.
He noted that cryptocurrencies from an economic viewpoint could not be considered a universal asset like traditional paper currencies.
Regulators and experts have not agreed that virtual currencies are universal assets subject to regulations.
Due to the global rise of bitcoin, the nation's financial authorities have been contemplating for years about imposing taxes on virtual currencies.
The finance ministry is figuring out how to levy taxes on cryptocurrency transactions and is likely to impose a capital gains tax on revenues.
The US treats cryptocurrencies as financial assets subject to income taxes on revenues. Japanese monetary authorities are applying a tax rate of up to 55 percent on revenues from digital currency transactions.
Minister Hong Nam-ki announced a reformed tax system in July with details over the encrypted currency taxation.
There are concerns over South Korea's fiscal soundness due to pandemic-induced economic downturn, and the government is being criticized for offsetting budget expenditures by taxing the new market.
Hong added that new types of taxes would be introduced, such as digital tax, which is imposed on overseas IT companies such as Facebook, Google, and Amazon for online business activities.
Meanwhile, Korea University economist Kim Jin-ill said that even if cryptocurrency taxation and regulations block the market's growth, the regulations can help prevent the recurrence of financial accidents.
He was referring to commercial banks' misselling of derivative-linked funds last year.
