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BiyaPay Analyst: South Korean Residents' Overseas Service Virtual Asset Income is Taxable, BiyaPay Helps Users Navigate Global Tax Policy Changes

11 hours ago

On July 10th, the South Korea National Tax Service recently made it clear that residents receiving virtual assets in the form of income from overseas companies are also obligated to declare comprehensive income tax. This policy stipulates that if a Korean resident receives virtual assets from a foreign company as compensation under a separate incentive contract and has not undergone withholding tax through a tax combination, they must declare comprehensive income tax. This case involved Singaporean Company B issuing virtual assets to employees of its Korean subsidiary Company C as compensation. The employees directly signed an incentive contract with Singaporean Company B, engaged in blockchain and cryptocurrency exchange-related work, and received compensation in the form of virtual assets. This change indicates that multiple countries around the world are strengthening tax regulations on virtual assets, especially regarding cross-border income and the sources of cryptocurrency income. In response to this trend, BiyaPay assists users in efficiently managing digital currencies, helping them cope with global tax policy changes more easily. Advantages provided by BiyaPay: 1. Multi-legal currency exchange: Supports USDT deposits for exchange into more than 30 different legal currencies such as US dollars, euros, Hong Kong dollars, Singapore dollars, etc., and provides a zero-freeze card withdrawal service to ensure fast and secure remittances. 2. Convenient cryptocurrency exchange: Supports the exchange of more than 200 cryptocurrencies such as BTC, Ethereum, etc., with zero transaction fees for spot and contract limit order transactions, significantly reducing trading costs. 3. Barrier-free trading of US and Hong Kong stocks: Users can trade US and Hong Kong stocks using USDT without the need to apply for an offshore account, easily participating in global stock trading and seizing investment opportunities in real-time. BiyaPay empowers global users to smoothly conduct cross-border remittances, cryptocurrency transactions, and global investments in a changing tax environment. We will continue to provide users with innovative, secure, and efficient financial services.
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Total Bitcoin Open Interest Across All Exchanges Surpasses $81 Billion, Reaching an All-Time High

On July 11th, according to Coinglass data, the total open interest of Bitcoin futures contracts across the entire network is 701,330 BTC (approximately $81.47 billion), hitting a new all-time high. Among them, the open interest of CME's Bitcoin futures is 154,220 BTC (approximately $17.91 billion), ranking first. The open interest of Binance's Bitcoin futures is 116,840 BTC (approximately $13.57 billion), ranking second.

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Trader Eugene: Ethereum has historically surged past $2,800 and quickly hit $4,000. I will continue to hold a long position

On July 11th, trader Eugene posted in his personal community, saying, "As long as this time Bitcoin doesn't have a false breakout followed by a sharp drop (currently it seems unlikely, but it can't be completely excluded), Ethereum is likely to break through the key $2800 resistance level. Although I'm not sure about the specific timing (Bitcoin dominance BTC.D may continue to strengthen for a while), I believe the probability of Ethereum breaking through this resistance level has increased significantly today. In Ethereum's history, it has only broken through the $2800 level three times, and each time, the price quickly rose to around $4000. History doesn't repeat exactly, but it often rhymes similarly. I will continue to hold my long position and be ready to embark on a crazy journey."

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Bitcoin remains close to $120,000, with the cryptocurrency market seeing a widespread increase.

On July 11th, with Bitcoin approaching $120,000, the cryptocurrency market witnessed a general upward trend. The total market capitalization reached $3.68 trillion, with a 24-hour increase of more than 1%. Within the ETH ecosystem, driven by ETH's breakthrough to $3,000, major assets all saw gains. In the past 24 hours, ETHfi showed a 9% increase. In the meme coin sector, spurred by the upcoming coin launch on Pump.fun, mainstream meme coins in the Solana ecosystem also rose. Fartcoin's market capitalization returned to $1.3 billion, with a 24-hour increase of 19%. Regarding exchange platform tokens, Hyperliquid's HYPE token is approaching its historical high. It is currently trading at $44, with a 24-hour increase of 8%. BNB saw a 24-hour increase of 2.6%.

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ETH Surges Above $3,000, First Time Since February, with a 24-hour Gain of 8.8%

On July 11th, based on HTX market data, ETH rose above $3000. This is the first time since February of this year. It witnessed a 24-hour increase of 8.8%.

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If Bitcoin breaks $114,000, the mainstream CEX cumulative short liquidation pressure will reach $956 million

On July 11th, according to Coinglass data, in the event that Bitcoin breaks through $114,000, the total short liquidation intensity on mainstream CEXs will reach $956 million. Conversely, if Bitcoin drops below $110,000, the total long liquidation intensity on mainstream CEXs will reach $2.4 billion. BlockBeats Note: The liquidation chart does not disclose the exact number of contracts to be liquidated or the precise value of the contracts being liquidated. The bars on the liquidation chart actually represent the significance of each liquidation cluster in relation to neighboring liquidation clusters, that is, the intensity.

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Trader AguilaTrades increased his Bitcoin long position by 20x to $340 million, with a realized profit of over $12.9 million.

On July 11th, as per the monitoring of OnchainLens, trader AguilaTrades has augmented his Bitcoin long position to a leverage of over 20 times on Hyperliquid. He holds 3,000 BTC, which is valued at $340 million, and has achieved a profit of more than $12.9 million. The opening price was $109,000.3, and the liquidation price was $108,422.85.

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