As Bitcoin approaches $100,000, governments in East Asia are increasingly considering crypto tax regulations. A Chinese court determined that Bitcoin is a commodity, though related activities like trading and issuing tokens are illegal. Governments, including those in South Korea, Taiwan, and Japan, are reevaluating their tax frameworks. South Korea plans to tax crypto gains at 20% beginning January 1, 2025; Taiwan is reviewing tax regulations amid concerns about unregulated profits; and Japan's ruling party is proposing a reduction of the crypto tax rate from up to 55% to a flat 20%. Meanwhile, allegations in India surfaced regarding the misappropriation of 80,000 Bitcoins seized during a Ponzi scheme, possibly funding political campaigns, with AI-generated voice recordings involved. Additionally, Hong Kong has seen a surge in blockchain firms, now totaling 270. Ethereum co-founder Vitalik Buterin recently visited Moo Deng, a famous hippo, further intertwining crypto culture with mainstream appeal.

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