South Korea to Tax NFTs 🖼

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South Korea to Tax NFTs 🖼

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According to South Korea’s Financial Service Commission’s latest decision, the authorities will start taxing non-fungible tokens from the next year onwards.

The provision would imply a 20% tax on income from virtual assets that exceed 2.5 million won. It equals a little above $2,100.

However, the FSC has also specified that only some of the NFTs will be classified as NFTs for taxation purposes. The authorities will finalize the scope of all taxable NFTs eventually.

South Korea has initiated several crypto-regulation measures. The aim is to eliminate any scope of money laundering preemptively.

The authorities reviewed 25 exchanges according to its August guidelines and all were found to have been inadequately prepared.

$17 Billion Advanced Samsung Chip Plant 🏭 to Come Up in Texas

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Samsung has announced plans to set up an advanced chip production unit in Texas. The $17 billion-worth plant would create 1,800 jobs.

The new site, located in the city of Taylor, is 30 miles away from Samsung’s existing Austin facility and covers an area of almost 1,200 acres.

The production site, which will be larger than Samsung’s Austin facility, would start manufacturing the chips from 2024 onwards. Reportedly, the chips produced in the Taylor facility could be as sophisticated as 3nm chips.

Producing chips has been a focus area for the Biden administration. The US Senate has approved $52 billion in subsidies for new chip-making facilities.

Electric Boat Startup Arc Raises Another $30 Million 💰

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Within the first year of its inception, Arc, the electric boat startup, has raised another round of funds from an early Tesla executive, after having attracted investments from Andreessen Horowitz and other entertainment industry big shots.

Greg Reichow, now a partner of Eclipse Ventures, has led this round of funding, totaling US$30 million. It takes the total funds raised so far to US$37 million.  Reichow, the early Tesla executive and now a backer of Arc will also join Arc’s board.

Business-strategy wise, Arc’s vision has been a simple yet all-encompassing one. It wants to electrify everything on the water. The first product that it has launched is a $300,000 limited-edition boat.

Mitch Lee and former SpaceX engineer Ryan Cook are the co-founders of Arc. The vision of this duo has been to come up with a diversified set of vehicles that will cater to a range of budget options and purposes.

$37 million raised before even completing a year in the business shows that there has been a strong interest in Arc’s offerings.

Multiple French Ministers Ask Leading Search Engines  and App Stores to Hide Wish’s Website and Mobile App ❌

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Wish is an e-commerce platform. The French administration, responsible for consumer rights and fraud, started investigating Wish last year for allegedly keeping it easy to mislead consumers and selling counterfeit goods on Wish.

The site mostly cites products from China-based merchants and does not ever hold an inventory as merchants ship products directly to consumers.

After investigation, the French authority found that 95% of toys acquired from the platform did not comply with the European regulation.

95% of the electronics goods were also not qualified to be available in Europe. 45% of the toys on Wish were considered dangerous – same as 62% costume jewelry sold on the platform.

Around the Web

WhatsApp Sticker Maker Makes a Debut: The Whatsapp web version now has a built-in custom sticker-maker, allowing to turn ordinary images from computers into stickers, shareable across its messaging service.


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