South Korea to Tax NFTs 馃柤

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ROI Overload is a daily radio show/video podcast show focused on the latest in trending topics in business, tech, finance and startups hosted by Scott D. Clary (@scottdclary).

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Welcome to Roy Overload daily business, tech and finance news. I'm Scott declary. This is what's making news today. South Korea is going to start taxing N FT's. There has been a seventeen billion dollar advanced a Samsung chip plant that's going to come to Texas. The Electric Boat Start Up arc raises another thirty million, and multiple French ministers ask leading search engines and APP stores to hide wishes website and mobile APP. Let's jump right into it. So first story of the day. According to South Korea's financial service commissions lay this decision, the authorities will start taxing non fungible tokens starting next year. The provision would imply a twenty percent tax on income from virtual assets that ex see two point five million one. This equals a little bit, a little above twenty one hundred us. However, the FSC has also specified that only some and FT's will be classified as NFTS for taxation purposes. The authorities will finalize the scope of all nfts or taxable nfts eventually. Before, of course, this...

...provision comes into place, South Korea has initiated several crypto regulation measures. The aim is to eliminate any scope of my money laundering preemptively. The the authorities review twenty five exchanges according to its August guidelines, and all were found to have been inadequately prepared to counteract any sort of money laundering or terrorist financing. Moving on, seventeen billion dollars is being invested into a Samsung chip plant that's going to be erected in Texas. So Samsung has announced plans set up an advance at chip production union in Texas. The seventeen dollar, seventeen billion dollar plant will create eighteen hundred jobs. A new site is located in the city of tailor. It's thirty miles away from Samsung's existing Austin Facility and covers an area of almost one hundred acres. The production site, which will be larger...

...than Samsung's Austin facility, would start manufacturing chips starting in two thousand and twenty four. Reportedly, the chips produced in the tailor facility could be as sophisticated as three N M chips. Producing chips has always been a focus for the Biden administration. The US Senate has approved fifty two billion dollars in subsidies for new chip making facilities. Moving over, to start up. News. The electric boats start up, ARC raises another thirty million dollars. So right after well within a first first year. Basically, the electric boat start up raise another round from an early TESTA executive, after having attracted investments from in recent Horowitz and other entertainment and Tech Industry Bake shots. Greg Reich, how now partner of eclipse ventures, has led this round to funding totaling thirty million dollars USD. It takes the total funds race so far to thirty seven million dollars. Rayow, the early Tesla Executive and now backer of ARC, will also...

...join ARCS board. Business Strategy Wise, ARCS vision has been a simple yet all encompassing one. It wants to electrify everything on the water. The first product that it is launched is a three hundredzero limited edition boat. Mitch Ley and former spacex Engineer Ryan Cook are the CO founders of Arc. The vision of this deal has been to come up with a diversified set of vehicles that will cater to a range of budget options and purposes. Thirty seven million dollars raised before even completing a year in the business shows that there has been a strong interest in arcs offerings and lastly, multiple French ministers ask Lea, leading search engines and APP stores to hide wishes website and mobile APP. So wish is any commerce platform. The French administration responsible for consumer rights and fraud started investigating wish last year for allegedly keeping it easy to misleek consumers and selling counterfeit goods. The site mostly cites products from China base merchants merchants and does not...

...ever hold an inventory. As merchants ship products directly to customers. It is a drop shipping site at its core. After investigation, the French Authority found that ninety five percent of toys acquired from the platform did not comply with European regulation. Ninety five percent of electronic goods were also not qualified to be available in Europe. Forty five percent of the toys on wish were considered dangerous, same as sixty two percent of costume jewelry sold on the platform. And another news from around the Internet. What's APP just release a sticker maker. So if you're using what's APP on Web, it now has a built in sticker maker allowing you to turn ordinary digital images on your computer into stickers shareable across messaging services. Anyways, that's effort they hope you enjoyed. If you found value in this newsletter, share it with your friends, family, piers, Co workers. They can go subscribe for daily business, Techn Finance News and newsletter Roy overloadcom. Have a great day. I'll see it tomorrow.

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