Korea Teacher's Credit Union with $47B AUM Denies Plans to Invest in Bitcoin
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Update. The KTCU told the Korea Herald it has never reviewed an investment in a bitcoin-related ETF, and will never have a plan to do so

Founded in 1971, the Korean Teachers' Credit Union with approximately $47 billion assets under management, wants to start investing in bitcoin (EXANTE: Bitcoin) in 2022, The Korea Economic Daily has learned.

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The credit union reportedly plans to invest indirectly through bitcoin-related exchange traded funds (ETFs). Currently, the union awaits the first Korean company to launch a bitcoin ETF, which is scheduled for the first half of 2022. The move comes after the US Securities and Exchange Commission approved the first US bitcoin futures ETF from ProShares — Bitcoin Strategy ETF.

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Meanwhile, the South Korean government rejected an attempt by parliamentarians to postpone the capital gains tax related to crypto transactions for a year. The country's finance minister, Hong Nam-ki, and key members of the Democratic Party's National Assembly agreed that the taxes will begin to be collected as planned.

Earlier this year, the Ministry of Economy and Finance determined the new requirements will take effect next January 1, 2022. The tax will be 20% on earnings exceeding 2.5 million Korean wons (about $2,105). The Democratic Party, which has a small majority in parliament, had attempted to pass legislation aimed at delaying the tax for a year due to a lack of infrastructure.

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