Meta Integrates Solana and Polygon for Creator Payouts Amidst South Korea's Crypto Tax Preparations
Meta Integrates Solana and Polygon for Creator Payouts Amidst South Korea's Crypto Tax Preparations
Meta has made a significant return to crypto payments, adopting Solana and Polygon blockchains to facilitate USDC payouts for creators in Colombia and the Philippines. This move marks a renewed push into digital currencies by the tech giant. Meanwhile, South Korea is accelerating its plans to implement a 20-22% tax on crypto income by 2027, indicating a global trend towards formalizing cryptocurrency regulation and taxation.
Meta's Strategic Re-entry into Crypto Payments
Following the winding down of its Libra and Diem projects, Meta is once again venturing into crypto payments by rolling out USDC payouts for select creators. This initiative specifically targets creators in Colombia and the Philippines, utilizing the robust blockchain infrastructure of Solana and Polygon. The integration of these major public networks into Meta's creator-payment flow underscores a concrete commitment to leveraging decentralized technologies for financial transactions.
South Korea's Upcoming Crypto Tax Implementation
In parallel, South Korea's tax authority is actively preparing for the enforcement of a 20-22% tax on crypto income, slated to begin in 2027. Despite calls for the abolition of such taxes, the nation is fast-tracking the development of a comprehensive tax base and tracking system. This move aims to resolve previous delays in implementing the Income Tax Act for digital assets, signaling a clear governmental intent to regulate and tax the burgeoning crypto economy.