Compiled by: Fairy, ChainCatcher
Important information:
Over-the-counter trading platform SecondLane: Listed 1% equity of Pump.fun for $15 million, valuing it at $1.5 billion
Due to the hot trading sentiment involving HYPE, Binance has suspended USDC withdrawals on the Arbitrum chain
Sun Yuchen ate a banana art piece worth $6.2 million at an event in Hong Kong
Ethereum Foundation researcher: The foundation is investing tens of millions of dollars in zkVM
Hong Kong plans to exempt mature investors from cryptocurrency capital gains tax
Russian President Putin officially signed a digital currency taxation law, recognizing digital currency as property
ZachXBT questions Moonrock Capital's unfair distribution harming retail investors in NFT project incubation
'What important events have occurred in the past 24 hours'
Russian President Putin officially signed a digital currency taxation law, recognizing digital currency as property
According to TASS, Russian President Vladimir Putin signed a law regulating the taxation of digital currencies.
According to legal provisions, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the framework of an 'experimental legal regime in the field of digital innovation (EPR)'. The mining and sale of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities that issue cryptocurrency using their services. Failure to transmit such information on time may result in a fine of 40,000 rubles.
In terms of personal income tax payments, digital currencies obtained through mining will be classified as physical income (a term generally used when payment is made using goods or services instead of cash). The value of the income will be determined based on market quotations. Such income will be taxed at the usual progressive tax rates, while considering tax deductions for the amount of mining expenses.
At the same time, the acquisition, sale, or other circulation income of digital currencies will be taxed at a two-tier personal income tax rate (13% for income within 2.4 million rubles and 15% for income exceeding that amount). They will be included in the same tax base as trading income from securities, bank deposits, and other sources. For corporate income tax, digital currency mining will be taxed at the standard rate (25% starting in 2025).
ZachXBT questions Moonrock Capital's unfair distribution harming retail investors in NFT project incubation
Crypto detective ZachXBT replied to a tweet by Moonrock Capital CEO and partner Simon mentioning the basic principles of Web3, saying, 'You incubated multiple projects in the last cycle that directly harmed retail traders through unbalanced distribution, so I’m not sure you should be discussing the basic principles of Web3.'
Projects pointed out by ZachXBT include Degen Ape Academy NFT and Punks On Solana NFT.
Due to the hot trading sentiment involving HYPE, Binance has suspended USDC withdrawals on the Arbitrum chain
Due to the hot trading sentiment involving Hyperliquid (HYPE), Binance has suspended USDC withdrawals on the Arbitrum chain.
It is reported that the decentralized derivatives trading platform Hyperliquid's native token HYPE will launch its genesis event on November 29 at 15:30 Beijing time. Qualified participants in the genesis event will receive 310 million tokens, which will be fully unlocked. There is currently no announcement for listing on any centralized exchange, and trading is only available on decentralized exchanges.
Sun Yuchen ate a banana art piece worth $6.2 million at an event in Hong Kong
Sun Yuchen has eaten a banana art piece worth $6.2 million at an event in Hong Kong.
Previously, Sun Yuchen tweeted that he purchased Maurizio Cattelan's work Comedian at Sotheby's for $6.2 million.
Boyaa Interactive: This month, approximately 515 BTC were exchanged for 14,200 ETH
Hong Kong-listed company Boyaa Interactive (0434.HK) announced that from November 19 to 28, the group exchanged approximately 515 BTC for 14,200 ETH, with a total market value of about $49.48 million (excluding transaction fees).
Boyaa Interactive stated that the original purchase cost of the ETH used to exchange for BTC was approximately $39.45 million. After the exchange was completed, the group held approximately 3183 BTC, with an average holding cost of about $57,700.
Ethereum Foundation researcher: The foundation is investing tens of millions of dollars in zkVM
Ethereum Foundation researcher Justin Drake tweeted that the Ethereum Foundation is investing tens of millions of dollars in zkVM, including zkRISC-V formal verification, Poseidon cryptanalysis, and L2beat for zkVMs.
Taiwan's new cryptocurrency anti-money laundering rules will take effect on November 30
The Financial Supervisory Commission (FSC) of Taiwan will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as regulators accelerate anti-fraud efforts.
The new rules require cryptocurrency service providers, such as cryptocurrency exchanges, to complete anti-money laundering compliance registration. Non-compliance may result in penalties, including imprisonment for up to two years and fines of up to 5 million new Taiwan dollars (approximately $153,700).
The FSC stated in a statement on Wednesday that overseas 'virtual asset service providers' (VASP) must establish a company or branch in accordance with Taiwanese company law and complete the required anti-money laundering registration before they can conduct business in Taiwan. These new regulations were introduced following amendments to the law in July.
Sun Yuchen: Decided to buy 100,000 bananas from Shah Alam's stall and distribute them for free
Tron founder Sun Yuchen tweeted that he decided to buy 100,000 bananas from Shah Alam's stall and distribute them for free. 'This is not only a special event but also a celebration of the beautiful connection between everyday life and art. I hope this action helps more people understand the significance of this unique art story.'
Note: Shah Alam is a fruit stall owner outside Sotheby's auction house, whose bananas sold became part of Maurizio Cattelan's work Comedian.
Over-the-counter trading platform SecondLane: Listed 1% equity of Pump.fun for $15 million, valuing it at $1.5 billion
According to Cointelegraph, private market trading platform SecondLane has listed equity of the memecoin issuance protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion, and has listed 1% equity of Pump.fun for $15 million.
Hong Kong plans to exempt mature investors from cryptocurrency capital gains tax
According to Reuters, a consultation document from the Financial Services and Treasury Bureau proposed to expand the scope of capital gains tax exemptions to include overseas real estate, carbon emissions, private credit, and cryptocurrencies.
These exemptions will apply to private equity funds and eligible single-family office investment vehicles. The proposal on Thursday further clarified Hong Kong's cryptocurrency plans.
However, if the proposal moves forward, it is unclear when the policy will take effect. Hong Kong did not immediately respond to requests for comment.
'What are the noteworthy articles to read in the past 24 hours'
Humans successfully persuaded AI to transfer a $47,000 bonus, is humanity a weakness that AI cannot understand?
On November 29, a unique competition attracted widespread public attention.
195 participants took part in a virtual prize pool challenge guarded by the AI robot Freysa, where one user successfully persuaded Freysa to transfer $47,000.
The AI robot Freysa was deployed on the Base network a few days ago, with the founder unknown. The official website shows that the Freysa competition project aims to test the robustness of AI systems in complex decision-making scenarios while providing a platform for developers and enthusiasts to explore the boundaries of AI technology.
The competition rules are very simple: participants need to write a message to persuade the AI guardian Freysa to approve the fund transfer. Each attempt incurs a small fee, part of which goes directly into the prize pool. This mechanism has allowed the prize pool to grow from a small amount to $47,000.
With the wealth effect exploding, what other projects and MEME on BNB Chain deserve attention?
The wealth effect has arrived at BNB Chain.
On November 25, Binance Futures launched perpetual contracts for 1000WHYUSDT and 1000CHEEMSUSDT. Whether as the Shiba Inu MEME Cheems with built-in mockery buff on BNB Chain or as the token of BSC MEME aggregation platform WHY, both have become focal points of market discussion. Meanwhile, Binance Labs announced an investment in the BNB Chain's re-staking infrastructure Kernel, further solidifying the DeFi ecosystem layout of BNB Chain. Two days later, Binance announced that Thena (THE) would go live on November 27.
Wall Street veterans are also starting to play with altcoins
Bitcoin is correcting, and altcoin ETFs are soaring.
The bullish trend is still spreading. Although Bitcoin has pulled back, Ethereum has broken through the $3600 mark, with various sectors including Defi and Layer2 experiencing a widespread rise, and the altcoin market is finally beginning to show signs of revival. However, just a few days ago, the situation was quite different, with Bitcoin nearing $100,000 while altcoins were in despair, and the market was in a tailspin for survival.
The altcoin market is bleak, but Wall Street is taking notice. Under unprecedented regulatory tailwinds, Wall Street is eyeing altcoin ETFs, bringing a warm winter fire to the long-silent altcoin market.
Just a week ago, Bitcoin continued to break through and hit $99,000, making headlines across major media, but the usually active community showed rare silence. In this round of institution-led bull market, most market participants did not benefit from liquidity spillover; instead, the altcoins they held were continuously drained by Bitcoin, showing a downward trend, contrasting sharply with the dramatic bull market promotion, leading participants to feel a heavy heart.
