bloomingbit

South Korea’s Democratic Party is reviewing ways to revise the virtual-asset tax regime, including a further delay, ahead of its scheduled implementation in January next year.
Newsis reported on October 27 that floor leader Han Byung-do told a strategy meeting on the National Assembly’s state audit that the party would review concerns surrounding crypto taxation, gather internal views at a general meeting of lawmakers, and then consult with the government.
Key issues include whether overseas virtual-asset trading records can be secured at a level sufficient for taxation and whether the tax burden could fall disproportionately on users of domestic exchanges. Han also said the party needs to check whether a tax system reflecting actual trading conditions has been put in place.
The Democratic Party plans to gather views at a general meeting of lawmakers later in the day on adjusting the implementation timing and improving the system, then relay those opinions to the government. It also plans to speed up legislation on the Digital Asset Basic Act, which is intended to define the legal nature of virtual assets and establish a broader regulatory framework for the industry.
Kwon Chil-seung, the party’s policy committee chair, said opinion remains sharply divided over whether to proceed with the tax. Concerns center on the lack of a sufficient legal foundation for virtual assets and the possibility of heavier burdens on young investors. At the same time, others argue that gains should be taxed in the interest of tax fairness.
Kim Han-kyu, the senior deputy floor leader for policy, said the party is also reviewing the view that the same tax standards should apply to crypto and other investment assets such as stocks and bonds. With only about two months left before the planned rollout, the Democratic Party intends to move quickly on consultations with the government and finalize its policy direction.
The virtual-asset tax was introduced through a revision to the income tax law in December 2020, but its implementation has been postponed three times because of insufficient investor safeguards and tax infrastructure. Under the current timetable, it would take effect in January 2027.
The presidential office is also discussing another delay to the start of taxation, according to the report. Still, no decision has been made, and the specific direction will be determined through further consultations between the party and the government.

Today’s Top Economic Events
▶ Oct. 27 (Tuesday): △US September durable goods orders (9:30 p.m. Korea Standard Time) △US October consumer confidence index (11 p.m. Korea Standard Time) △Day 1 of the Federal Open Market Committee (FOMC) meeting △Corporate earnings: Visa, Boeing, Coca-Cola, PayPal
Today’s Top Crypto Events
▶ Oct. 27 (Tuesday): △Osmosis (OSMO) v32 upgrade

ビットコイン保有企業のStrategyは、優先株STRCの配当が暦日ごとに発生する仕組みを導入する計画だ。
Strategyの最高経営責任者（CEO）であるPhong Le氏は10月26日、Xへの投稿で、STRCの日次配当発生方式が承認されれば、変更はその1週間後に実施されると述べた。
この提案では、配当は暦日ごとに発生する。つまり、週末や祝日を含むすべての日について支払い額が算出される。これは、営業日を基準に運用される従来の金融商品とは異なる。

米商品先物取引委員会（CFTC）は、人工知能（AI）を活用した自動取引の普及に対する規制について、協議を開始する予定だ。
Crypto in Americaは10月26日、CFTCのイノベーション・タスクフォースが10月28日に「スーパーインテリジェンスに関するフロンティア・フォーラム」を開催すると報じた。金融、テクノロジー、暗号資産業界の参加者が、AIの進歩が米国の金融市場にどのような影響を与える可能性があるか、また監督体制をどのように進化させるべきかについて議論する予定だ。
このイベントは、イノベーション・タスクフォースにとって初のフォーラムとなる。CFTCは暗号資産に関連する2つの規則案を進めており、AIを活用した取引システムの監督も重要な議題として扱い始めている。

Anthropic, the developer of the Claude artificial intelligence chatbot, has started the process for a US initial public offering.
Cointelegraph reported on October 26 that Anthropic filed an S-1 registration statement with the US Securities and Exchange Commission a day earlier. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT.
The filing shows Anthropic could make its market debut as early as mid-November. The offering timetable and final listing date, however, have not been set.
Anthropic said it generated more than $16 billion in revenue in the first half of this year. Net loss for the same period totaled about $80 billion. The figures indicate the company posted steep losses despite revenue growth driven by the expansion of its AI business.
The company also disclosed its financial position. As of June 30, Anthropic held more than $112 billion in cash and cash equivalents, while short-term investments totaled about $19 billion.
Investors are also watching the size of Anthropic's IPO. Earlier foreign media reports said the company could raise as much as $100 billion through the offering and reach a valuation of $2 trillion. Those figures, however, are market expectations, and the actual offering size has not been finalized.
Anthropic is an AI company founded in 2021 by former OpenAI executives and researchers. Rival OpenAI is reported to have delayed its IPO plans this year. Sam Altman, OpenAI's chief executive officer, said in September that this year was not the right time to pursue a listing.

Bitcoin's bear market has already ended, and now is an appropriate time to add to positions, according to a new analysis.
Alex Thorn, head of research at Galaxy Digital, wrote in a report released on Oct. 26 that Bitcoin's bear market ended in June and has now entered an accumulation phase ahead of a new upswing.
The report cited technical indicators. Bitcoin stopped falling near its 200-week moving average in June and reclaimed its 50-week moving average in September. Similar patterns have appeared in the past after bear markets ended, the report said.
The report also pointed to easing selling pressure as a positive sign. Net long positions held by asset managers in CME Bitcoin futures have dropped 57% from last year's peak, according to the report. By contrast, holdings in spot Bitcoin exchange-traded funds have risen by about 87,000 tokens since the June low.
Thorn said Bitcoin's investment appeal has strengthened. Concerns are growing that fiat currencies will be diluted as U.S. fiscal deficits and debt increase. That could further highlight the value of Bitcoin's limited supply.
He also highlighted rising interest in stablecoins and tokenization in financial markets. In 2015-2016 and 2018-2019, the financial industry's focus shifted from Bitcoin to blockchain technology, and Bitcoin later surged, Thorn wrote. He said the current market backdrop resembles the late stages of past bear markets.
Bitcoin has already shown it can reach $125,000, Thorn added. There is no reason it cannot reclaim that level, with market conditions now supportive, he said.

米国とイランの協議で突破口が開かれるとの期待が高まり、原油価格は下落している。ビットコイン（BTC）は8万ドルの水準を維持した。
CoinDeskは10月26日、北海ブレント原油が前営業日比で6％超下落し、1バレル110ドルを下回る水準で取引されていると報じた。
米国とイランの緊張が緩和する可能性への期待が、原油価格の重しになったとみられる。
フィナンシャル・タイムズ紙は、イランがサウジアラビア、パキスタン、トルコの当局者と協議を行っていると報じた。また、カタールの当局者もこれに先立ちイランを訪問していたという。

With eight days left until the US midterm elections, attention is also turning to how the result could affect the digital-asset market.
According to BeInCrypto on October 26, Polymarket bettors put the odds of Democrats winning a House majority at 93% and a Senate majority at 65%.
If Democrats ultimately control both chambers, that could weigh on Bitcoin (BTC), the report said.
One factor is the dollar's strength. Glassnode, a digital-asset analytics firm, said Bitcoin's inverse correlation with the dollar has recently reached its strongest level on record. If Democrats rein in the Trump administration's large fiscal spending and ease concerns over the budget deficit, the dollar could strengthen, adding downward pressure on Bitcoin.
Uncertainty over digital-asset regulation is also a major variable. Much of the current US regulatory framework for digital assets depends on policy from the Securities and Exchange Commission and the Commodity Futures Trading Commission. BeInCrypto said that if Democrats control Congress and put the brakes on the Trump administration's legislative agenda, policy could shift further toward executive orders and regulator-led oversight. In that case, existing rules could be revised if the administration changes in the future.
At the same time, Democratic control of Congress could support Bitcoin if it helps ease geopolitical tensions in the Middle East, according to the report. If Democrats limit funding for military operations related to Iran, global oil prices could fall and inflation pressures could ease. That, in turn, could reduce pressure for US rate hikes, weaken the dollar and lift Bitcoin prices.

XRPを準備資産として保有する企業Evernoxが、追加資金の調達を目指している。
米証券取引委員会によると、Evernoxは10月23日、最大5,218,935株の普通株式を対象とするS-1登録届出書を提出した。
この届出は、Evernoxが投資会社CF Principal Investmentsと締結した株式購入契約に基づいて行われた。
10月22日の終値である1株15.46ドルを基に、同社は最大で約8,070万ドルを調達できると述べた。
Evernoxは調達資金を、XRPの追加購入、XRPエコシステム関連事業、および運転資金を含む一般的な企業目的に充てる予定だ。

CNNの報道によると、米軍はイランに対する大規模作戦の準備を完了しており、ドナルド・トランプ大統領が命令すれば96時間以内に開始する可能性がある。
CNNは10月26日、米政府当局者2人の話として、中東には追加攻撃を実施するのに十分な部隊がすでに配置されていると報じた。トランプ氏が作戦を承認すれば、96時間以内に開始される可能性がある。
検討中の軍事行動は、これまでの限定的な攻撃よりも広範囲に及ぶ見通しだ。米中央軍と国防総省は、イランのエネルギー施設や軍事基地、核施設を含む幅広い標的リストを検討している。ある当局者はこれを大規模作戦と表現した。

人工知能（AI）投資ブームに関連した金融市場のショックに対する有効な安全資産として、日本円が注目されている。
ブルームバーグは10月25日、ゴールドマン・サックスが10月23日付のリポートで、世界経済を取り巻く環境は依然として円安を示唆しているものの、景気敏感資産に偏ったポートフォリオを守る手段として、円はここ数年よりも魅力を増していると指摘したと報じた。
円は先週、世界的なハイテク株売りの中で上昇した。10月22日には対ドルで0.9％上昇し、10月23日には1カ月超ぶりの高値を付けた。AI投資の拡大への懸念が株価を圧迫し、米国債利回りを大幅に押し下げるなか、安全資産への需要が高まった。

Park Soo-young, deputy policy chief of the ruling People Power Party, urged the government to further delay the implementation of virtual-asset taxation and first put in place the related制度 and computer infrastructure.
In a Facebook post on October 26 titled "Announce Confirmation of a Delay in Virtual-Asset Taxation," Park called on the government to quickly finalize its plan to postpone the tax. He stressed that virtual-asset investors are not refusing to pay taxes themselves, but are demanding a fair tax environment.
Park took issue with the continued lack of adequate computer systems needed for taxation. Citing findings from his office, he said the country's five largest virtual-asset exchanges and the National Tax Service exchanged 49 official documents but still failed to complete the relevant systems. He also argued that detailed standards, including which assets would be taxed and how tax amounts would be calculated, have not been sufficiently prepared.
He also warned that difficulty in tracking overseas transactions could undermine tax fairness. Park said the US is set to participate in the Crypto-Asset Reporting Framework, or CARF, from 2029, while China has not even set a participation timetable. That, he added, could leave users of domestic exchanges bearing a disproportionate tax burden.
Park also cited a shrinking virtual-asset market as another reason for a tax delay. Funds flowing into domestic exchanges have dropped to about half their previous level, he wrote, arguing that the investment environment is deteriorating.
He also referred to the presidential office's recent move to review a tax delay. According to Park, discussions advanced four days after he raised concerns over inadequate tax preparations at a National Assembly standing committee and during a parliamentary audit, and held a joint press conference with youth groups.
Park said the government should swiftly decide whether to grant an additional delay while also ensuring the effectiveness and fairness of the tax system. In particular, he urged authorities to complete sufficient institutional preparations first so as not to restrict young people's opportunities to build assets.

The odds of a Federal Reserve rate increase in October have fallen, strengthening market expectations that policymakers will hold rates steady.
Bloomberg reported on October 25 that the probability of an October rate hike implied by interest-rate swaps had dropped below 15%. The move reflects fading expectations for additional tightening as artificial-intelligence shares have slumped and concerns about slowing US economic growth have grown.
The Fed raised its benchmark rate in September for the first time in about three years. Persistent inflation pressures had prompted speculation about additional increases in October and December, but that view began to shift after senior Fed officials repeatedly struck a cautious tone.
John Williams, president of the Federal Reserve Bank of New York, said on September 29 that one additional rate increase this year could be appropriate. Fed Vice Chair Philip Jefferson and Governor Christopher Waller then indicated there was no need to rush further hikes. As a result, the implied probability of an October increase fell from as high as 70% to around 25%.
The US consumer price index released on October 14 posted its fastest increase in five months, triggering market volatility. The perceived odds of a rate hike surged from about 20% to around 50% immediately after the data, but investors later gave back most of that increase as they focused on signals that the Fed would pause.
Fed Chair Kevin Warsh said at the International Monetary Fund's annual meeting on October 16 that he would not prejudge future rate decisions. Still, markets took note that Warsh did not forcefully reject expectations for an October pause even after the inflation data.
Experts said there is a disconnect between economic data and the Fed's policy signals. Ed Al-Hussainy, a portfolio manager at Columbia Threadneedle, said the economic data support a rate increase and that Fed commentary is the only factor separating a hike from a pause.
Neil Dutta, head of economics at Renaissance Macro Research, said there was also a gap between Warsh's message and those of other Fed officials, raising the risk of greater market volatility around each policy meeting. Jamie Patton, co-head of global rates at TCW Group, said markets need to know the rules, but do not right now.

韓国大統領府（青瓦台）は、仮想資産への課税導入をさらに延期するかどうか検討していると明らかにした。ただし、決定はまだ下されていない。
聯合ニュースTVは10月25日、暗号資産課税がさらに延期される可能性が高まっているとのメディア報道を受け、大統領府が対応していると報じた。青瓦台は、この件は検討中であり、何も決定していないと述べた。
大統領府は、課税開始日を再び先送りすることを含む複数の選択肢を検討している。一部の報道によると、さらなる延期に傾いているという。

イスラエルのベンヤミン・ネタニヤフ首相は、国際金融制裁への対抗策として、ブロックチェーン技術や暗号資産の活用を検討していると述べた。
Cointelegraphは10月25日、ネタニヤフ氏が10月23日にイスラエルのチャンネル10のインタビューで、国際金融制裁の可能性に備え、ブロックチェーン技術や暗号資産を活用する方法を政府が検討していると語ったと報じた。ブロックチェーンを「制裁に代わるもの」と呼び、国家戦略の手段として活用する可能性を示した。

@今週の主な経済イベント>
▶︎10月26日（月）：△企業決算：ベライゾン
▶︎10月27日（火）：△米国9月耐久財受注（韓国標準時午後9時30分） △米国10月消費者信頼感指数（韓国標準時午後11時） △連邦公開市場委員会（FOMC）1日目 △企業決算：ビザ、ボーイング、コカ・コーラ、ペイパル
▶︎10月28日（水）：△FOMC 2日目および政策金利決定（10月29日午前3時・韓国標準時） △FRB議長ケビン・ウォーシュの記者会見（10月29日午前3時30分・韓国標準時） △企業決算：アルファベット、マイクロソフト

South Korea is increasingly likely to delay taxation on virtual-asset, or cryptocurrency, income again, pushing back a levy scheduled to take effect in January. The Blue House, the country’s presidential office, has tilted toward another deferral, though consultations with the ruling party and a parliamentary review of related legislation still remain.
News1 reported on October 25 that a Blue House official said the administration had decided to postpone the tax in part out of respect for young people’s efforts to build assets. Discussions between the government and the ruling party will move in that direction as well, the official added.
Under the current Income Tax Act, annual income from virtual-asset transfers and lending will be subject to a 22% tax rate, including local income tax, on amounts exceeding a 2.5 million won deduction from next year. The start date has already been postponed three times.
Officials have cited inadequate tax infrastructure and fairness concerns involving users of overseas exchanges as reasons for another delay. In particular, concern has grown that the tax burden could be concentrated on users of domestic exchanges, given that the U.S. is set to join the Crypto-Asset Reporting Framework, or CARF, only from 2029.
The biggest obstacle is that the U.S. does not provide South Korea with tax information, the Blue House official said. If the tax is implemented as scheduled, tax authorities would have to track information on U.S. exchanges one by one.
The ruling party is also pursuing legislation to delay the start of virtual-asset taxation until 2029. The Blue House plans to finalize its position after the annual parliamentary audit concludes and after consultations with the ruling party.

South Korean stocks are poised to search for direction this week as investors digest the US Federal Open Market Committee meeting and third-quarter earnings from Samsung Electronics Co. and SK Hynix Inc., with the Kospi expected to consolidate near its recent lows.
NH Investment & Securities on October 25 forecast the Kospi would trade in a 5,100-6,400 range this week. The benchmark index held the 5,500 level on October 23 after trimming losses when SK Hynix said it would stop reviewing an initial public offering for its US subsidiary Solidigm.
Investor attention is centered on the Fed's October 27-28 FOMC meeting. The rate decision is due at 2 p.m. on October 28 in Washington, or 3 a.m. in Seoul on October 29.
Markets had initially favored another rate increase following last month's move by the US central bank. That view softened after New York Fed President John Williams said inflation remains too high and another rate increase later this year could be appropriate, while adding that policymakers have time to review incoming data and do not need to rush because of the action taken at the September meeting.
The probability of a 25-basis-point increase in October reflected in CME FedWatch also fell to about 50% from 70% after Williams's remarks.
Lee Kyung-min, an analyst at Daishin Securities, said the market would focus more on the future path of monetary policy than on the rate decision itself. A stronger-than-expected US consumer price index reading for September, along with lingering inflation pressure from rising oil prices, could limit any stock rebound if the Fed reinforces its tightening path at this meeting, he added.
In South Korea, third-quarter earnings from Samsung Electronics and SK Hynix are a key variable. SK Hynix will release results on October 28 and Samsung Electronics on October 29.
Samsung Electronics earlier said in its preliminary third-quarter results that it posted operating profit of 107.4 trillion won. SK Hynix is also expected to post record earnings. Consensus compiled by the securities industry puts SK Hynix's third-quarter revenue at 98.2257 trillion won and operating profit at 76.964 trillion won.
Even so, investors may focus less on the headline earnings figures than on the profit outlook and additional shareholder return measures. Concerns about the sustainability of AI spending have grown after worries over credit risk tied to US company CoreWeave's corporate bonds and the financial burden from Meta Platforms Inc.'s expanded investment in artificial intelligence came into focus.
Samsung Electronics and SK Hynix recently completed share buybacks worth about 15 trillion won and 40 trillion won, respectively. Samsung has also said it plans additional shareholder returns of as much as 110 trillion won this year.
The market is watching whether Samsung will announce additional cash dividends and share buybacks and cancellations. Investors are also looking to see whether SK Hynix will unveil further shareholder return measures to ease concerns over a duplicate listing that emerged during the review of a Solidigm listing.
Na Jung-hwan, an analyst at NH Investment & Securities, said SK Hynix is estimated to have more than 30 trillion won available for additional shareholder returns. If a large-scale share buyback is confirmed, purchases by other corporations could absorb part of foreign investors' selling and help ease the Kospi's supply-demand imbalance.
Hwang San-hae, an analyst at LS Securities, said semiconductor earnings should help curb share-price volatility stemming from macroeconomic anxiety. Still, he said the market is more likely to build a floor through broader participation than stage a sharp rebound in the index. He advised investors to keep exposure to defensive sectors rather than indiscriminately increasing positions based solely on valuation appeal.

President Donald Trump said both another military strike on Iran and the possibility of a negotiated settlement remain on the table.
Crypto media outlet BlockBeats reported on October 25 that Trump said in a recent speech the Iran issue may need to be fully resolved, or the two sides could reach an agreement.
"Either way, we will win," Trump said. He added that there is a chance the US attacks Iran and also a chance of reaching a big, favorable deal with Tehran.
Trump also said Iran wants a deal.