Japan’s FSA plans to reclassify crypto as financial products, enforce new disclosure and insider trading rules, and cut the crypto tax rate from 55% to a flat 20%. Japan’s Financial Services Agency (FSA) is preparing an overhaul of the country’s crypto regulatory framework, moving to classify digital assets as “financial products” under the Financial Instruments and Exchange Act. The plan would introduce mandatory disclosures for 105 cryptocurrencies listed on domestic exchanges, including Bitcoin (BTC) and Ether (ETH), and bring them under insider trading regulations for the first time, according to a Sunday report from Asahi Shinmun. If enacted, exchanges would be required to disclose detailed information about each of the 105 tokens they list, including whether the asset has an identifiable issuer, the blockchain technology underpinning it and its volatility profile, per the report. Read more
Upbit operator Dunamu posted $165 million in Q3 net income, driven by a market rebound and stronger investor confidence following new US crypto legislation. Upbit operator Dunamu reported a surge in profitability for the third quarter of the year, posting 239 billion won ($165 million) in net income. The figure marks an increase of more than 300% compared to the same period last year, which stood at $40 million, local news outlet Chosun Biz reported, citing regulatory filings with the Financial Supervisory Service. The filing reportedly showed strong momentum across all key metrics. Consolidated revenue climbed to $266 million, up 35% from the previous quarter, while operating profit rose 54% to $162 million. Net income also jumped 145% quarter-over-quarter from $67 million. Read more
Solari Capital, led by AJ Scaramucci, has put more than $100 million into American Bitcoin, the mining firm tied to President Trump’s sons. The Scaramucci family has invested over $100 million into American Bitcoin, the mining company tied to US President Donald Trump’s sons. The funding came through Solari Capital, the investment firm founded by AJ Scaramucci, which led the company’s $220 million round in July, months before American Bitcoin went public through a reverse merger in September, according to a report from Fortune. The miner did not previously disclose its backers. AJ Scaramucci told Fortune that Solari Capital contributed “over $100 million,” though he did not reveal the exact amount. His father, Anthony Scaramucci, also participated with a smaller investment. Read more