JOON HYOUNG LEE

[Exclusive] South Korea Tax Agency Report Urges Raising Crypto Tax Deduction to $5,400 From $1,800

A research report commissioned by South Korea’s National Tax Service recommended nearly tripling the basic deduction for virtual-asset taxation before the levy takes effect in January. The proposal appears intended to reduce administrative costs and

CME CEO Says US Perpetual Futures Could Face Tax Risk

Terry Duffy, chairman and chief executive officer of CME Group, said cryptocurrency perpetual futures in the US could face tax uncertainty. In an interview with CoinDesk published on July 30, Duffy said there is tax ambiguity for participants in the

JPMorgan Says Lower Odds of Clarity Act Passing in 2026 Are Negative for Crypto

JPMorgan said fading prospects for the U.S. crypto market structure bill known as the Clarity Act to pass in 2026 are weighing on the market’s medium- to long-term outlook. CoinDesk reported on July 30 that JPMorgan wrote in a report a day earlier th

Strategy Stops Buying Bitcoin for Fifth Straight Week as Focus Shifts to Q2 Earnings

Strategy, the world’s largest corporate holder of Bitcoin, has halted purchases of the cryptocurrency for a fifth straight week as it shifts its focus to preserving liquidity. Bloomberg reported on July 30 that Strategy has not bought Bitcoin in each

Telegram Sued in Australia Over Terror Content, Faces Up to $38 Million Fine

Australian authorities have launched legal action against Telegram, alleging the platform failed to remove terrorism-related content. CoinDesk reported on July 30 that Australia’s eSafety Commissioner filed a lawsuit against Telegram in federal court

US Weekly Jobless Claims at 197,000, Slightly Below Forecast

US initial jobless claims came in slightly below market expectations last week. The Labor Department said July 30 that initial jobless claims totaled 197,000 last week. That was 4,000 below economists' forecast of 201,000 and 9,000 higher than the pr

US Second-Quarter GDP Growth Slows to 1.5%, Misses Forecast

U.S. economic growth slowed in the second quarter. The Commerce Department said July 30 that U.S. gross domestic product grew at a 1.5% annualized rate from the previous quarter in its advance estimate for the April-June period. That was 0.3 percenta

US June PCE Inflation Rises 3.7% From Year Earlier, Matching Estimates

U.S. core personal consumption expenditures inflation matched market expectations in June. The Bureau of Economic Analysis said July 30 that the June PCE price index rose 3.7% from a year earlier. It fell 0.1% from the previous month. The core PCE in

HyperScale Data Sells 100 Bitcoin to Fund Michigan AI Data Center

HyperScale Data, a US digital-asset treasury company focused on Bitcoin, has sold part of its holdings to help finance a data center campus in Michigan. The company said July 30 that it had adjusted its Bitcoin reserve strategy and already sold about

US Spot-Bitcoin ETFs Draw $205 Million in July, Headed for Record-Low Monthly Inflow

US spot-Bitcoin exchange-traded funds are on course to post their smallest monthly net inflow on record. SoSoValue data showed US spot-Bitcoin ETFs took in about $205 million in net inflows from July 1 through July 29. With two trading days left in t

Bank of Korea Joins Live Transaction Test for BIS-Led Project Agorá

The Bank of Korea said July 30 that it participated in a live transaction test for Project Agorá, a cross-border payments initiative using central bank digital currencies, or CBDCs, and tokenized deposits. Project Agorá is a public-private collaborat

Ark Invest Sells BitMine, Bullish and Other Crypto Stocks, Buys More SpaceX

Ark Invest, the investment firm led by Cathie Wood, sold crypto-related stocks including Bullish and BitMine. The Block reported on July 30 that Ark Invest sold 120,665 shares of BitMine through its ARK Innovation ETF a day earlier. The sale was wort

MarsCoin Jumps as Much as 500% After Binance Alpha Listing News

MarsCoin, a meme coin on BNB Smart Chain, surged after Binance Alpha announced its listing. Odaily and other outlets reported on July 30 that Binance Alpha would list MarsCoin that day. MarsCoin briefly soared more than 500% from a day earlier on the

US Sanctions Iranian Maritime Firms Over Alleged Bitcoin Use to Evade Curbs

The US Treasury Department has sanctioned two Iranian maritime entities suspected of ties to the Islamic Revolutionary Guard Corps, accusing them of using cryptocurrencies including Bitcoin to circumvent Western sanctions. Cointelegraph reported on J

Kospi Closes Down 1.23%, Falls Back Below 5,600

South Korea’s Kospi briefly attempted to reclaim the 6,000 level during trading on July 30, but ended the session down more than 1%. The benchmark index closed at 5,593.56, down 69.68 points, or 1.23%, from the previous session. It has dropped 1,162.

Aave to Phase Out Underused Assets, Some Blockchain Deployments in Move Affecting $98.1 Million

Aave, the decentralized finance lending protocol, plans to gradually wind down underused assets and services operating on some blockchains. BlockBeats reported on July 30 that Aave founder Stani Kulechov announced, after a broad review, that the prot

Samsung SDS, Upbit Parent Dunamu Discuss Stablecoin, AI Digital-Asset Business

Samsung SDS is pursuing cooperation with Dunamu, the operator of Upbit, South Korea’s largest crypto exchange, on stablecoins. Chief Executive Officer Lee Jun-hee said on July 30 during the company’s second-quarter earnings conference call that Samsu

Bernstein Cuts Circle Price Target to $140 From $190, Keeps Growth Outlook

Bernstein cut its price target for Circle Internet Group, the issuer of the USDC dollar stablecoin, while maintaining its long-term growth view. The Block reported on July 29 that Bernstein lowered its target to $140 from $190, a cut of more than 26%

BNY Mellon Moves $8.6 Trillion of Fund Administration Work to Blockchain

BNY Mellon, the world's largest custodian bank, is introducing blockchain technology to fund administration operations covering $8.6 trillion in assets. CoinDesk reported on July 29 that BNY Mellon has begun moving one of its core ledger and record-k

Morgan Stanley Lists Ethereum, Solana ETPs in Crypto Push

Morgan Stanley has launched exchange-traded products tied to Ethereum and Solana. Cointelegraph reported on July 28 that the bank listed the Morgan Stanley Ethereum Trust, or MSSE, and the Morgan Stanley Solana Trust, or MSOL, on NYSE Arca. The produ

Trump Says Iran Will Pay ‘Severe Price’ After Missile Attack on US Base in Jordan

President Donald Trump said the US would respond forcefully to Iran’s ballistic missile attack on a US military base in Jordan. In an interview with Fox News on July 29, Trump said, “We will hit them hard,” referring to Iran. He added that Iran would

South Korea to Cap Retail Investment in Single-Stock Leveraged ETFs at 20%

South Korea’s financial authorities will set individual investment limits on single-stock leveraged exchange-traded funds. Vice Prime Minister and Finance Minister Koo Yun-cheol announced the plan at an emergency market review meeting on July 29 at t

Attorneys General in 44 US States Tell CFTC It Lacks Authority Over Prediction Markets

Attorneys general from 44 US states are challenging the Commodity Futures Trading Commission’s authority to regulate prediction markets. The Block reported on July 29 that the attorneys general, led by Ohio, sent a joint letter to the CFTC on July 27

Hungary Scraps Mandatory Third-Party Verification for Some Crypto Trades

Hungary has abolished a mandatory third-party verification requirement that had applied to some cryptocurrency transactions. Cointelegraph reported on July 29 that Hungary’s parliament passed a bill on July 28 removing a separate verification procedu

Marathon CEO Says AI Business Is Far More Profitable Than Bitcoin Mining

Marathon Holdings, a US Bitcoin miner, said its artificial intelligence business is far more profitable than its traditional mining operation. Fred Thiel, Marathon's chief executive officer, recently said that using power for AI infrastructure can ge

Gate Launches USD1 Yield Product Offering Up to 8% Annualized Return

Global cryptocurrency exchange Gate has launched a yield product based on the dollar stablecoin USD1, offering an annualized return of up to 8%. Odaily reported on July 29 that Gate introduced the USD1-based product that day. USD1 is a dollar stablec

Nexo Completes MiCA Compliance to Continue EU Services

Crypto lender Nexo said it has completed preparations under the European Union’s Markets in Crypto-Assets, or MiCA, regime to continue operating in the region. Nexo is continuing to provide services across the European Economic Area through Tangany a

FSC Chief Says Government Draft of Digital Asset Basic Act Is Ready, Vows Swift Processing

Kim Byoung-hwan, chairman of South Korea's Financial Services Commission, said July 29 that the government has completed its draft of the Digital Asset Basic Act. Kim made the remark during a business report to the National Assembly's Political Affai

UBS CEO Says Market Volatility Will Surge for Rest of 2026

UBS expects market volatility to surge over the remainder of this year. BlockBeats reported on July 29 that UBS Chief Executive Officer Sergio Ermotti said in a recent interview that pressure from energy prices could pose a potential headwind for inf

Kospi Slides 6% to 5,663.24, Extending Two-Day Selloff

The Kospi plunged for a second straight day, closing below the 6,000 level. Circuit breakers were triggered in South Korea’s stock market for a second consecutive session, the first such occurrence on record. The Kospi ended at 5,663.24, down 360.42