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French Senate Passes Bill on Automatic Exchange of Crypto Asset Tax Information
Odaily reports: The French Senate has passed a bill on first reading authorizing tax authorities to automatically exchange crypto asset transaction data with foreign counterpart agencies. The bill has subsequently been submitted to the National Assembly for review as Bill No. 3421 and still needs to complete the legislative process.The bill covers agreements on the exchange of crypto asset tax information and updates existing agreements on the exchange of financial account information. The crypto asset portion is based on the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, which sets common standards for collecting and automatically exchanging crypto transaction information for participating jurisdictions.France has already implemented the EU's Eighth Amendment to the Administrative Cooperation Directive (DAC8) through its 2025 finance bill, requiring crypto service providers to report client identity and transaction data to tax authorities, which then share the information with the EU country where the user resides. French lawmakers are also discussing crypto tax adjustments in the 2027 budget. An amendment passed by the National Assembly on October 16 proposes taxing gains from conversions into specific fiat-pegged stablecoins starting January 1, 2027, but the measure has not yet become law. (Cointelegraph)
South Korea's ruling Democratic Party will further solicit opinions and swiftly decide whether to delay the taxation of crypto assets.
According to Yonhap News Agency, South Korea's ruling Democratic Party convened a lawmakers' assembly on October 27 to discuss whether to delay taxation on crypto assets, but failed to reach a formal party position. Following the meeting, Jeon Eun-soo, the ruling party's floor spokesperson in the National Assembly, stated that the party would "hear more opinions." She noted that with only about 60 days remaining before the tax's implementation, the party would make a decision as soon as possible. Jeon explained that Kwon Ik-seong, chairman of the policy committee, relayed various perspectives during the session, where voices calling for a postponement of the tax emerged. Lawmaker Ahn Do-je presented multiple arguments, asserting that the tax should be rolled out concurrently after the passage of the Digital Assets Basic Act. South Korea's crypto asset taxation framework was introduced in 2020 and has already been delayed three times. Should it not be postponed again, it is set to take effect in January 2027: annual income derived from the transfer and lending of crypto assets will be subject to a 22% comprehensive tax rate (combining other income tax and local income tax) after deducting a basic exemption of 2.5 million won. According to related Yonhap reports, the South Korean Presidential Office favors delaying the tax, potentially factoring in public sentiment among younger demographics.
South Korea's government consultations on the Digital Assets Basic Act are nearing completion, with the dispute over postponing crypto taxes continuing.
According to The Block, Lee Eog-weon, Chairman of the South Korean Financial Services Commission (FSC), stated at a National Assembly hearing that government consultations on the Digital Assets Basic Act have entered the final stage, and the government will push for the bill's prompt enactment. The legislation aims to establish a comprehensive regulatory framework for digital assets, covering licensing systems for cryptocurrency exchanges, stablecoin issuance rules, and related legal definitions.
South Korea Virtual Asset Tax Reignites Ruling-Opposition Rift; Deputy Prime Minister to Decide After "Maximum Careful Consideration"
According to Yonhap News Agency, the South Korean National Assembly's Committee on Finance and Economic Planning held its comprehensive audit of state affairs for 2026, where the ruling and opposition parties clashed over the virtual asset taxation issue, which has been postponed three times. Originating from the 2020 revision of the Income Tax Act, the policy is scheduled to take effect starting in January 2027 under current regulations. Democratic Party lawmaker Yoon Deok-ho stated that the United States, Japan, Germany, and the United Kingdom have already implemented virtual asset taxes, noting that approximately 48 countries worldwide are currently taxing them. He argued that repeated delays undermine policy consistency, claiming that postponing or repealing enacted laws "shakes the foundations of the nation." Meanwhile, People Power Party lawmaker Lim Yi-ja pointed out that overseas exchanges have no obligation to submit transaction details to South Korea, compromising tax fairness. She also noted that industry players require at least six to nine months to build necessary infrastructure in accordance with National Tax Service announcements, indicating that current preparations remain insufficient.
Digital Asset Bill Enters Final Negotiation Stage, South Korea's FSC Chairman Says Virtual Asset Taxation Requires Full Consideration of Multiple Factors
Lee Eok-won, Chairman of South Korea's Financial Services Commission (FSC), stated at the comprehensive audit of the National Assembly's Legislation and Judiciary Committee that various circumstances need to be fully considered regarding the virtual asset taxation scheduled to take effect next year. People Power Party lawmaker Song Eon-seok questioned whether the tax should be abolished or postponed, and stated that before the nature of digital assets and policy direction are determined, priority should be given to enacting the "Basic Act on Digital Assets." Lee Eok-won responded that the digital asset-related bill has entered the final negotiation stage and discussions will be pushed forward as soon as possible; regarding taxation, opinions vary among all parties, and relevant feedback is still being collected.South Korea's virtual asset taxation was introduced in 2020 through an amendment to the Income Tax Act and has been postponed three times. The government is advancing related administrative procedures according to the schedule for implementation in January next year, but some in the industry and within the ruling party believe that current standards remain unclear, infrastructure is insufficient, and the timing for implementation is not yet mature.
France's National Assembly Passes Amendment to Tax Stablecoin Conversions, Set to Take Effect in 2027
Odaily reports: On Friday, France's National Assembly passed Amendment I-3898 with 38 votes in favor, 37 against, and 25 abstentions, which proposes taxing certain cryptocurrency-to-stablecoin conversion transactions. If approved, the relevant provisions are expected to take effect starting in 2027. The measure would change the method for calculating cryptocurrency capital gains tax, meaning that when investors convert Bitcoin or other cryptocurrencies into stablecoins, the resulting gains could trigger tax liability even if the assets are not converted into fiat currency.The French National Assembly is scheduled to vote on Tuesday on the first part of the 2027 Finance Bill. A proposal to allow realized cryptocurrency losses to be carried forward for 10 years was rejected by the Assembly on Friday with 18 votes in favor, 75 against, and 3 abstentions.French lawmakers are also reviewing two cryptocurrency tax proposals: I-CF1822 would expand the exit tax to unrealized gains, applicable to taxpayers whose cryptocurrency portfolios exceed €800,000 in total value and who relocate their residence outside France; I-2701 would require the declaration of self-hosted wallet holdings, with a threshold of more than €100,000 in total value for the relevant tax year. Both proposals remained under review as of Monday. (Cointelegraph)
Runware Plans Factory Assembly Line for Mass Production of Modular AI Data Centers, Targeting 30 Megawatts Daily Output by 2028
Runware stated that the manufacturing time for a single module will be reduced from three weeks to one day, with installation and commissioning completed within 48 hours after delivery to the customer site. Customers can either rent computing capacity or provide their own GPUs, paying monthly module and operational fees while power and network costs are billed separately. The company said it has secured $1 billion in letter-of-intent commitments since launching external sales, covering more than 20 megawatts of capacity.
French Senate Passes Bill on Automatic Exchange of Crypto Asset Tax Information
Odaily reports: The French Senate has passed a bill on first reading authorizing tax authorities to automatically exchange crypto asset transaction data with foreign counterpart agencies. The bill has subsequently been submitted to the National Assembly for review as Bill No. 3421 and still needs to complete the legislative process.The bill covers agreements on the exchange of crypto asset tax information and updates existing agreements on the exchange of financial account information. The crypto asset portion is based on the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, which sets common standards for collecting and automatically exchanging crypto transaction information for participating jurisdictions.France has already implemented the EU's Eighth Amendment to the Administrative Cooperation Directive (DAC8) through its 2025 finance bill, requiring crypto service providers to report client identity and transaction data to tax authorities, which then share the information with the EU country where the user resides. French lawmakers are also discussing crypto tax adjustments in the 2027 budget. An amendment passed by the National Assembly on October 16 proposes taxing gains from conversions into specific fiat-pegged stablecoins starting January 1, 2027, but the measure has not yet become law. (Cointelegraph)
French MPs Support Crypto Wallet Declaration Proposal, Holdings Over €100,000 May Face Fines
Odaily News: The Finance Committee of the French National Assembly has passed amendment No. I-CF821, which would require holders of self-custodied crypto assets valued at or above €100,000 (approximately $112,000) to declare their holdings.The declared value is based on December 31 of each year, and those who fail to declare as required may face fines of up to €10,000. The proposal was put forward by Charles de Courson, Jean-Pierre Bataille, and Michel Castellani, aiming to combat tax evasion.The amendment still needs to be resubmitted and approved when the National Assembly reviews the revenue portion of the budget before it can be incorporated into French law. After the Finance Committee passed the relevant amendment, it rejected the revenue portion of the 2027 budget by a vote of 31 to 3, and lawmakers are expected to begin debate on Tuesday starting from the government's original draft. (Cointelegraph)
The French National Assembly's Finance Committee approved amendments on stablecoin conversion tax and crypto exit tax, then rejected the budget revenue section by a vote of 31 to 3
Odaily News: The French National Assembly's Finance Committee this week approved two crypto tax amendments: starting January 1, 2027, converting MiCA-regulated stablecoins will be treated as a taxable sale; and a proposed exit tax on tax households whose total crypto asset value exceeds 800,000 euros and who relocate abroad.On October 9, the committee rejected the budget revenue section by a vote of 31 to 3. The full National Assembly will deliberate based on the government's original text, and the above amendments will not be automatically included. Supporters will need to reintroduce them during debates starting October 13, with the formal vote scheduled for October 20. The related measures have not yet become law.The stablecoin amendment was proposed by left-wing GDR party member Nicolas Sansu and 16 co-signatories, and applies to electronic money tokens as defined by MiCA. The amendment does not set a new tax rate, but instead seeks to include the relevant gains under France's existing 31.4% flat tax regime.The committee also approved an amendment proposed by Daniel Labaronne, allowing investors to carry forward crypto asset losses for 10 years to offset future gains. The proposed exit tax applies to taxpayers who have been French tax residents for at least 6 of the past 10 years and whose total crypto assets, including custody assets, exceed 800,000 euros in value. (Decrypt)
Polymarket odds for "Trump to officially rename AI by December 31" rise to 66%, up 17% in a single week
According to monitoring by PPP prediction market tool, Polymarket odds for "Trump to officially rename AI by December 31" have risen to 66%, up 17% in a single week.According to the settlement rules, Trump must formally adopt a new official name for "AI" or require the federal government to adopt a new name via executive order, presidential proclamation, or presidential memorandum before 11:59 PM Eastern Time on the specified date. Public statements, speeches, interviews, press conferences, and social media posts do not count.Previously, Trump reiterated his opposition to regulating Artificial Intelligence (AI) during a speech at the United Nations General Assembly in New York. He also stated that the term "Artificial Intelligence" underestimates the value of this technology and expressed hope that countries around the world would also adopt the new name "Super Intelligence."Join the PPP signal push community to stay one step ahead and seize the opportunity.
Houthi Conflict Escalates as US, Iran Exchange Harsh Words; Sides May Meet at UNGA
Amid escalating Houthi tensions, the US and Iran have once again exchanged military threats. Iranian President Pezeshkian plans to attend the United Nations General Assembly, and Trump has expressed willingness to engage with him, reopening the bilateral diplomatic window.
Related news
Runware Plans Factory Assembly Line for Mass Production of Modular AI Data Centers, Targeting 30 Megawatts Daily Output by 2028
Runware stated that the manufacturing time for a single module will be reduced from three weeks to one day, with installation and commissioning completed within 48 hours after delivery to the customer site. Customers can either rent computing capacity or provide their own GPUs, paying monthly module and operational fees while power and network costs are billed separately. The company said it has secured $1 billion in letter-of-intent commitments since launching external sales, covering more than 20 megawatts of capacity.
French Senate Passes Bill on Automatic Exchange of Crypto Asset Tax Information
Odaily reports: The French Senate has passed a bill on first reading authorizing tax authorities to automatically exchange crypto asset transaction data with foreign counterpart agencies. The bill has subsequently been submitted to the National Assembly for review as Bill No. 3421 and still needs to complete the legislative process.The bill covers agreements on the exchange of crypto asset tax information and updates existing agreements on the exchange of financial account information. The crypto asset portion is based on the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development, which sets common standards for collecting and automatically exchanging crypto transaction information for participating jurisdictions.France has already implemented the EU's Eighth Amendment to the Administrative Cooperation Directive (DAC8) through its 2025 finance bill, requiring crypto service providers to report client identity and transaction data to tax authorities, which then share the information with the EU country where the user resides. French lawmakers are also discussing crypto tax adjustments in the 2027 budget. An amendment passed by the National Assembly on October 16 proposes taxing gains from conversions into specific fiat-pegged stablecoins starting January 1, 2027, but the measure has not yet become law. (Cointelegraph)
South Korea's ruling Democratic Party will further solicit opinions and swiftly decide whether to delay the taxation of crypto assets.
According to Yonhap News Agency, South Korea's ruling Democratic Party convened a lawmakers' assembly on October 27 to discuss whether to delay taxation on crypto assets, but failed to reach a formal party position. Following the meeting, Jeon Eun-soo, the ruling party's floor spokesperson in the National Assembly, stated that the party would "hear more opinions." She noted that with only about 60 days remaining before the tax's implementation, the party would make a decision as soon as possible. Jeon explained that Kwon Ik-seong, chairman of the policy committee, relayed various perspectives during the session, where voices calling for a postponement of the tax emerged. Lawmaker Ahn Do-je presented multiple arguments, asserting that the tax should be rolled out concurrently after the passage of the Digital Assets Basic Act. South Korea's crypto asset taxation framework was introduced in 2020 and has already been delayed three times. Should it not be postponed again, it is set to take effect in January 2027: annual income derived from the transfer and lending of crypto assets will be subject to a 22% comprehensive tax rate (combining other income tax and local income tax) after deducting a basic exemption of 2.5 million won. According to related Yonhap reports, the South Korean Presidential Office favors delaying the tax, potentially factoring in public sentiment among younger demographics.
South Korean National Assembly Speaker Meets UK Ambassador: Hopes to Strengthen Cooperation in Future Industries Such as AI and Energy
According to Yonhap News Agency, South Korean National Assembly Speaker Cho Jung-seok met with UK Ambassador to South Korea Colin Crooks at the National Assembly, where both sides discussed the development of future industries and plans for parliamentary exchange and cooperation. Cho stated, "I hope the results of the UK-South Korea FTA improvement negotiations, concluded last year, can take effect as soon as possible. I look forward to closer cooperation between our two countries in future sectors such as artificial intelligence and offshore wind power."
South Korea's government consultations on the Digital Assets Basic Act are nearing completion, with the dispute over postponing crypto taxes continuing.
According to The Block, Lee Eog-weon, Chairman of the South Korean Financial Services Commission (FSC), stated at a National Assembly hearing that government consultations on the Digital Assets Basic Act have entered the final stage, and the government will push for the bill's prompt enactment. The legislation aims to establish a comprehensive regulatory framework for digital assets, covering licensing systems for cryptocurrency exchanges, stablecoin issuance rules, and related legal definitions.
South Korea Virtual Asset Tax Reignites Ruling-Opposition Rift; Deputy Prime Minister to Decide After "Maximum Careful Consideration"
According to Yonhap News Agency, the South Korean National Assembly's Committee on Finance and Economic Planning held its comprehensive audit of state affairs for 2026, where the ruling and opposition parties clashed over the virtual asset taxation issue, which has been postponed three times. Originating from the 2020 revision of the Income Tax Act, the policy is scheduled to take effect starting in January 2027 under current regulations. Democratic Party lawmaker Yoon Deok-ho stated that the United States, Japan, Germany, and the United Kingdom have already implemented virtual asset taxes, noting that approximately 48 countries worldwide are currently taxing them. He argued that repeated delays undermine policy consistency, claiming that postponing or repealing enacted laws "shakes the foundations of the nation." Meanwhile, People Power Party lawmaker Lim Yi-ja pointed out that overseas exchanges have no obligation to submit transaction details to South Korea, compromising tax fairness. She also noted that industry players require at least six to nine months to build necessary infrastructure in accordance with National Tax Service announcements, indicating that current preparations remain insufficient.