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Crypto regulation, explosive profits, and strategic moves signal fresh momentum across global markets.
In today's edition:
- Japan plans to regulate crypto as financial products with a simplified tax regime.
- South Korea’s Dunamu posts a record-breaking $165 million profit amid market recovery.
- Major players continue strategic Bitcoin accumulation despite market volatility.
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(OpenAI, gpt-image-1-mini)
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Regulation
Japan’s FSA to Classify Crypto as Financial Products and Cut Tax Rate to 20%
Briefly: Japan’s Financial Services Agency is preparing to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act, introducing mandatory disclosures, insider trading rules, and a flat 20% capital gains tax, aiming for parliamentary approval in 2026.
Key Information:
- The FSA’s new classification will cover 105 cryptocurrencies including Bitcoin and Ether, subjecting them to financial product regulations.
- Crypto exchanges must disclose issuer details, blockchain tech, and volatility profiles for each token.
- Taxation on crypto gains will be simplified to a flat 20% capital gains tax, down from up to 55% currently.
- Banks may soon be allowed to hold cryptocurrencies for investment and potentially operate as licensed crypto exchanges.
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Business
South Korea’s Dunamu Skyrockets to $165M Q3 Profit Amid Crypto Market Rebound
Briefly: Dunamu, operator of South Korea’s largest crypto exchange Upbit, reported a stunning $165 million net profit in Q3 2025, a 300% increase year-over-year, fueled by renewed global digital asset market strength and supportive US regulatory changes.
Key Information:
- Dunamu’s Q3 net income surged to 239 billion won ($165M), up from $40M a year ago.
- Quarterly revenue grew 35% to $266 million, with operating profit rising 54% to $162 million.
- The company credits new US rules like the Genius Act and Clarity Act for boosting institutional interest.
- Naver Financial plans a share swap acquisition of Dunamu, pending board approval, signaling fintech consolidation.
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🏃 Crypto Flash
LegalFederal prosecutors urge the judge not to acquit Roman Storm, Tornado Cash's developer, stressing his active role in modifying the platform to facilitate illicit transactions, including sanctions evasion.
GeopoliticsIran accelerates its crypto strategy with BRICS nations to bypass US and UN sanctions, aiming to leverage blockchain for cross-border trade despite regulatory uncertainties and international tensions.
MarketUS Bitcoin ETFs see over $1.1 billion in outflows as Bitcoin price dips below $100,000, reflecting bearish sentiment and investor caution amid ongoing price struggles.
InvestmentAmerican Bitcoin, backed by Trump’s sons, boosts its growth with a $100M+ infusion from the Scaramucci family, expanding its Bitcoin mining infrastructure and strategic reserves ahead of a planned public listing.
AdoptionSteak ‘n Shake announces expansion into El Salvador, leveraging its Bitcoin payment acceptance to achieve impressive sales growth and solidify its standing as a crypto-friendly fast-food chain.
CorporateStrategy transfers 43,415 BTC as part of a custodian migration, dispelling rumors of sales; CEO Michael Saylor reaffirms ongoing Bitcoin accumulation and strong financial health.
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📈 Numbers and Trends
- Japan’s FSA plans to classify 105 cryptocurrencies as financial products and proposes a flat 20% tax rate on crypto gains, aiming for implementation by 2026.
- US Bitcoin ETFs posted over $1.1 billion in outflows last week amid Bitcoin’s price slipping below $100,000, with BlackRock’s iShares Bitcoin Trust alone seeing a $463.1 million withdrawal on November 14.
- Strategy moved 43,415 BTC (~$4.26 billion) in a custodian migration and confirmed ongoing Bitcoin accumulation, maintaining leverage below 1.15 and debt maturities extending 4.5 years.
- Upbit operator Dunamu reported a $165 million net profit in Q3 2025, a 300% year-over-year increase, with consolidated revenue rising 35% quarter-over-quarter to $266 million.
- NFT sales dropped 5.4% to $79 million this week, while the number of buyers surged 989.62% to 222,294, and sellers increased 714.77% to 189,963 despite a 20.92% decrease in total transactions.
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💬 Quote of the Day
We are buying. We’re buying quite a lot, actually.
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1️⃣ Number of the Day
$165 million - Upbit Operator Dunamu's Q3 Profit Surges Over 300% YoY
Dunamu's net income skyrocketed to $165 million in Q3 2025, reflecting a strong revival in the global crypto market and signaling increased investor confidence and trading activity, highlighting South Korea's growing crypto ecosystem strength.
Upbit operator Dunamu posts $165M in profit in Q3, up over 300% YoY
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