Organized by: Fairy, ChainCatcher

Important News:

• Over-the-Counter Trading Platform SecondLane Lists 1% Stake in Pump.fun for $15 Million, Valued at $1.5 Billion
• Due to the Hot Trading Sentiment in HYPE, Binance Has Suspended USDC Withdrawals on the Arbitrum Chain
• Sun Yuchen Ate a $6.2 Million Banana Artwork at an Event in Hong Kong
• Ethereum Foundation Researcher: The Foundation is Investing Tens of Millions of Dollars in zkVM
• Hong Kong Plans to Exempt Cryptocurrency Gains Tax for Mature Investors
• Russian President Putin Officially Signs Digital Currency Tax Law, Digital Currency Recognized as Property
• ZachXBT Questions Moonrock Capital's Unfair Distribution Practices in NFT Project Incubation, Harming Retail Investors

"What Important Events Happened in the Last 24 Hours"

Russian President Putin Officially Signs Digital Currency Tax Law, Digital Currency Recognized as Property

According to TASS, Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies.

Under the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the framework of the "Experimental Legal Regime (EPR) in the Field of Digital Innovations." Mining and selling digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities on the issuance of cryptocurrencies using their services. Failure to provide such information on time may result in a fine of 40,000 rubles.

Regarding personal income tax, digital currencies obtained through mining will be classified as physical income (a term typically used when payment is made with goods or services rather than currency). The value of the income will be determined based on market quotes. Such income will be taxed at the usual progressive tax rates, taking into account tax deductions for mining expenses.

At the same time, income from acquiring, selling, or otherwise circulating digital currencies will be taxed at a two-tier personal income tax rate (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as income from securities, bank deposits, and other sources. For corporate income tax, digital currency mining will be taxed at the standard rate (25% starting in 2025).

ZachXBT Questions Moonrock Capital's Unfair Distribution Practices in NFT Project Incubation, Harming Retail Investors

Crypto detective ZachXBT responded to a tweet from Moonrock Capital CEO and partner Simon mentioning the fundamental principles of Web3, stating, "You incubated multiple projects in the last cycle that directly harmed retail traders through imbalanced distribution, so I'm not sure you should be talking about the fundamental principles of Web3."

The projects pointed out by ZachXBT include Degen Ape Academy NFT and Punks On Solana NFT.

Due to the Hot Trading Sentiment in HYPE, Binance Has Suspended USDC Withdrawals on the Arbitrum Chain

Due to the hot trading sentiment in Hyperliquid (HYPE), Binance has suspended USDC withdrawals on the Arbitrum chain.

It is reported that the genesis event for the native token HYPE of the decentralized derivatives trading platform Hyperliquid will go live on November 29 at 15:30 Beijing time. Qualified participants in the genesis event will receive 310 million tokens, which will be fully unlocked. Currently, there are no announcements regarding listings on centralized exchanges, and trading is only available on decentralized exchanges.

Sun Yuchen Ate a $6.2 Million Banana Artwork at an Event in Hong Kong

Sun Yuchen has eaten a $6.2 million banana artwork at an event in Hong Kong.

Previous reports indicated that Sun Yuchen tweeted that he purchased Maurizio Cattelan's work Comedian for $6.2 million at Sotheby's.

Boyaa Interactive: This Month, 14,200 ETH Exchanged for Approximately 515 BTC

Hong Kong-listed company Boyaa Interactive (0434.HK) announced that from November 19 to 28, the group exchanged 14,200 ETH for approximately 515 BTC, with a total market value of about $49.48 million (excluding transaction fees).

Boyaa Interactive stated that the original purchase cost of the ETH used for this exchange was approximately $39.45 million. After the exchange, the group holds approximately 3,183 BTC, with an average holding cost of about $57,700.

Ethereum Foundation Researcher: The Foundation is Investing Tens of Millions of Dollars in zkVM

Ethereum Foundation researcher Justin Drake tweeted that the Ethereum Foundation is investing tens of millions of dollars in zkVM, including zkRISC-V formal verification, Poseidon cryptanalysis, and L2beat for zkVMs.

Taiwan's New Cryptocurrency Anti-Money Laundering Rules Will Take Effect on November 30

Taiwan's Financial Supervisory Commission (FSC) will implement new anti-money laundering (AML) rules on November 30, a month earlier than initially planned, as regulators accelerate anti-fraud efforts.

The new rules require cryptocurrency service providers, such as cryptocurrency exchanges, to complete AML compliance registration. Non-compliance may result in penalties, including up to two years of imprisonment and fines of up to 5 million New Taiwan dollars (approximately $153,700).

In a statement on Wednesday, the FSC indicated that overseas "Virtual Asset Service Providers" (VASP) must establish a company or branch in accordance with Taiwanese company law and complete the required AML registration before conducting business in Taiwan. These new regulations were introduced after the agency revised the law in July.

Sun Yuchen: Decided to Buy 100,000 Bananas from a Stall in Shah Alam and Distribute Them for Free

Tron founder Sun Yuchen tweeted that he decided to buy 100,000 bananas from a stall in Shah Alam and distribute them for free. "This is not only a special event but also a celebration of the beautiful connection between daily life and art. I hope this act can help more people understand the significance of this unique art story."

Note: Shah Alam is the fruit stall owner outside Sotheby's auction house, whose bananas became part of Maurizio Cattelan's work Comedian.

Over-the-Counter Trading Platform SecondLane Lists 1% Stake in Pump.fun for $15 Million, Valued at $1.5 Billion

According to Cointelegraph, private market trading platform SecondLane has listed equity in the memecoin issuance protocol Pump.fun at a fully diluted valuation (FDV) of $1.5 billion, with a 1% stake listed for $15 million.

Hong Kong Plans to Exempt Cryptocurrency Gains Tax for Mature Investors

According to Reuters, a consultation document from the Financial Services and Treasury Bureau proposed to expand the scope of capital gains tax exemptions to include overseas properties, carbon emissions, private credit, and cryptocurrencies.

These exemptions will apply to private equity funds and eligible single-family office investment vehicles. The proposal further clarifies Hong Kong's cryptocurrency plans.

However, it remains unclear when the policy will take effect if the proposal is advanced. Hong Kong authorities did not immediately respond to requests for comment.

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

Humans Successfully Persuade AI to Transfer $47,000 Prize, Is Humanity a Weakness AI Cannot Understand?

On November 29, a unique competition attracted widespread public attention.

195 participants took part in a virtual prize pool challenge guarded by the AI robot Freysa, and ultimately one user successfully persuaded Freysa to transfer $47,000 in funds.

The AI robot Freysa was deployed on the Base network a few days ago, with its creator unknown. The official website states that the Freysa competition aims to test the robustness of AI systems in complex decision-making scenarios while providing developers and enthusiasts with an experimental platform to explore the boundaries of AI technology.

The rules of the competition are very simple: participants must write a message to persuade the AI guardian Freysa to approve the fund transfer. Each attempt requires a small fee, part of which goes directly into the prize pool. This mechanism has caused the prize pool amount to gradually swell from an initial small sum to $47,000.

Wealth Effect Erupts, What Other Projects and MEMEs on BNB Chain Are Worth Noting?

The wealth effect has arrived at BNB Chain.

On November 25, Binance Futures launched the perpetual contracts for 1000WHYUSDT and 1000CHEEMSUSDT. Whether as the Shiba Inu MEME Cheems with a built-in mocking buff on BNB Chain, or as the token for the BSC MEME aggregation platform WHY, both have become the focus of market discussions. Meanwhile, Binance Labs announced an investment in the BNB Chain's re-staking infrastructure Kernel, further solidifying the DeFi ecosystem layout of BNB Chain. Two days later, Binance announced the launch of Thena (THE) on November 27.

Wall Street Veterans Are Also Starting to Play with Altcoins

Bitcoin has pulled back, while altcoin ETFs are soaring.

The bull market craze is still spreading; despite Bitcoin's rise and fall, Ethereum has broken through $3,600, with multiple sectors like DeFi and Layer 2 experiencing a broad rally, and the altcoin market is finally showing signs of revival. However, just a few days ago, the situation was quite different. At that time, Bitcoin was close to $100,000, while altcoins were in despair, with the market in a state of desperate survival.

Altcoins were bleak, but Wall Street had other ideas. With unprecedented regulatory tailwinds, Wall Street has set its sights on altcoin ETFs, providing a much-needed boost to the long-silent altcoin market.

Just a week ago, Bitcoin continued to break through and reached $99,000, making headlines across major media outlets, but the usually active community was surprisingly silent. In this institutional-led bull market, most market participants did not benefit from liquidity overflow; instead, the altcoins they held were continuously drained by Bitcoin, showing a downward trend. Compared to the grandiose bull market promotions, participants felt a deep sense of frustration.

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