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Nigeria issues guidelines for virtual asset taxation, requiring the declaration of income from mining, staking, and airdrops

According to The Nation Online, the Nigerian Tax Authority has released the "Virtual Asset Taxation Guidelines," officially incorporating cryptocurrencies, stablecoins, NFTs, and other blockchain digital assets into the country's tax system. The guidelines were published on July 31 and provide the first detailed framework for taxing the income from assets such as cryptocurrencies, stablecoins, governance tokens, and NFTs.The guidelines stipulate that income generated from the disposal, exchange, or transfer of virtual assets must be taxed according to Nigerian tax law, and income from blockchain activities such as mining, staking, validating, airdrops, and token rewards is also subject to taxation. Virtual assets must be valued at the market price of exchange platforms recognized by the tax authority. Individuals and businesses must maintain complete transaction records, and virtual asset service providers must register for taxation and report large or suspicious transactions. The SEC continues to regulate securities-type virtual assets, while the tax authority is responsible for tax management. The guidelines do not set a separate tax rate for cryptocurrencies but apply existing tax law provisions. The guidelines follow President Bola Tinubu's executive order on establishing a coordinated regulatory framework for virtual assets.

SPCX rebounded by 9.5%, with large addresses opening $27.4 million in long positions in one day

According to TradingBeats (formerly Hyperinsight) monitoring, SPCX continued its rebound today, currently reported at $114.69, up 5.5% in 24 hours, and rebounding 9.5% from its low. From yesterday to today, all 7 million-dollar addresses have established long positions in SPCX, currently holding a total of 238,800 shares, with a position value of approximately $27.386 million, a weighted average entry price of about $112, and a total floating profit of approximately $636,000. Among them, the address starting with 0xb37 contributed the largest single entry.This whale has cumulatively bought 147,500 shares of SPCX through 83 transactions since early this morning, with a transaction amount of approximately $16.958 million and a weighted transaction price of about $114.96; currently holding a long position of approximately $16.918 million with 20x leverage, which is its only current position. As of the time of writing, this position has a floating loss of about $40,000 (-5.1%), accounting for 61.8% of the total long positions of the aforementioned 7 addresses. Its liquidation price is $105.43, only about 8.1% away from the current price, close to SPCX's low of $105 last night; if the price falls back to last night's low, this whale will face liquidation risk first.Funding records show that this address received 1.449 million USDC yesterday morning and began establishing long positions in SPCX about 20 hours later. During the position building period this morning, the source address transferred an additional 350,000 USDC to it; the two recent transfers totaled approximately $1.799 million. This address first transferred in about 1 million USDC on July 10 and began trading. Since then, it has traded 21 assets, covering semiconductors, US stock indices, crude oil, and cryptocurrencies, with a cumulative profit of approximately $572,000.

Changxin Memory is considering building a second DRAM wafer factory in Beijing and is in talks for financing support

According to Reuters, informed sources say that Changxin Storage is considering building a second 12-inch DRAM wafer fab in Beijing's Yizhuang and is negotiating financing with the Beijing Economic and Technological Development Zone and several state-owned technology companies. The company is seeking at least 60 million yuan (approximately 8.9 million USD) in support, but negotiations are still in the early stages, and the scale and structure of the financing may be adjusted.The proposed factory will be located at the site of Changxin Storage's existing DRAM wafer fab in Beijing. The planned production capacity and total investment for the project have not yet been determined, while building a fab capable of producing advanced DRAM typically requires over 10 billion USD. Currently, Changxin Storage operates two 12-inch DRAM wafer fabs in Hefei and one in Beijing, each with a monthly production capacity of about 100,000 wafers. Changxin Storage is also building new factories in Shanghai and Hefei, and once the related projects are fully operational, the company's monthly production capacity could double to over 600,000 wafers.This expansion comes as demand for storage chips is driven by AI infrastructure, data centers, and consumer electronics entering an upward cycle. The company completed an 8.6 billion USD IPO last month, marking the largest fundraising for a semiconductor company listed in mainland China, and its stock price has risen by 13% since going public. Changxin Storage is currently the fourth largest DRAM manufacturer in the world, but Samsung Electronics, SK Hynix, and Micron together still account for nearly 90% of the global market share in the first quarter. Beijing and Shanghai are also providing funding and other support to Changxin Storage to gain economic and strategic benefits from its expansion.

hot_img FalconX lays off 10% of its staff in response to the downturn in the cryptocurrency market and withdraws its application for a license in Singapore

According to Bloomberg, digital asset broker FalconX has cut 10% of its global workforce to cope with a prolonged downturn in the crypto market. Sources say that about half of the employees in its Singapore office were laid off, including senior management as well as staff in sales and accounting positions.FalconX is adjusting its business strategy in Singapore, focusing on crypto derivatives trading that does not require relevant licenses, and plans to withdraw its license application submitted to the Monetary Authority of Singapore. The company stated that it will concentrate resources on priority businesses while continuing to maintain its operations in the Asia-Pacific region and expand its regulated business in Europe.FalconX currently has about 350 employees worldwide and has seven offices in locations such as Silicon Valley, New York, London, Singapore, and Hong Kong. Over the past 18 months, the company has acquired derivatives startup Arbelos Markets, crypto exchange-traded product issuer 21Shares, and blockchain trading and network technology company bloXroute.FalconX is the latest crypto company to lay off employees, following Crypto.com, Coinbase, and Gemini. Reports indicate that the industry is facing a prolonged bear market, cost pressures, and the impact of advancements in AI technology. Since its establishment in 2018, FalconX has facilitated approximately $2.5 trillion in trading volume and completed a $150 million Series D funding round in 2022 at a valuation of $8 billion.
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