Core Insights - Indian policymakers are under pressure to revise the punitive crypto tax framework as capital flight to offshore platforms raises concerns about lost tax revenue and weakened regulatory oversight [1] - The upcoming Union Budget is being closely watched by the crypto industry for potential relief from a tax regime that has significantly reduced domestic trading volumes [2] - The current tax framework imposes challenges for retail participants by taxing transactions without recognizing losses, leading to a frictional environment for the crypto ecosystem [3] Tax Framework and Impact - The Indian government introduced a 30% tax on crypto income in February 2022, with no deductions or exemptions allowed [4] - The Finance Minister specified that losses from price drops or hacking incidents cannot be offset against profits, further complicating the tax landscape for investors [5] - A 1% Tax Deducted at Source (TDS) has adversely affected high-frequency traders and liquidity providers, making their business models unsustainable on domestic platforms [6] Industry Requests and Regulatory Environment - Key requests for the 2026 Budget include tax rationalization through reduced TDS, allowing loss set-offs, establishing a regulatory mechanism for the sector, and promoting blockchain adoption [4] - Despite being a leader in grassroots crypto adoption, India's tax-heavy approach has created a regulatory limbo, contrasting with more structured frameworks in other Asian countries [2]

Core Viewpoint - Tharimmune, Inc. has successfully closed a registered direct offering, raising approximately $55 million to support its digital asset treasury strategy and general corporate purposes [2][3]. Group 1: Offering Details - The offering included the issuance of 1,800,000 shares of common stock at a price of $2.92 per share and pre-funded warrants to purchase up to 17,000,000 shares at a price of $2.9199 per warrant [1][2]. - Clear Street acted as the sole bookrunning manager for the offering, with legal counsel provided by Paul Hastings LLP for Clear Street and Reed Smith for Tharimmune [3]. Group 2: Company Overview - Tharimmune, Inc. is the first publicly traded company to utilize Canton Coin, aiming to enhance institutional blockchain adoption and the digitization of financial markets [6]. - The company operates a differentiated digital asset treasury strategy by participating in the Canton Network, which is a secure blockchain hosting trillions in assets [3][6].

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Blockchain Adoption - The institutional blockchain adoption is experiencing a "ChatGPT moment" [1]

Group 1 - Bitmine Technologies has surpassed 2.4 million Ethereum (ETH) in strategic reserves, representing over 2% of ETH's total supply [1][2] - The company's total Ethereum holdings now amount to 2,416,000 coins, with combined crypto and cash reserves reaching $11.4 billion [2] - Bitmine has emerged as the largest corporate holder of ETH, emphasizing Ethereum's long-term potential in blockchain adoption and financial transformation [3] Group 2 - On September 22, ETH experienced a significant price drop of 6.28%, falling below $4,200, and is down over 15% from its all-time high [1][4] - Bitmine announced a securities purchase agreement to sell 5.2 million shares at $70 per share, which is a 14% premium over the previous closing price [5] - The stock offering is expected to raise approximately $365 million, with potential total proceeds reaching $1.28 billion if all warrants are exercised [6]

Blockchain Adoption in Emerging Markets - Polygon led blockchain adoption in emerging markets from October 2024 to early August 2025 [1] - BNB Chain and Base closely competed for second place in blockchain adoption in emerging markets [1] Stablecoin Market Review - The report reviews the stablecoin market trends in emerging markets [1]

Blockchain Adoption - Blockchain 技术将在未来 5 年内快速普及 [1] - 加密技术将信息转化为价值 [1]

Digital Innovation & Investment - Vietnam is experiencing rapid growth in digital innovation [1] - Binance is investing in the future of Vietnam's digital economy [1] Blockchain Adoption Initiative - Binance has launched a $1 million initiative [1] - The initiative aims to empower educators and support students in Vietnam [1] - The initiative seeks to drive real-world blockchain adoption across key industries in Vietnam [1]

Industry Initiatives - Chainlink 与 Blockchain Association 合作推出 "Tokenized in America" [1] - 该资源旨在追踪美国各州政府在推进 Token 化和区块链采用方面的举措 [1] Blockchain Adoption - 行业关注美国各州政府对 Token 化和区块链技术的支持力度 [1] - 行业期待该资源能促进美国 Token 化和区块链技术的进一步发展 [1]