Key TakeawaysPG&E (PCG) is working to restore power to thousands of San Francisco customers following an extensive substation fire, with no immediate timeline for full restoration.The U.S. House of Representatives is advancing a plan to create a tax safe harbor for stablecoins and crypto staking rewards, aiming to provide clarity for digital asset taxation.OpenAI has demonstrated increased efficiency in its AI operations and secured better margins from its enterprise business, with internal financials showi ...

Core Insights - Japan is set to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act (FIEA) and introduce a new taxation regime for the sector [1][5] - The Financial Services Agency (FSA) aims to reclassify 105 cryptocurrencies, including Bitcoin and Ethereum, aligning them with stocks and bonds [1][2] - The regulatory expansion aims to enhance investor protection and impose stricter disclosure requirements on domestic exchanges [2] Regulatory Changes - The proposed regulations will require exchanges to disclose each token's issuer, blockchain infrastructure, and historical price volatility [2] - Japan's current tax regime for cryptocurrencies is seen as a barrier to participation, with high-net-worth individuals facing a tax rate of about 55% on crypto income [6][7] - The new tax proposal includes a flat rate of 20%, which is expected to make Japan a more attractive destination for crypto investments [5][6] Market Sentiment - Changpeng Zhao, co-founder of Binance, has praised Japan's tax cut, suggesting that lower fees could lead to economic growth [3] - Zhao's endorsement is significant as it may encourage more investments in Japan's crypto market [4] - Japan's interest in cryptocurrencies has been supported by political figures, with the current Prime Minister advocating for the adoption of new technologies [4]

JUST IN: 🇺🇸 Senate to hold hearing on Bitcoin and crypto taxation Oct 1. ✅ ...