Korean crypto asset institutions and investors may face a tax burden of 20%–25%On November 4 at the Finternet 2025 Asia Digital Finance Summit, Kintsugi Technologies CBO Harry Kim told Stratford Finance Managing Director Angelina Kwan that although Korea is opening its tokenization market, its rules on taxation, custody and core digital-asset laws are still incomplete. Unlike Hong Kong, which currently does not tax such transactions, Korea plans to levy around 20%–25% on digital assets, so building a clear ...

Financial Data and Key Metrics Changes - For Q3 2025, adjusted earnings were reported at $2.03 per share, a slight increase from $2.02 per share in Q3 2024, driven by recovery in regulated investments and growth in weather-normalized demand [4][25] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the previous range of $3.92-$4.12 per share [4][27] - The decrease in the midpoint of guidance is attributed to weather headwinds impacting results by $0.13 per share [4] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in Q3 2025 compared to the previous year, following a 1.4% increase in Q2 2025, supported by strong residential and commercial usage [26] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [25] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in the service areas [26] - The economic development pipeline includes opportunities exceeding 15 gigawatts, indicating strong interest from large customers in the Evergy service territory [8][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to meet growing customer demand and regulatory requirements [7][30] - A 4% increase in the quarterly dividend to $2.78 per share reflects the updated growth outlook and aligns with the target payout ratio of 60%-70% [6] - The company aims to maintain affordability while investing in infrastructure to support new large customers, with a proposed large load power service tariff designed to ensure new customers pay a higher rate [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, citing tailwinds from economic development opportunities and necessary investments [5][28] - The company anticipates a comprehensive financial outlook update in February, including refreshed views on load forecasts and capital investment plans [6][30] - Management highlighted the importance of collaboration with stakeholders to advance regulatory objectives and support economic growth in the region [19][24] Other Important Information - The company has achieved strong operational performance, with generation availability and grid reliability favorable to targets [5] - The ongoing dialogue with large customers indicates a robust interest in the service territory, with many customers actively participating in capacity studies [10][13] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management noted that there will be a focus on implementing elements of SB4 and anticipates a lighter legislative calendar in 2026 [34] Question: Can you provide insights on the cadence of the upcoming capital plan? - Management indicated that the upcoming capital plan will be laid out by year, with significant investments and load growth helping to mitigate regulatory lag [36] Question: How much competition exists in attracting large loads within the service territory? - Management highlighted strong collaboration between Kansas and Missouri, with legislative truces in place to mitigate competition for economic development [38][39] Question: What is the status of the large load power service tariff discussions? - Management confirmed a unanimous settlement agreement in Kansas and a partial settlement in Missouri, with decisions expected soon [46][47] Question: How will the $2.8 billion equity funding impact the capital investment plan? - Management stated that cash flows from new customers could significantly improve operations, potentially reducing equity funding needs [52][53] Question: How will weather impacts affect future earnings and guidance? - Management acknowledged that weather impacts are within the context of the current year and do not affect the long-term outlook [54][63]

According to Bloomberg, Bank of England Deputy Governor Sarah Breeden stated that the UK’s rollout of stablecoin regulations will keep pace with the United States, in response to concerns over falling behind. The Bank of England plans to introduce a regulatory framework that includes temporary holding limits of £20,000 for individuals and £10 million for businesses. https://t.co/QbNoOPbhe7 ...

Regulatory Framework - Kenya's parliament has passed the Virtual Asset Service Providers Bill to establish a regulatory framework for the digital asset sector [1] - The bill aims to attract investment and standardize trading practices in the digital asset sector [1] - The central bank is authorized to license the issuance of stablecoins and other virtual assets [1] - The capital markets authority will oversee the licensing of crypto exchanges and trading platforms [1]

Event Focus - DataDay aims to explore how smarter data use can simplify regulatory frameworks and reduce reporting burdens [1] - The event will focus on burden reduction in the digitalization era [1] Registration Details - In-person registration deadline is October 20 [1] - Online registration deadline is November 22 [1]

Financial Data and Key Metrics Changes - Edison International reported second quarter core earnings per share (EPS) of $0.97, down from $1.23 a year ago, with the year-over-year comparison being less meaningful due to the lack of a final decision in its 2025 general rate case [6][20][21] - The company remains confident in achieving its 2025 EPS guidance and delivering a 5% to 7% core EPS compound annual growth rate (CAGR) through 2028 [7][30] Business Line Data and Key Metrics Changes - SCE's core EPS variance was primarily driven by higher operating and maintenance (O&M) expenses and the net impact of regulatory decisions [20] - The proposed decision (PD) in SCE's 2025 general rate case would authorize base revenue of $9.8 billion for 2025, with incremental increases in subsequent years [12][23] Market Data and Key Metrics Changes - The PD supports significant capital investments in wildfire mitigation, grid modernization, and infrastructure replacement while considering affordability for customers [12][13] - SCE anticipates investing $6.2 billion in its wildfire mitigation plan from 2026 to 2028, which includes various safety and reliability measures [15] Company Strategy and Development Direction - The company is focused on enhancing its wildfire recovery compensation program and engaging with the community to support recovery efforts [9][19] - Edison International is optimistic about legislative support for California's regulatory framework, particularly regarding wildfire management and affordability [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative process enhancing California's wildfire framework and emphasized the importance of a comprehensive approach to wildfire risk [9][10][19] - The company highlighted its commitment to operational excellence and cost management, which has resulted in the lowest system average rate among California's major industrial utilities [17] Other Important Information - The ongoing investigations into the Eaton fire are being conducted by SCE and the LA County Fire Department, with no new disclosures on ignition or estimated costs at this time [8][18] - The company is actively participating in various regulatory proceedings to de-risk its financial outlook and ensure alignment with customer needs [27][30] Q&A Session Summary Question: Regarding the proposed $18 billion fix, what is the company's stance on shareholder contributions? - Management indicated that while discussions are ongoing, they do not foresee a need for upfront contributions from shareholders, emphasizing the importance of a balanced legislative package [36][39] Question: How will the company communicate updates on the Eaton fire investigation? - Management stated that they would provide information during quarterly earnings calls but may disclose material information off-cycle if necessary [41][44] Question: Can you provide details on the proposed decision versus the range case forecast? - Management confirmed that the PD aligns with their range case forecast but noted that there are opportunities for additional capital beyond what has been flagged [48][49] Question: What are the company's thoughts on affordability legislation and securitization? - Management expressed concerns that securitization could lead to higher costs for customers in the long run and emphasized the need for alternative solutions to support affordability [57][61] Question: How does the company view the current regulatory environment and its impact on investor support? - Management acknowledged the challenges but expressed confidence in California's commitment to addressing utility needs and the clean energy transition [71][74] Question: What is the status of the Eaton investigation and potential equity issuance for wildfire fund contributions? - Management clarified that there are two separate investigations ongoing and emphasized that there is currently no need for upfront cash contributions to the wildfire fund [80][84]

Regulatory Framework - The President's Working Group recommendations are the result of months of inter-agency collaboration [1] - A regulatory framework for digital assets is viewed as the optimal approach to stimulate American innovation [1] Digital Assets - The statement reflects a conviction that a regulatory framework is the best way to catalyze American innovation in digital assets [1]

RT Paul Atkins (@SECPaulSAtkins)The President’s Working Group recs follow months of collaboration across agencies and perspectives. It reflects a conviction I have long held: a regulatory framework for digital assets is the best way to catalyze American innovation.My full statement: https://t.co/R6c8W8cvqN https://t.co/4Y832ycSmP ...

Regulatory Framework & Legislation - The US lacks comprehensive crypto and stablecoin regulations outside of New York's DFS [3] - Proposed legislation aims to establish a national framework for governing crypto technology, crucial for maintaining the dollar's supremacy [3] - The "genius" bill addresses stablecoins, drawing from New York's guidelines, emphasizing one-to-one reserving [5] - A key risk is the bill's allowance for unregulated foreign issuers in the US for three years, potentially disadvantaging domestic companies [12][13] - The bill includes an 18-month period between enactment and effectiveness, followed by another 18-month grace period for overseas entities [13][14] Stablecoins & Market Dynamics - Stablecoins promise to revolutionize financial infrastructure, enabling faster and cheaper transactions across borders [10] - The regulatory framework could facilitate the entry of new players into the stablecoin market by clarifying expectations [7] - Circle is currently a dominant player in the stablecoin market, already adhering to New York's one-to-one reserve requirements [6][7][8] - Stablecoins have the potential to compress margins on fees in the financial transaction sector [8][9] Innovation & Future Outlook - Tokenization of real-world assets, such as private company stock, is a topic of discussion, but the bill's impact on its legality is unclear [4] - The industry is still in its early stages, with significant potential for smart contracts and increased efficiency [11]

Regulatory Landscape - China plans to create a regulatory framework for crypto [1] - This development is considered significant for the crypto industry [1]