Daily Crypto Brief · October 12th

French lawmakers are pushing a new rule that requires anyone holding crypto assets worth over €100,000 (around $112,000) to report those holdings. If you don’t declare, you could face fines of up to €10,000. This proposal, adopted by the Finance Committee, targets self-custodied assets, meaning it applies to personal wallets, not just those held by service providers.

The goal is to tackle tax evasion, especially since a recent inquiry revealed a stark discrepancy between declared crypto gains and actual holdings. While €3.5 billion in crypto capital gains were recorded in 2021, only €400 million was reported to tax authorities.

This amendment is part of a broader set of crypto-related proposals, but it still has to clear legislative hurdles before becoming law. Lawmakers are set to debate the budget, which includes these amendments, in the National Assembly soon.

For listeners who want low-fee crypto exposure, our markets partner Kraken supports BTC — link in show notes.

The launch of Pando Finance's Solana ETF on HKEX could boost Solana's market perception, potentially driving increased investor interest. The post Pando Finance to launch Solana ETF on HKEX October 13 appeared first on Crypto Briefing.

The SEC's proposal could democratize private market access, potentially reshaping investment landscapes and expanding opportunities for retail investors. The post Coinbase CEO Brian Armstrong praises SEC’s proposal for private market access appeared first on Crypto Briefing.

The launch of Pando Finance's Solana ETF on HKEX could enhance institutional access to crypto, influencing market dynamics and competition. The post Pando Finance’s Solana ETF set to debut on HKEX October 13 appeared first on Crypto Briefing.

A 25-year-old man, Ajay Shinjin, has been sentenced to 2.5 years for his role in a SIM-swap fraud that cost four victims around £200,000 in crypto back in November 2021. He pocketed over £44,000 from the scheme, which he splurged on luxury trips and flashy items. The fraud was uncovered when BT noticed unauthorized SIM card activity, allowing criminals to intercept one-time passcodes and access victims’ accounts.

Shinjin was linked to four thefts, with significant amounts transferred to his crypto wallet. He was arrested in October 2023 upon returning from Dubai and later pled guilty to conspiracy and transferring criminal property. This case highlights the growing concern around SIM-swap fraud, as authorities emphasize the need for vigilance in the crypto space.

For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.

4,393 ETH, worth around $11.13 million, just moved from Ethereum Foundation-linked wallets to Kraken. While it’s a significant transfer, it doesn’t necessarily indicate a sale. Over the past decade, these wallets have sent a total of 49,751 ETH to Kraken, averaging about $658 per ETH. The remaining 10,000 ETH from the original allocation is still unaccounted for.

On-chain analysts are speculating whether this could signal a potential dump, but without any executed trades, it’s just a transfer for now. The Ethereum Foundation has a policy in place for managing its treasury, targeting an annual spend of 15% and regularly reviewing its ETH sales. However, there’s no official word from the foundation on this latest move, leaving room for interpretation.

For listeners who want low-fee crypto exposure, our markets partner Kraken supports ETH — link in show notes.

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Ledger's recent update on the crypto wallet thefts reveals that the compromised devices were exclusively from CryptoBilis, an authorized reseller in Southeast Asia. They’re keeping the number of affected wallets under wraps but assure us that the scope is limited. Importantly, Ledger confirmed that their own systems remain unaffected, which is a relief.

The estimated losses from this incident could exceed $86 million, although that figure is still unverified. Investigators have found an unauthorized hardware implant on one of the affected devices, raising concerns about potential tampering before delivery. CryptoBilis has paused all hardware wallet sales as a precaution.

In response, Ledger is tightening its supply chain security and urging other hardware wallet manufacturers to step up their defenses against tampering. They’re also reaching out to affected customers and collaborating with authorities to get to the bottom of this.

For listeners who want low-fee crypto exposure, our markets partner Kraken supports Bitcoin — link in show notes.

Bitcoin can cost more in South Korea than it does almost anywhere else. For years, traders chased that gap for profit. Now, automated trading is making the race faster, while strict banking rules still decide who can take part. The price difference, known as the Kimchi Premium, was once a popular sign of Korean investors rushing into crypto. Its meaning is becoming harder to read. Why Bitcoin Costs More in Korea The trade sounds simple: buy Bitcoin cheaply abroad, transfer it to a Korean exchange, and sell it for more. But South Korea restricts cross-border money transfers.

Citigroup expects the US Treasury to cut $3 billion from each 20-year and 30-year bond auction and borrow more through short-term bills instead. Citi said the 20-year bond could even be canceled, with an announcement expected November 4. The Treasury has not confirmed any change. Bills cost less today, but they mature within a year, so the government must refinance them far more often at whatever rate investors demand. Why Is the Treasury Shrinking Its Long-Term Debt Sales? Long-term borrowing costs sit near multi-decade highs.