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Crypto

Nigeria issues digital asset tax guidelines, some taxes to be paid in tokens

Nigeria has issued new guidelines requiring cryptocurrency exchanges and peer-to-peer platforms to collect, report and pay taxes on digital asset transactions. The rules require platforms to withhold 1 percent of proceeds from disposals of taxable crypto assets, security tokens and applicable NFTs. A 10 percent withholding tax applies to staking, mining, airdrops and DeFi income. Some withheld taxes must be paid in the token used in the transaction.

Finance

Single-stock leverage regulation starts; how far will additional measures go?

South Korea is tightening regulation of single-stock leveraged products, including setting per-investor limits and raising transaction costs to curb excessive trading. Asset managers and securities firms agreed to spread rebalancing trades beyond the close and reduce liquidity provider volume while managing ETF price-to-NAV gaps. The government raised the minimum deposit for single-stock leveraged ETFs and ETNs to 30 million won, effective July 31, and outlined further steps including investor education and legal grounds to adjust leverage in emergencies.

Finance

Financial chiefs apologise after stock market collapse, accept leverage responsibility

South Korea\'s top economic and financial officials apologised and accepted responsibility over the launch and follow-up response to single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix. Deputy Prime Minister Koo Yun-cheol said oversight at launch was regrettable and pledged swift rule changes. Financial regulators said the products contributed to volatility but were not the sole cause of the recent plunge. Authorities raised the cash basic deposit to 30 million won and plan further measures after reviewing trading trends and losses.