bloomingbit

Entretien avec Nick See Tong, responsable de Base pour l’Asie-Pacifique
Développer une infrastructure financière sur la blockchain reliant le trading, les paiements et les prêts au-delà des plateformes d’échange
L’utilisation de Base s’étend à des entreprises internationales, notamment JPMorgan et Shopify
Cibler les paiements des agents IA, en mettant l’accent sur les micropaiements et le commerce agentique
« La Corée est un marché où la demande de trading est forte » — des partenariats autour des actions et des stablecoins en perspective
« Coinbase envisage à terme un avenir où tous les actifs circuleront sur la blockchain et seront négociés 24 heures sur 24 », a déclaré Nick See Tong, responsable de Base pour l’Asie-Pacifique, à Bloomingbit dans une interview publiée le 20 octobre. « Base vise à relier le trading, les paiements et la finance au sein d’une infrastructure unique sur la blockchain, afin que les institutions et les développeurs puissent créer de nouveaux services. Nous voyons également les agents IA s’imposer comme de nouveaux acteurs économiques, ce qui élargira l’utilisation de la finance sur la blockchain. »

South Korea’s government said it will gather views from industry and experts and conduct a comprehensive review of preparations ahead of the planned introduction of taxation on virtual-asset income in January next year.
According to the Ministry of Economy and Finance on Oct. 20, First Vice Finance Minister Kwon Dae-young held a meeting in Seoul with industry officials and experts to discuss how the tax system should operate. The session was arranged to hear views from the field before taxation on virtual-asset income is scheduled to take effect on Jan. 1, 2027.
Kwon said new trading methods and services are emerging rapidly in the virtual-asset market and that cross-border transactions are also increasing. As a result, he said, the tax regime needs to maintain basic taxation principles while being designed to reflect market changes and the characteristics of such transactions.
Industry participants said clearer tax standards are needed as virtual-asset trading methods become more diverse and complex. They also asked for enough lead time for businesses to build and verify systems for submitting tax data, and said tax fairness for users of overseas exchanges should also be taken into account.
Experts said market conditions have changed significantly since the virtual-asset tax framework was introduced in 2020. They also raised the need to review possible institutional changes tied to a proposed Digital Asset Basic Act, tax standards for different transaction types including staking, loss carryforward deductions and measures to make tax filing easier for taxpayers.
Park Hoon, a professor at the University of Seoul who gave the presentation, introduced examples of virtual-asset taxation in major countries including the U.S., the U.K. and Japan. He said South Korea needs a comprehensive plan to ensure the system is stably established, given that implementation has been postponed three times since the tax framework was created in 2020.
Kwon said the government would fully review the various views raised at the meeting. While respecting the principle that income should be taxed where it arises, he said tax infrastructure and a market-regulation framework also need to be put in place together. He added that the government would comprehensively assess readiness, including conditions for information exchange between countries, tax standards by transaction type and filing convenience.
The government plans to continue consultations with relevant ministries based on the views gathered at the meeting. It did not present a separate conclusion on whether crypto taxation will take effect next year or whether an additional delay remains possible.

U.S. spot-Bitcoin exchange-traded funds recorded more than $526 million in net inflows in a single day, signaling a rebound in investor demand.
According to Trader T on October 20, the 12 U.S. spot-Bitcoin ETFs posted combined net inflows of $526.64 million the previous day.
BlackRock's IBIT led the gains, attracting $665.2 million, more than the group's total net inflow.
Some issuers, however, saw money leave their funds. Fidelity's FBTC posted net outflows of $83.63 million, while Grayscale's GBTC recorded net outflows of $54.93 million. The remaining products saw no net inflows or outflows.

Le Service national des impôts de Corée du Sud s’apprête à mettre en place un système de gestion statistique permettant de suivre les avoirs de fin d’année des grands investisseurs en actifs virtuels. Cette initiative intervient alors que le débat se poursuit sur l’entrée en vigueur de la taxation des cryptomonnaies l’année prochaine, et témoigne d’efforts plus larges visant à renforcer l’analyse des transactions et les capacités de contrôle fiscal.
Selon la plateforme de marchés publics KONEPS du Service des marchés publics, le Service national des impôts a publié, le 6 octobre, les spécifications préliminaires d’un projet visant à exploiter et à assurer la maintenance de son « Système de récupération des données de criminalistique numérique 2027 et système intégré d’analyse des actifs virtuels ». Le budget du projet s’élève à environ 1,382 milliard de wons, soit près d’un million de dollars. Il couvre notamment les coûts d’analyse des transactions en actifs virtuels ainsi que la maintenance du système de criminalistique numérique.

Le Bitcoin est passé sous les 82 000 $ après une tentative de franchir les 83 000 $ qui s’est heurtée à des pressions vendeuses. Le marché des cryptomonnaies a évolué à contre-courant du rebond général des actions et des rendements obligataires.
Cointelegraph a rapporté le 19 octobre que le Bitcoin avait atteint 83 062 $ en séance, avant de céder ses gains et de chuter à 81 678 $ sur Bitstamp. Dans le même temps, le Nasdaq Composite a progressé de 1,5 %, tandis que le Kospi sud-coréen a clôturé en hausse de 1,76 %, à 5 768 points, les marchés boursiers asiatiques et américains récupérant une partie des pertes de la semaine précédente.

Le Bitcoin a entamé la troisième semaine d’octobre de nouveau au-dessus de 82 000 $, alors que les anticipations d’une nouvelle hausse des taux de la Réserve fédérale se sont atténuées et que des signes de baisse de la demande des investisseurs américains sont apparus.
Cointelegraph a rapporté le 19 octobre que le Bitcoin avait clôturé la bougie de la semaine dernière après être passé sous une zone de support clé située entre 82 500 $ et 82 800 $. Le trader crypto Rekt Capital a écrit sur X que la clôture hebdomadaire expose le Bitcoin à un nouveau test des 82 500 $ comme résistance. Si ce test échoue, son cours pourrait passer sous les 80 000 $ dans les prochaines semaines.

Les investisseurs en cryptomonnaies suivent cette semaine deux catalyseurs majeurs : le lancement prévu par CME Group de contrats à terme sur Bitcoin Cash et Uniswap, ainsi que les indices des directeurs d’achat (PMI) des États-Unis, de la zone euro et d’autres grandes économies.
CME Group prévoit de lancer des contrats à terme standard et micro liés au BCH et à l’UNI le 19 octobre, sous réserve d’un examen réglementaire, a rapporté CoinDesk.
Le 21 octobre, les fonds négociés en bourse de CoinShares sur le Bitcoin et l’Ethereum devraient cesser leurs échanges avant l’ouverture des marchés dans le cadre d’un processus de liquidation.

L’amélioration des données économiques chinoises et la baisse des prix du pétrole brut ravivent l’appétit pour le risque sur les marchés financiers mondiaux, contribuant au rebond du Bitcoin et d’autres actifs majeurs.
Le Bitcoin s’échangeait autour de 82 500 dollars le 19 octobre, en hausse de 1,3 % par rapport à 24 heures plus tôt, a rapporté CoinDesk. Les contrats à terme sur le Nasdaq 100 ont progressé de plus de 1 % sur la même période, tandis que le Nikkei japonais et le Kospi sud-coréen ont gagné respectivement 1,8 % et 0,6 %. Les pressions vendeuses qui avaient touché la semaine dernière les actions liées à l’intelligence artificielle semblaient également s’atténuer.

Strategy Chairman Michael Saylor said Bitcoin is re-entering a bull market and that an expansion of related services by financial institutions will support the uptrend.
Wu Blockchain reported on October 19 that Saylor said in a recent interview that the Bitcoin market has regained bullish momentum.
He said banks' expansion of Bitcoin custody and collateralized lending services over the next 12 to 24 months would be a key growth driver for the market. Faster adoption of Bitcoin-related services across traditional finance could also improve market access for institutional investors.
Saylor also cited securities tokenization as a key factor in Bitcoin's growth. As financial institutions expand their use of blockchain, links between digital assets and traditional financial markets could strengthen.
He also commented on Strategy's treasury strategy. Saylor said the company repurchased about $1.5 billion of STRC to support price stability. The company's current cash and cash equivalents, he added, would be enough to fund dividend payments for about three years and six months.
Saylor also raised the possibility of a stablecoin backed by Bitcoin collateral, pegged to the dollar and offering annual yields of 6% to 8%. He did not disclose any specific plan for Strategy to issue such a product directly.

South Korean Vice Premier Lee Hyoung-il, who also serves as finance minister, reaffirmed that the government will make a final decision on taxing virtual assets, or cryptocurrencies, set to take effect in January next year only after fully reviewing views from the industry and other stakeholders.
Edaily reported on Oct. 19 that Lee struck a cautious tone on whether to proceed with the tax when he met traveling reporters on Oct. 16 in Bangkok on the sidelines of a Group of 20 finance ministers’ meeting.
“We are continuing to hear opinions in order to make a comprehensive judgment,” Lee said. “It would be right to understand that we will first listen to views and then decide on the issue of crypto taxation.” His remarks underscored that gathering additional opinions remains the priority, rather than presenting a concrete conclusion on the tax timetable.
Lee also said the government will decide how to use this year’s estimated excess tax revenue of 62.3 trillion won ($45.1 billion) with market conditions in mind. Of that amount, 5 trillion won ($3.62 billion) has already been used to reduce government bond issuance, and officials will review whether to make further cuts after monitoring the bond market.
He cited a decline in market interest rates after the reduction in bond issuance, saying the move had been effective to some extent. Still, he stopped short of laying out a specific plan for the use of the remaining excess tax revenue.
On the remaining surplus, Lee said it may be possible to transfer the funds to a future response fund if a bill now under discussion in the National Assembly passes. The government plans to determine its fiscal management direction by comprehensively considering the progress of the legislation and conditions in the government bond market.

The South Korean government will meet with the heads of the country’s five major cryptocurrency exchanges ahead of the planned January introduction of virtual-asset taxation to review preparedness and hear industry requests.
The government will hold an on-site meeting on virtual-asset taxation on Oct. 20 with the chief executives of Upbit, Bithumb, Coinone, Korbit and GOPAX, along with officials from DAXA, the Digital Asset eXchange Alliance, News1 reported on Oct. 19.
Kwon Dae-young, first vice minister at the Ministry of Economy and Finance, and Yoo Young-jun, director-general for digital finance policy at the Financial Services Commission, are set to attend. The meeting will review the status of tax-system preparations at each exchange and hear about operational difficulties and requests for improvements tied to the new regime.
Whether to delay the start of the tax is emerging as a key issue, with the industry arguing that tax standards and related infrastructure are not yet fully in place. The meeting is also expected to address the lack of clear tax guidelines for transaction types including staking, airdrops and decentralized finance, or DeFi.
The government is proceeding with follow-up steps on the assumption that the tax will take effect in January. Lim Kwang-hyun, former commissioner of the National Tax Service, said during a parliamentary audit on Oct. 13 that the government was preparing to announce detailed rules on virtual-asset taxation around November.

Un nouveau cadre de la Securities and Exchange Commission américaine autorisant la négociation d’actions tokenisées se heurte à la résistance de grandes entreprises, ce qui ralentit le déploiement à plus grande échelle de ce dispositif.
CoinDesk a rapporté le 18 octobre qu’OKXICE, une coentreprise entre la plateforme d’échange de cryptomonnaies OKX et Intercontinental Exchange, maison mère de la Bourse de New York, avait indiqué dans des documents publiés le 15 octobre que neuf entreprises s’opposaient à la négociation de versions tokenisées de leurs actions.
Parmi ces entreprises figurent Broadcom, Verizon et UnitedHealth, ainsi qu’AppLovin, Applied Digital, Rocket Lab, CoreWeave et Applied Optoelectronics. Avec Cerebras Systems, qui s’y était déjà opposée, le total s’élève à neuf. Nasdaq a également indiqué séparément qu’elle n’autoriserait pas la négociation de versions tokenisées de ses propres actions.

Les analystes sont divisés quant à la capacité du Bitcoin à dépasser les 100 000 $ d’ici la fin de l’année. Les espoirs de gains alimentés par une demande institutionnelle accrue se heurtent aux inquiétudes concernant l’inflation aux États-Unis et de nouvelles hausses des taux de la Réserve fédérale.
CoinDesk a rapporté le 18 octobre que Bitwise, gestionnaire d’actifs numériques, estime que le Bitcoin dépassera les 100 000 $ d’ici la fin de l’année. Ryan Rasmussen, responsable de la recherche chez Bitwise, a cité les entrées de fonds institutionnels par l’intermédiaire des fonds négociés en bourse, les achats de Bitcoin par les entreprises, l’augmentation de la dette publique, susceptible de stimuler la demande d’actifs tangibles, ainsi qu’un contexte réglementaire plus favorable parmi les principaux facteurs haussiers.

A string of departures by senior White House officials overseeing cryptocurrency policy is fueling concern that coordination on digital-asset legislation and regulation could be disrupted.
CoinDesk reported on October 18 that Patrick Witt, who had served as President Donald Trump’s adviser on crypto policy, resigned last week and that no successor has been officially announced.
Harry Jung and Bo Hines had already left the White House, extending the vacancies among key officials handling crypto policy. The White House has not publicly designated anyone to lead the effort.
A White House official told CoinDesk that crypto policy and the Digital Asset Market Clarity Act, or CLARITY Act, will remain key priorities for the Trump administration. Still, it is unclear how responsibilities will be coordinated or how the administration plans to fill the roles after the recent departures.
The administration is continuing work on crypto regulation even as political attention in Washington shifts to the November midterm elections. The Securities and Exchange Commission, the Commodity Futures Trading Commission, the Office of the Comptroller of the Currency and the Treasury Department are all working on rules for digital assets and on revamping supervisory frameworks.
With a new Congress set to begin next year, debate over crypto legislation is poised to resume. Lawmakers may take up a bill on crypto taxation before broader market-structure legislation, making the White House role in coordinating policy with Congress more important.
The midterm election outcome remains another variable. If Democrats win a majority in the House of Representatives, coordination with Congress on the Trump administration’s crypto agenda could become more complicated.
The White House, however, says it remains committed to advancing its crypto policy agenda. Focus is now shifting to whether a successor will be named and how the administration will coordinate financial regulators’ rulemaking with congressional debate over market-structure legislation.

@Calendrier économique clé de cette semaine>
▶︎19 oct. (lun.) : △Produit intérieur brut (PIB) de la Chine au troisième trimestre (heure des États-Unis : 18 oct., 22 h ; heure coréenne : 19 oct., 11 h)
▶︎20 oct. (mar.) :
▶︎21 oct. (mer.) : △Indice des prix à la consommation (IPC) du Royaume-Uni pour septembre (heure des États-Unis : 2 h ; heure coréenne : 15 h) △Stocks de pétrole brut aux États-Unis (heure des États-Unis : 10 h 30 ; heure coréenne : 23 h 30)
▶︎22 oct. (jeu.) : △Décision de la Banque de Corée sur son taux directeur (heure des États-Unis : 21 oct., 21 h ; heure coréenne : 22 oct., 10 h) △Demandes initiales d’allocations chômage aux États-Unis (heure des États-Unis : 8 h 30 ; heure coréenne : 21 h 30)

NH Investment & Securities Sees 5,100-6,100 Range This Week
U.S. Tech Earnings, Oct. 22 BOK Meeting in Focus
Can the Kospi extend its rebound after halting a steep selloff? This week, from Oct. 19 to Oct. 23, earnings and investment plans from U.S. technology companies will test the resilience of South Korea's stock market. Brokerages say semiconductor shares have become more attractive on valuation, but the upturn is unlikely to last unless foreign selling eases and funding concerns surrounding AI companies subside.
On Oct. 18, the Kospi stood at 5,668.05 after closing there on Oct. 16, up 2.05% on the day. Even so, it posted a weekly loss of 14.46%. NH Investment & Securities projected a trading range of 5,100 to 6,100 for this week.
One of the market's biggest concerns is whether funding will continue to support AI infrastructure investment. If high interest rates stay elevated for longer, companies that have relied on borrowing to expand data centers could come under greater strain. That is the backdrop to worries over CoreWeave's bonds spilling into sentiment on semiconductor investment.
Still, the broader AI industry should not be judged by a single standard because companies' financial conditions differ. Lee Sang-jun, a researcher at NH Investment & Securities, said bonds issued by large technology companies and other investment-grade debt remain relatively firm, unlike the unsecured bonds at CoreWeave where concerns have been concentrated. Investors need to assess whether companies can absorb high funding costs even if profits do not materialize immediately, he added.
Lee also said South Korea's early-October exports and Taiwan Semiconductor Manufacturing Co.'s third-quarter earnings confirmed signals supporting semiconductor demand. If the CoreWeave issue does not spread across the industry, semiconductor shares that have suffered steep losses could lead a rebound.
The calendar this week may help confirm that view. According to an earnings schedule compiled by Daishin Securities, Meta Platforms, Lam Research, IBM and Texas Instruments are due to report on Oct. 21, while Western Digital is set to release results on Oct. 22. Lee Kyung-min, a researcher at Daishin Securities, said those reports and South Korea's Oct. 1-20 export data should be used to gauge whether AI investment and semiconductor demand are holding up.
Still, in past market routs, brief rebounds did not necessarily lead to a trend reversal. Among 12 cases in which the Kospi fell more than 10% over seven trading days, 83% saw the index rise a week later, according to Yuanta Securities. But in the five cases where the drop exceeded 15%, only 20% were higher a month later.
Domestic monetary policy is another variable. The Bank of Korea will hold a Monetary Policy Board meeting on Oct. 22 to set the benchmark interest rate. Jung Yeo-kyung, a researcher at NH Investment & Securities, said investors should assess the effects of the July and August rate increases while watching for signals on the timing and pace of any additional hikes. A key focus will be how the central bank signals the possibility of a November increase.
Brokerages favor gradually buying large-cap stocks whose earnings outlook has not deteriorated. Rather than buying simply because prices have fallen sharply, investors should also check profit forecasts and funding capacity. Lee Jae-won, a researcher at Yuanta Securities, said he favors a staggered bargain-buying strategy for large-cap stocks that have fallen excessively.

31.4% tax on capital gains even without cashing out
Government opposes measure; Senate and further legislative review remain
France’s lower house has approved a measure that would tax investment gains when crypto assets are converted into stablecoins. The move would change the current system, under which taxation can be deferred until assets are exchanged into fiat currency.
The National Assembly on October 16 approved the amendment during deliberations on the 2027 budget by 38 votes to 37, with 25 abstentions. The proposal, introduced by lawmaker Nicolas Sansu and others, passed by a single vote.
The bill’s core provision is to make conversions into stablecoins pegged to a single fiat currency a taxable event. The amendment uses the European Union’s Markets in Crypto-Assets, or MiCA, definition of electronic money tokens. If finally enacted, the rule would take effect on Jan. 1 next year.
Under current French rules, taxation can be deferred under certain conditions when individuals exchange one crypto asset for another. That means an investor who converts Bitcoin into a stablecoin after a price gain can postpone paying tax until the holdings are cashed out into euros or another fiat currency.
If the amendment takes effect, tax would be imposed on gains at that conversion stage. France’s current flat rate is 31.4%, combining a 12.8% income tax and an 18.6% social levy. The tax would apply to investment gains, not the full transaction amount.
Lawmakers behind the measure argued that stablecoins are used for payments and reinvestment, leaving no reason to treat them differently from conversions into fiat currency. The government opposed the amendment, arguing that the scope of stablecoins and methods for tracking transactions should be clarified first. In its current form, it said, implementation would be overly complex and the amendment should be withdrawn.
The amendment was adopted during the lower house’s first review of the budget bill. It still must go through the Senate and subsequent legislative procedures.

Les ventes forcées atteignent 123 millions de dollars en deux jours de baisse des marchés
Les dépôts des investisseurs diminuent, les achats d’obligations se poursuivent
« Au-delà de la mise en garde des investisseurs, les autorités doivent rétablir la confiance dans les marchés »
Les ventes forcées liées aux opérations sur marge en Corée du Sud ont approché les 298,1 milliards de wons (216 millions de dollars), alors que le Kospi a reculé pendant sept séances consécutives. Les liquidités des investisseurs laissées en attente ont également diminué. Parallèlement, les achats nets d’actions américaines par les investisseurs coréens ont dépassé le total du mois dernier, les achats étant concentrés sur des produits à haut risque liés à un rebond des valeurs des semi-conducteurs.

De nouveaux investisseurs ont continué d’acheter du Bitcoin, alors même que les fonds négociés en bourse (ETF) adossés au Bitcoin au comptant en vendaient, selon Bitfinex.
Le 17 octobre, la plateforme d’échange de cryptomonnaies a écrit sur X, anciennement Twitter, que les nouveaux acheteurs de Bitcoin avaient acquis environ 570 000 BTC depuis la fin juillet, malgré les ventes des ETF.
Bitfinex a indiqué que leur prix d’achat moyen était d’environ 75 000 $. Ce niveau a servi de support à chaque repli du Bitcoin depuis août.
La plateforme d’échange a indiqué que les achats des nouveaux acteurs du marché avaient contribué à soutenir la limite inférieure de la fourchette de prix du Bitcoin, malgré l’affaiblissement des flux des fonds ETF.