Illinois Department of Revenue published draft rules for a 0.2% digital asset transaction tax set to take effect January 1, 2027. The rules clarify that stablecoins are taxable while NFTs are exempt, DeFi transactions are generally exempt unless protocol fees apply, and cross-chain transfers may be taxable. The public comment period closes October 30.
HSBC has named its Hong Kong stablecoin 'HSBC RedCoin' and released survey results showing 74% of local consumers recognize stablecoin use cases, with digital asset trading and P2P transfers topping the list. The bank plans to launch the stablecoin in the second half of this year, starting with peer-to-peer and merchant payments before expanding to commercial banking.
Singapore's crypto economy grew 55.4% to $284 billion in the year ended June 2026, driven largely by institutional platform activity surging 94%, while the broader Central and Southeast Asia and Oceania region contracted 6.8%. Meanwhile, the Philippines, Thailand, and Vietnam saw significant peer-to-peer crypto transfer activity, with stablecoins increasingly used for cross-border transactions and remittances.
Bridgewater Associates CEO Nir Bar Dea warns that unregulated AI could impact 18% of the U.S. workforce, potentially triggering significant social disorder if society fails to prepare adequately. While bullish on AI's positive potential, the hedge fund emphasizes the need for regulation and preparation to manage technological disruption.
SEC Chairman Paul Atkins said the agency will clarify on-chain financing rules using its existing authority, after Congress failed to pass the CLARITY Act in September. The SEC has already taken steps to support tokenized securities through recent guidance and FAQs.
Bitget restored withdrawals of major cryptocurrencies following a $387.5 million security breach on September 24, with full services expected to resume by October 2. The exchange's Protection Fund recovered to above $300 million, and proof-of-reserves showed a 131% reserve ratio across nineteen crypto assets.
Apple officially launched Apple Pay in India on September 30, nearly 12 years after its initial release, with Axis Bank credit card users gaining first access. The expansion brings Apple Pay support to 101 countries and regions globally, marking another step in Apple's increased focus on the Indian market and services growth.
Japan's Ministry of Finance established the On-Chain Correspondence Research Group to study real-time blockchain settlement for government bonds, moving beyond the current next-day settlement model. The group includes academics and strategists and will reference U.S. MMF blockchain products, aiming to complete discussion points by year-end.
Prediction market platforms Kalshi and Polymarket face scrutiny over unusual trading patterns that may indicate inflated volumes or wash trading. Both companies deny misconduct, but experts worry the volume figures don't reflect genuine market activity as the platforms seek massive valuations ahead of potential public offerings.
The Federal Trade Commission is launching an investigation into major AI companies including Anthropic and OpenAI to examine potential consumer risks from their technology. The FTC will issue formal information demands and compel executive testimony from the AI developers.
Senator Richard Blumenthal's subcommittee report found that 84% of 846 cryptocurrency wallets linked to Iran transacted primarily in Tether's USDT stablecoin, with two Iranian oil smugglers moving over $603 million through the network between 2021 and 2025. The report, titled 'Tethered to Terrorism,' argues Tether failed to consistently freeze designated wallets before 2024 and calls for Treasury and Justice Department investigations into the company's sanctions compliance.
Varda Space, an in-space pharmaceutical manufacturing startup, raised $250 million in Series D funding at a $1.6 billion valuation. The company operates uncrewed orbital capsules to produce drugs in microgravity and plans to launch two capsules simultaneously on Thursday. With 28 launches booked through 2027-2029, Varda expects pharmaceutical revenue to become its primary business by 2032.
US 30-year fixed mortgage rates rose to 7.30% in the week ending September 30, marking the sixth consecutive weekly increase and the highest level since November 2023, according to the Mortgage Bankers Association. Mortgage demand fell 6% overall, with refinance applications dropping 9% as fewer borrowers can benefit from refinancing in the higher-rate environment.
Blockchain analytics firm Elliptic has tracked over 50 North Korea-linked security incidents resulting in approximately $1.2 billion in stolen cryptocurrency this year. Some funds stolen from Bitget overlap with addresses from last year's $1.5 billion Bybit hack, with patterns suggesting the hacker group TraderTraitor was responsible for the Bitget incident.
Hackers from the Bitget exchange breach moved approximately $3.9 million in Zcash into Ironwood, a private payment pool that obscures sender, recipient, and transaction amounts, making roughly 15% of the stolen $387.5 million harder to trace. The three transfers occurred on Wednesday, with investigators able to see funds entering the shielded pool but unable to follow their movement within it.
OpenAI, Google, Meta, Anthropic, Nvidia and xAI signed a voluntary White House AI safety agreement committing to monitor frontier model risks in cybersecurity, biosecurity and chemical threats through internal teams and independent external audits. The agreement lacks implementation deadlines or breach penalties, with companies selecting their own auditing agencies.
A Tokyo court ruled that human voices are legally protected under publicity rights in Japan after anime voice actor Kenjiro Tsuda sued TikTok over AI-generated videos mimicking his distinctive baritone. The court found unauthorized voice use can infringe publicity rights, though it dismissed Tsuda's request to remove the videos since they had already been taken down. The ruling marks Japan's first legal protection for voices and reflects growing concerns among performers worldwide about AI voice cloning.
Apple plans to launch a new smart-home hub on October 13 alongside updates to HomePod mini and Apple TV 4K, marking its delayed entry into the competitive smart-home market. The hub will feature a 6-inch display with personalization capabilities and recognize individual household members. New CEO John Ternus is expected to emphasize hardware and AI integration.
Hong Kong's IPO market surged in the first nine months of 2026, with 112 companies raising US$48.4 billion on the main board—doubling from the prior year and reaching the highest level since 1980. Though trailing Nasdaq's US$144 billion (boosted by SpaceX's record US$86.2 billion offering), Hong Kong outpaced the NYSE and is positioned for strong year-end activity with over 500 companies in its listing pipeline.
OpenAI is seeking $30 billion in funding at a $1.4 trillion valuation after postponing its IPO to 2026, citing AI safety concerns. The company's revenue has accelerated to over $40 billion annualized run rate with a 70% increase since July, while it expands commercial offerings including new AI agents and subscription tiers.