US AI Stocks Plunge, South Korea's Crypto Tax Policy Update

US AI concept stocks experienced a collective flash crash in perpetual contracts early in the morning, with Western Digital dropping over 7% at one point, and Micron and SK Hynix falling over 6%. The South Korean government plans to convene the five major crypto exchanges on October 20 to gather opinions on the proposed 22% crypto tax to be implemented in 2027. The French National Assembly passed an amendment to tax cryptocurrency exchanges for stablecoins by a narrow margin, set to take effect in 2027. Papertrade's perpetual contracts may soon be launched, with Paragon acquiring the PAPER code for approximately $45,000. The five major crypto exchanges in South Korea are looking to push for a fourth delay of the 22% crypto tax, with the ruling party proposing to extend it to 2029. Ledger's CEO responded to the former CEO of Mt. Gox, stating he is not a white knight and should not make baseless speculations. The South Korean finance minister indicated that the semiconductor market's prosperity is expected to last at least until next year. pump.fun has launched perpetual contract trading services based on Hyperliquid, charging a maximum Builder Fee of 0.1% per order. Variational is suspected to activate trading API next Friday. Goldman Sachs, Wells Fargo, and Morgan Stanley view tokenization as a growth opportunity, but none provided revenue expectations.

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