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first_img Blockstream launched institutional consulting services and established an office in Lugano, Switzerland

Bitcoin infrastructure company Blockstream announced the launch of consulting services for financial institutions and established an office in Lugano, Switzerland. This business enables banks, asset management institutions, and others to directly connect with Blockstream's engineering team and Bitcoin infrastructure. Blockstream Consulting Services will assist institutions in assessing, designing, and implementing Bitcoin-based financial infrastructure, as well as developing related solutions such as tokenized asset issuance and confidential settlements, covering areas such as technology strategy, system architecture, integration, and implementation.Blockstream stated that the Lugano office will serve Swiss clients, including those in Zurich, Geneva, and Zug, and will act as its European business hub, supporting client relationships, strategic partnerships, and collaboration with local financial and technology communities. The company's Chief Marketing Officer Peter Bain stated that Switzerland has a long-standing banking tradition and a regulatory framework supporting digital assets, making it an important market for Blockstream; the company aims to provide local expertise in markets where it sees demand for Bitcoin infrastructure, and the consulting business along with the Lugano office will bring customized Bitcoin solutions to European financial institutions.Founded in 2014, Blockstream's business covers Bitcoin custody, settlement, payments, asset issuance, and self-custody, with products including the sidechain Liquid Network, Elements, Simplicity, Core Lightning, Jade hardware wallet, and Blockstream App. The company has launched Simplicity smart contracts on the Liquid network and added Lightning Network support for the Jade hardware wallet. Co-founder and CEO Adam Back stated that the next phase of Bitcoin adoption is to integrate into the existing financial system, and the company's experience in Bitcoin cryptography, protocol development, and engineering can address the related complexities. This announcement did not disclose the pricing of the consulting services, the size of the Lugano office's staff, or the names of clients.

first_img The Internal Revenue Service (IRS) of the United States plans to reform the voluntary disclosure program, reduce tax penalties, and expedite processing

According to a report by Forbes on Friday, the Internal Revenue Service (IRS) is preparing to reform its voluntary disclosure program, planning to reduce penalties and expedite the processing of tax violation cases, including those involving cryptocurrency.Jarod Koopman, head of the IRS Criminal Investigation Division, stated that the agency aims to launch the revised program before December and to close cases within 120 days after taxpayers complete the required submission process. He noted that the new plan will not establish a separate disclosure channel for digital assets but will apply the same voluntary disclosure procedures to other forms of tax noncompliance. Koopman also mentioned that the penalties under the revised program will be significantly lower than current levels, although he did not provide specific amounts. The IRS is considering allowing taxpayers to settle debts through installment payments or settlement offers.According to Forbes, the current program often takes a year or longer to complete and primarily targets taxpayers who intentionally fail to comply with tax laws and may face criminal prosecution, rather than those who make reporting errors due to negligence. Meanwhile, legislative efforts are advancing another voluntary disclosure program aimed at cryptocurrency taxpayers. Section 502 of the Digital Asset Taxation Certainty Act will establish a correction process with clear penalty standards for past violations, and the bill was passed by the House Ways and Means Committee in September.

Bloomberg: South Korea's stock market becomes the first trillion-dollar market to fall below a price-to-earnings ratio of 5

According to Bloomberg data, the expected price-to-earnings ratio of South Korea's KOSPI index for the next 12 months has fallen to 4.2 times, becoming the first trillion-dollar market on record to drop below the 5 times threshold. Among the 18 markets with a market capitalization exceeding 1 trillion dollars at the beginning of this year, this situation has never occurred with a benchmark index before.The cooling of the AI boom has triggered a sell-off in technology stocks, putting pressure on the South Korean stock market. Although South Korea's exports are approaching 1 trillion dollars, the demand for chips from SK Hynix and Samsung Electronics remains strong, but investors are still unwilling to pay higher valuations for the earnings of related companies. The valuation of the South Korean stock market is now close to that of the Indonesian market, which is facing the risk of an MSCI downgrade, with the discount level further widening. Bloomberg comments that extremely low valuations may create space for future valuation recovery. If sentiment turns, South Korean stocks are expected to outperform other markets in the short term, but it is uncertain when the recovery will start and whether there will be further declines; a low price-to-earnings ratio itself does not mean that it has already hit bottom.
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