⚖️ New Global Crypto-Tax Framework Will Cover Only 14% of Taxable On-Chain Activity
A new analysis reveals that only 14% of total global taxable on-chain crypto asset activity falls under the incoming global tax reporting framework, set to take effect in 2027.
Last year, potentially taxable global on-chain crypto activity surpassed $457 billion. European countries account for the largest share of activity captured by the framework, while China's taxable crypto activity amounts to less than one-fifth of the United States'.
The figures highlight a significant coverage gap in the new regime, which is designed to improve cross-border crypto tax reporting but leaves the majority of on-chain activity outside its scope.
🪙 RQD* Raises $74M to Build Tokenized Market Infrastructure
U.S. clearing and custody firm RQD* has raised $74 million in a funding round led by Bain Capital, as Wall Street institutions accelerate preparations for tokenized financial markets.
The capital will be used to expand RQD*'s digital asset and tokenization infrastructure, positioning the firm to serve as a clearing and custody backbone for the emerging tokenized securities market.
The raise reflects growing institutional conviction that tokenization of real-world assets will require purpose-built clearing and settlement infrastructure — a segment drawing significant investment as regulatory clarity around digital assets improves.
📈 Grayscale Launches First Zcash Spot ETF, ZEC Surges 66%
Grayscale converted its nine-year-old Zcash Trust into a spot ETF on August 25, 2026, listing it on NYSE Arca — marking the first spot ETF for a privacy-focused cryptocurrency in the U.S.
The launch sent ZEC up 66% to an 8-year high. The move comes as the SEC approved the product in the same period it proposed tighter rules for other digital assets, signaling a nuanced regulatory stance on privacy coins — long shunned by exchanges as too risky to list.
The debut marks a potential shift in how institutional products treat privacy-focused assets, bringing direct retail and institutional exposure to a category that has historically faced delistings and regulatory scrutiny.
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Demand for tokenized equities is accelerating sharply, with the market growing from $16 billion to over $590 billion in perpetual futures within a single year, according to CoinDesk's Joshua DeVos.
But the headline growth obscures a key distinction: two tokens can trade under the same ticker while granting entirely different rights. Whether a token conveys real ownership or a synthetic claim determines the actual risks and legal protections a holder has — a difference that may not be visible until something goes wrong.
Coinbase's Layer 2 network Base has climbed to become the second-biggest onchain ecosystem, according to recent data, underscoring the accelerating expansion of DeFi activity beyond Ethereum mainnet.
The milestone reflects sustained growth in Base's total value locked, transaction volume, and developer activity since its public launch. Base has rapidly gained ground on established chains, positioning itself as a leading destination for DeFi protocols and users seeking lower fees and faster transactions on an EVM-compatible network.