The Brazilian Federal Revenue Service has revised the rules for tax 
declarations on crypto assets. The new rules require foreign exchanges to 
report transactions to the agency and mandate that DeFi operations be 
disclosed. New Brazilian Tax Rules Target Foreign Exchanges, DeFi Activities 
The Facts The Brazilian Tax Agency (Receita Federal) has published new rules 
[…]

Brazilian Tax Agency Tightens Crypto-Reporting Rules, Targeting Foreign Exchanges and DeFi

UK introduces tougher cyber law to protect business and public. The UK 
government has formally introduced the Cyber Security and Resilience bill to 
Parliament, according to an announcement by the Department for Science, 
Innovation and Technology. The legislation would expand…

Technology firms face stricter UK cyber rules under new bill

Orbs has introduced dSLTP, a decentralized system that enables on-chain stop- 
loss and take-profit orders for DEX users without relying on centralized 
intermediaries.

Orbs announces dSLTP, first-ever decentralized stop order protocol for DEXs

Michael Saylor&#8217;s Strategy, formerly known as MicroStrategy, has found itself 
significantly exposed to the ongoing downturn in the cryptocurrency market, 
which has seen more than $1 trillion in total market capitalization wiped out 
over the past month. As the largest public holder of Bitcoin, with over 
650,000 coins, the company is now facing the real threat of being removed from 
major benchmark indices, which have been crucial for its visibility in 
mainstream portfolios. Analysts Predict Major Impact On Strategy According to 
a recent Bloomberg report, analysts at JPMorgan Chase have issued a warning 
that Saylor’s firm may lose its standing in key indices such as MSCI USA and 
the Nasdaq 100. Related Reading: CEO Cuts Cardano Founder’s Bitcoin Price 
Forecast, Warns Bear Market Just Starting The analysts assert that this could 
result in passive outflows estimated between $2.8 billion and $8.8 billion if 
MSCI proceeds with a decision expected by January 15. Passive funds connected 
to the company currently account for nearly $9 billion in market exposure, 
making any index exclusion a substantial blow. Strategy’s business model has 
relied on a cyclical strategy of selling stock to buy Bitcoin, capitalizing on 
price rallies, and repeating this process. At its zenith, Saylor&#8217;s company&#8217;s 
market capitalization far exceeded the value of its Bitcoin holdings. However, 
that premium has evaporated, and the company&#8217;s valuation now aligns closely 
with its crypto reserves—a stark indication that investor confidence is fading 
rapidly. “While active managers are not bound to adhere to index changes, 
exclusion from major indices would undoubtedly be viewed negatively by market 
participants,” noted JPMorgan analysts, led by Nikolaos Panigirtzoglou. Such a 
shift could affect liquidity, increase funding costs, and diminish overall 
investor appeal. MSCI Contemplates New Index Inclusion Rules In its ongoing 
consultations with stakeholders, MSCI indicated that some market players 
believe digital asset treasury firms (DATs) may function more like investment 
funds, which are ineligible for index inclusion. In accordance with these 
perspectives, MSCI has proposed excluding companies whose holdings in digital 
assets constitute 50% or more of their total assets from its global investment 
market indexes. Related Reading: BlackRock’s Bitcoin ETF Bleeds Over $500 
Million In Its Biggest One-Day Outflow Since peaking last November, Saylor’s 
firm has seen its shares (MSTR) decline by over 60%, causing a collapse in the 
premium that once attracted momentum and crypto-focused investors. Despite 
this slump, Saylor&#8217;s company remains up over 1,300% since he first began 
purchasing Bitcoin in August 2020, outperforming major equity indices 
throughout this period. The selloff has extended its reach into the company&#8217;s 
newer funding structures, as well. The prices of its perpetual preferred 
shares—an essential part of Saylor’s recent strategies—have seen sharp 
declines. Additionally, yields on securities issued in March have risen to 
11.5%, up from a previous 10.5%. A recent euro-denominated preferred stock 
offering has already dropped below its discounted offering price in under two 
weeks. Michael Youngworth, head of global convertible bond strategy at Bank of 
America Global Research, remarked, “That premium has collapsed in recent 
weeks,” adding that the present situation makes capital raising increasingly 
challenging. Feature image from DALL-E, chart from TradingView.com

Saylor’s Strategy Under Threat: Index Status At Risk With $8 Billion On The Line

The cryptocurrency market experienced a brutal flash crash in the early hours 
of Nov. 21, driving bitcoin from above $85,000 to a low of $82,032 in minutes. 
The sell-off caused the total crypto market capitalization to drop below $3 
trillion. Altcoins Decimated In a brutal flash crash during the early hours of 
Nov. 21, bitcoin […]

Cryptocurrency price in MMK