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On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.

Crypto industry disappointed as Australia looks to enshrine tax rules

Cory Russell

Oct 27, 2022 16:16

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The cryptocurrency sector expressed its disappointment on Wednesday with Australia's decision to keep classifying cryptocurrencies as assets for tax reasons rather than foreign currency.


In its budget presentation on Tuesday, the government said that it will submit laws to formalize the classification of virtual currencies like Bitcoin as assets.


This implies that when investors sell cryptocurrency via exchanges or engage in digital asset trading, they must pay capital gains tax on their earnings.


The law eliminates confusion that followed El Salvador's decision to declare Bitcoin legal cash in September of last year, according to the Australian government's budget release.


However, Australia said that central bank digital currency (CBDC), or cash issued by the government, would be considered as foreign money.


Approximately 90% of the central banks throughout the globe are currently utilizing, testing, or researching CBDCs. The majority are attempting to avoid falling behind Bitcoin and other cryptocurrencies but are having trouble due to technical challenges.


The budget shift, according to Mitchell Travers, the founder of blockchain consulting firm Soulbis and a former operator of cryptocurrency exchanges, is ambiguous and seems to be at conflict with government research into the sustainability of a CBDC.


Given that the Treasury is also investing in attempting to shift the traditional technology systems that support our financial system over to digital assets, Travers said it would be unwise for the government to really take an enforcement approach to the taxation of crypto assets in its early stages.


If they were to impose the taxation of digital assets and then introduce its own CBDC without precise specifications of what token corresponds to what tax classification, it would be an amusing paradox.

The Treasury said in August that it will prioritize "token mapping" work, which would assist determine how crypto assets and associated services should be regulated. The Australian crypto industry is mainly uncontrolled.


The sharp decline in cryptocurrency values caused El Salvador, which became Bitcoin legal money last year, to suffer significant economic losses.


According to Caroline Bowler, CEO of BTC Markets, an Australian cryptocurrency exchange, "I think they are taking a snapshot in time and making an assessment for a long time around what happened in El Salvador and the price of bitcoin." She added that Australia will lag behind other nations that are adopting a more open-minded strategy.


The United Kingdom now has a prime minister who is conversant with central bank digital currencies, so Bowler predicted that Europe would gain ground. If we don't consider proportionate, sensible regulation, all these trade partners will surpass Australia.

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