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first_img Microsoft exits the UK's largest AI data center, power supply may be delayed until the 2030s

According to a report by the Financial Associated Press, Microsoft has withdrawn from a large artificial intelligence data center project developed by the UK data center company Nscale in Essex, with reports indicating that the withdrawal is related to concerns over power supply. Officials from the UK National Grid had informed Nscale that the power supply for the data center is not expected to be in place until the 2030s. Nscale is exploring whether it can generate power on-site and whether it can expedite the grid connection process.The project was previously referred to by the UK government as the largest data center in the UK, originally scheduled to open next year. As of the report, the site still appears to be just a scaffolding yard. Microsoft had originally planned to fund the construction of a supercomputer, but the collaboration has now been terminated. Following the termination of the related computing power transaction, Nscale lost its only publicly announced client for the data center in Essex. Nscale stated that its relationship with Microsoft remains strong and long-lasting, and the two parties will continue to collaborate on other overseas projects, with Microsoft still participating in another project in Norway.The Starmer government highlighted this project when announcing the UK's 2025 artificial intelligence strategy, calling it the largest autonomous artificial intelligence data center in the UK. Nscale has received support from several tech companies, including Nvidia, and plans to go public in the US this year, with a valuation potentially reaching $35 billion.

first_img South Korean investors petition for the fourth time to delay cryptocurrency taxes, while regulators insist on implementing them on schedule

South Korean investors are once again pushing to delay the cryptocurrency capital gains tax scheduled to be implemented on January 1, 2027, but regulators insist on proceeding as planned. According to the South Korean National Assembly's electronic petition system, a petition requesting a two-year delay of the crypto tax plan has garnered 50,000 valid signatures, reaching the legislative review threshold, and will be automatically submitted for consideration by the relevant standing committee.South Korea plans to impose a 22% tax (including a 20% basic tax rate and a 2% local tax) on the portion of annual income from digital assets exceeding 2.5 million Korean won (approximately $1,856), covering income from the sale, transfer, and lending of cryptocurrency assets. This tax has been postponed three times since it was first discussed in 2022. Petitioners argue that the majority of crypto investors are suffering significant losses, with major South Korean crypto companies experiencing a decline in operating profits of up to 90%. Implementing the tax at this time would kick young people's wealth ladder away and could push investors toward offshore platforms.In May of this year, a petition calling for the abolition of the crypto tax reached the 50,000 signature threshold within eight days of submission but did not advance further. Meanwhile, the government's stance remains firm, with the nominee for the Minister of Economy and Finance, Lee Heung-ik (phonetic), stating last weekend that the crypto tax plan is proceeding as scheduled, and the National Tax Service will announce detailed tax standards later this year.

first_img Monument Bank delays retail tokenized deposits due to regulatory issues in the UK

According to CoinDesk, London challenger bank Monument Bank has postponed its £250 million (approximately $330 million) project to tokenize UK retail bank deposits for several months, as the bank has been unable to find a local crypto custodian that meets the Financial Conduct Authority (FCA) standards and can handle zero-knowledge privacy proofs.Mintoo Bhandari, founder of Monument Bank, stated that the bank originally planned to tokenize customer deposits on the privacy public chain Midnight, hoping to launch the world's first tokenized deposits two months ago, but it is now expected to take another two months, with a retail customer launch in November. To meet regulatory requirements, the bank expanded its search for custodial partners to overseas, ultimately finding a Canadian custodian approved by the FCA.Midnight is a privacy-first Layer 1 blockchain project funded by Charles Hoskinson, which keeps customer information within the Monument system through zero-knowledge proofs while allowing the bank to prove compliance on-chain and provide audit records to regulators. Monument Bank announced the project in March this year, planning to offer tokenized private equity, structured products, and automated Lombard loans to "mass affluent" customers with investable assets ranging from £50,000 to £5 million.Bhandari stated that customer deposits will continue to earn interest, fully backed by Monument, and can be exchanged at a 1:1 ratio for pounds, protected by the Financial Services Compensation Scheme (FSCS), with a limit of £120,000 per person or company.

first_img Loomis criticizes the Democratic Party for delaying the Clarity Act, stating that further compromise is still needed

U.S. Republican Senator Cynthia Lummis has once again criticized the Democrats for delaying the much-anticipated Clarity Act. Lummis stated in response to a Semafor report on the X platform that if the bill fails, the responsibility lies with the Democrats for failing to join Republicans in supporting this bipartisan legislation. She pointed out that the Democrats' continued demands for amendments could lead future regulatory agencies to "stifle the crypto industry." Lummis added that if the differences can be bridged, she believes the Clarity Act could pass, but this requires further compromise from the Democrats, rather than concessions from the White House. Lummis had previously stated that if the bill fails, it will be due to the Democrats. The U.S. Senate is set to hold a procedural vote on the bill next week, and Lummis warned that if it does not pass next week, there will be no realistic opportunity within this decade. The Clarity Act aims to formally delineate the responsibilities of regulatory agencies and distinguish whether digital assets are classified as securities, commodities, or stablecoins. The bill was passed by the House of Representatives last July but was shelved due to conflicts between banking lobbyists and crypto companies over customer stablecoin yield issues. A new draft circulating in July prohibits government officials from promoting or profiting from crypto, with Democrats criticizing the Trump family for venturing into this area, yet still deeming the bill insufficient and calling for amendments.
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