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Shanghai Stock Exchange: Clarifies that enterprises with large artificial intelligence models are applicable to the fifth set of listing standards for the Sci-Tech Innovation Board

The Shanghai Stock Exchange officially released the "Guidelines for the Application of the Shanghai Stock Exchange Issuance and Listing Review Rules No. 10 - Applicable to AI Large Model Enterprises under the Fifth Set of Listing Standards for the Sci-Tech Innovation Board," aimed at leveraging the role of the capital market to support the development of AI large model enterprises in China that are in a critical period of large-scale commercialization.The "Guidelines" combine the actual situation of technological innovation in the field of AI large models and clarify the specific requirements for applying the Fifth Set of Listing Standards for the Sci-Tech Innovation Board:Definition of Main Business: The issuer's main business must be clearly defined as "independent research and development of AI large models, model services, or model applications," while simultaneously supporting both general large models and industry-specific models.Requirements for Stage Achievements: When applying, enterprises must meet the condition of "at least one large model product has been launched and achieved large-scale application" as a standard to verify the feasibility of their product business model and commercialization capability.The Shanghai Stock Exchange stated that the next step will be to actively and steadily promote the issuance and listing of AI large model enterprises that meet this standard on the Sci-Tech Innovation Board under the guidance of the China Securities Regulatory Commission, to provide greater support for the development of technology-based enterprises that break through key core technologies.

The chairman of the CFTC clarifies the controversy over perpetual contracts, stating that the lack of a fixed expiration date does not affect the futures attributes, and the funding rate mechanism helps with price anchoring

Mike Selig, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on the X platform to clarify several misunderstandings in the market regarding perpetual futures contracts and to address the controversy arising from the recent approval of related contracts by the CFTC. Mike Selig stated that the Commodity Exchange Act and relevant CFTC rules do not explicitly require that "futures contracts" must have a fixed expiration date or delivery date. Since Congress has not clearly defined this term, the identification of futures contracts is primarily based on judicial precedents and CFTC interpretations, and a fixed expiration date is not a necessary condition.In response to the claim that "the CFTC-approved BTCPERP contract allows U.S. users to use 250 times leverage," high leverage is not a characteristic of the perpetual contract structure itself, but rather a feature of the previous offshore trading model. Perpetual contracts regulated by the CFTC will adhere to the same leverage limits as other regulated futures products.Regarding the criticism that "the CFTC did not provide opportunities for industry participation and feedback," the CFTC publicly solicited opinions on "perpetual contracts" and "24/7 trading" in April 2025 and received over 100 responses from industry participants, including several CFTC-registered entities. Additionally, concerning the view that the funding rate mechanism is believed to incur high costs and induce undesirable market behavior, after considering the costs of opening positions and rolling over traditional term futures contracts, the annualized holding cost of the perpetual contract funding rate is roughly equivalent to that of traditional futures. The funding rate mechanism actually helps maintain price anchoring.

CFTC Chairman Clarifies Four Major Misconceptions About Perpetual Futures Contracts

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), published an article clarifying four major misconceptions about perpetual futures contracts.Regarding the misconception of "fixed expiration date": There is a viewpoint that the defined "futures contract" requires a fixed expiration date or delivery date, and the indefinite nature of perpetual contracts is inconsistent with congressional intent. Selig clarified that neither the Commodity Exchange Act nor CFTC regulations provide a clear definition of the term "futures contract," nor do they require a fixed expiration date or delivery date. Since Congress did not define the term, the criteria for its determination are provided by case law and committee interpretation, both of which do not require a fixed expiration date.Regarding the misconception of "high leverage": There is a viewpoint that the CFTC approved a futures contract allowing Americans to use leverage of up to 250 times when approving the BTCPERP contract, violating its own rules. Selig clarified that extreme leverage has been a characteristic of trading perpetual contracts in offshore venues since their inception, and is not inherent to the contract structure itself. The perpetual contracts regulated by the CFTC are subject to the same leverage limits as other futures contracts regulated by the CFTC.Regarding the misconception of "public opinion": There is a viewpoint that the CFTC did not provide the industry with an opportunity to participate or express opinions. Selig clarified that the CFTC released a request for comments on "perpetual contracts" and "24/7 trading" in April 2025, soliciting public input, and received over 100 comments from a wide range of stakeholders, including many registered entities regulated by the CFTC.Regarding the misconception of "funding rates": There is a viewpoint that the funding rate mechanism imposes unique and prohibitively high costs on market participants, fostering bad behavior in the market. Selig clarified that after considering the costs associated with opening positions and rolling over contracts with expiration dates, the annualized cost of holding futures contracts with expiration dates is roughly equivalent to that of perpetual contracts. The funding rate mechanism is far from fostering bad behavior; rather, it is a constraint tool that keeps the contract linked to the underlying spot market.

India's cryptocurrency tax review exposes approximately $930 million in undeclared income, with a comprehensive strengthening of itemized reporting and cross-platform verification for the 2026 tax season

As India's tax enforcement intensifies, cryptocurrency investors face stricter reporting and compliance requirements in the 2026 tax season, with incorrect declarations potentially triggering fines and audits. Reports indicate that under current rules, cryptocurrency gains are still subject to a 30% uniform capital gains tax, and a 1% Tax Deducted at Source (TDS) is levied on transactions exceeding a certain amount, while losses cannot be offset across assets. The new Income Tax Act (2025) came into effect on April 1, 2026, but the core tax framework remains largely unchanged.In terms of reporting, investors must fill out a dedicated Schedule VDA section in the ITR-2 or ITR-3 forms and are required to record each transaction individually, including all operations such as trading, exchanging, transferring, and clearing, rather than just summarizing gains. The report emphasizes that regulatory focus has clearly escalated. The Indian tax authorities will directly obtain user-level transaction data through trading platforms, custodians, and wallet service providers, and will automatically cross-check this with reported information; discrepancies will trigger system flags and audits.Data shows that the Indian tax authorities have issued over 44,000 notices and discovered approximately 88.8 billion rupees (about 930 million USD) in unreported virtual asset income. Meanwhile, the tax department is enhancing its tracking capabilities by combining on-chain analysis tools with international data-sharing mechanisms. Additionally, starting in 2027, India will align with the OECD cryptocurrency reporting framework to achieve automatic exchange of cross-border transaction data, and overseas exchange holdings will gradually come under regulatory scrutiny.Analysis points out that common errors include misuse of reporting forms, omission of airdrop and staking income, and failure to correctly match 1% TDS records, among others. The report emphasizes that cryptocurrency tax compliance is shifting from "post-reporting" to "real-time traceability," and investors need to strengthen year-round record management.

first_img Analysis: Cryptocurrencies lack verifiable return stories and are continuously losing to AI in the competition for institutional capital

According to research by CointelegraphMT, traditional financial markets are absorbing institutional capital at a pace that cryptocurrencies find hard to match by 2026. The main reason is that AI has clear and measurable returns, while cryptocurrencies currently lack a similar narrative.Data shows that the S&P 500 index rose only 3.5% after excluding AI stocks in 2026, while AI-related indices saw an increase of nearly 50%. The five major tech companies in the U.S. are expected to reach $72.5 billion in capital expenditures for AI infrastructure this year, with Nvidia's quarterly revenue reaching $81.6 billion.The research points out that AI spending can be directly validated through revenue, capital expenditures, and profit margins, while the value proposition of cryptocurrencies is difficult to quantify for traditional allocators. Currently, while the supply of stablecoins is at a historical high, more funds are flowing into tokenized government bonds rather than risk assets.Additionally, in May, the net outflow from U.S. spot Bitcoin ETFs was $2.3 billion, marking the worst single month of the year. However, long-term holders continue to buy in the over-the-counter market, with market makers like Wintermute reporting stable buying around $72,000. The research concludes that unless cryptocurrencies can provide a measurable and repeatable institutional-level return story similar to AI, they will be at a significant disadvantage in competing for the same institutional funds.
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