Daily market update (July 9, 2025, 20:20)
ChainDD market data on July 9 shows that the comprehensive DD index and CoinMarketCap quotes:
BTC reported at $109,476.77, an increase of about 0.61% in 24 hours;
ETH reported at $2,658.26, an increase of about 3.11% in 24 hours;
BNB reported at $661.61, an increase of about 0.22%;
DOGE reported at $0.1742, an increase of about 1.78% in 24 hours;
SOL reported at $154.24, an increase of about 1.62%.
Cryptocurrency market dynamics
Director of the Shanghai Financial and Development Laboratory: We should utilize stablecoins to promote the upgrading of financial services.
Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, stated that we should fully utilize the payment convenience of emerging stablecoins and digital currencies to promote the upgrading of financial services within a controllable scope, meeting the real needs of social members for efficient, safe, and low-cost payment tools. However, we must be highly vigilant against the potential monopoly of payment channels, user data, and business opportunities by non-bank institutions. It is necessary to effectively prevent the accumulation of systemic financial risks, the formation of information islands, and regulatory arbitrage phenomena. Zeng Gang indicated that new currency tools like stablecoins and crypto assets will continue to penetrate real economic activities, bringing greater convenience and options for market participants.
Cryptocurrency users in the UK will need to provide personal information to service providers starting next year.
Cryptocurrency users in the UK must submit personal information including full name, date of birth, address, country of residence, and tax identification number to service providers starting January 1, 2026, or face fines of up to £300 (approximately $408). This regulation applies to all businesses classified as cryptocurrency service providers, including exchanges, wallet applications, NFT markets, and crypto asset management services.
Greenland Holdings: Greenland Jin Chuang holds Hong Kong's 4th and 9th licenses, supporting virtual asset business.
According to Greenland Holdings on the interactive platform, as of now, Greenland Jin Chuang holds Hong Kong's 4th and 9th licenses issued by the Securities and Futures Commission, and has upgraded to support virtual asset-related business licenses.
Beijing Internet Finance Industry Association: Beware of illegal fundraising using new concepts like 'stablecoins'.
The Beijing Internet Finance Industry Association has issued a risk warning against illegal fundraising using new concepts like 'stablecoins': Recently, various digital currencies and related concepts represented by 'stablecoins' have attracted market attention. Some illegal institutions and individuals, under the guise of 'financial innovation', 'blockchain technology', 'digital economy', 'digital assets', and other gimmicks, exploit the public's limited understanding of new financial concepts by issuing or hyping so-called 'virtual currencies', 'digital assets', 'stablecoin investment projects', etc., promising high returns and inducing the public to invest funds for trading and speculation.
New Zealand has comprehensively banned cryptocurrency ATMs and set transfer limits in anti-money laundering reforms.
New Zealand has comprehensively banned cryptocurrency ATMs and set the international cash transfer limit at $5,000 as part of a large-scale reform aimed at curbing money laundering and illegal funding. The New Zealand government announced the closure of all cryptocurrency ATMs in the country and set a $5,000 limit on international cash transfers. New Zealand's Assistant Justice Minister Nicole McKee announced the government's latest anti-money laundering and anti-terrorist financing reform plan in a statement on Wednesday.
Korean National Tax Service: Residents must report comprehensive income tax for virtual asset labor remuneration received from overseas companies.
The Korean National Tax Service clearly stated that residents who receive virtual assets in the form of labor remuneration from overseas companies must legally report comprehensive income tax.
The National Tax Service pointed out in its response in March this year that if residents have not undergone withholding through a tax combination and obtain virtual assets as labor income based on incentive contracts from foreign companies, they must fulfill their reporting obligations for comprehensive income tax.
A reported case mentions that Singapore Company B intends to grant virtual assets to employees of its South Korean subsidiary Company C. The employee signed an incentive contract with Singapore Company B and performed work related to blockchain and virtual asset exchanges as instructed, receiving virtual assets as remuneration.
