Catalog
Hong Kong Regulatory Upgrade丨Overview of Four Key Reforms
The Hong Kong Securities and Futures Commission will include over-the-counter trading and custody in the regulatory framework, expand the asset range of spot ETFs, and allow staking services while accelerating the pilot of securities tokenization, launching a regulatory sandbox to balance innovation and risk.Vietnam丨The World's First Digital Technology Law
The Vietnamese National Assembly passed the Digital Technology Industry Law, regulating the classification of digital assets and implementing a dual-track compliance framework, providing tax incentives to promote the semiconductor and AI industries, responding to FATF anti-money laundering requirements.Cold Wallet Scam丨$6.9 Million Disappeared Overnight
Users purchased tampered cold wallets through third-party platforms, leading to asset theft. SlowMist tracked and revealed the cross-border money laundering chain, and security experts proposed three principles for hardware wallet anti-fraud.Parade or Birthday Celebration丨Crypto Giants Involved in Trump Parade Controversy
Trump's parade sponsorship by corporations raised public resource privatization controversies, and Coinbase's participation triggered value conflicts within the industry; the political symbolism design was criticized for challenging the tradition of military nationalization.Hong Kong丨Aiming to Become a New Hub for Global Asset Management Across Borders
Hong Kong's fund scale increased by 285% year-on-year, attracting a net inflow of $44 billion, with policy dividends and digital financial innovations driving its transformation from a capital transit hub to a global asset management decision center.VanEck Urgent Call丨Warning for Listed Companies' BTC Treasury!
VanEck warns that the Bitcoin treasury strategy of listed companies poses risks of equity dilution and leverage, and tightened regulations may squeeze arbitrage space, with Standard Chartered warning that falling coin prices could trigger liquidity crises.Sun Yuchen's Tron丨Shell Listing
Tron plans to go public through a reverse merger with SRM Entertainment, led by a Trump-associated investment bank. The SEC investigation's pause reveals political maneuvering, and TRX asset injection raises valuation disputes.Yuta Logistics丨HKD Stablecoin & Bitcoin Stablecoin
Yuta Logistics applies for a Hong Kong stablecoin license and starts a Bitcoin acquisition plan, exploring the integration of logistics scenarios, but the volatility risk of Bitcoin-pegged tokens remains unresolved.FinTax 2025 White Paper丨Global Crypto Compliance Overview
FinTax releases a white paper analyzing regulatory trends in 30 countries, comparing the differences in stablecoin regulation between Hong Kong and the US, warning of tariff impacts on mining companies, and launching compliance tech solutions.
Hong Kong Regulatory Upgrade丨Overview of Four Key Reforms
🔍 Over-the-Counter Trading and Custody Included in Regulation
"No Dead Angle" Regulatory Framework Officially Launched
At the Caixin Summit on June 13, 2025, Liang Fengyi, CEO of the Hong Kong Securities and Futures Commission, announced that over-the-counter (OTC) platforms and custody institutions would be included in the licensing regulatory system, implementing the principle of "same business, same risk, same rules." Previously, Hong Kong only regulated licensed exchanges, leading some investors to turn to offshore platforms for trading derivatives or OTC products, creating capital outflow and risk blind spots. The new regulations cover the entire chain through penetrating regulation, requiring OTC platforms to isolate customer assets and conduct regular audits of reserves, and custody institutions must undergo risk control stress tests to fundamentally eliminate FTX-style blow-up incidents.
💎 Continuous Increase in Spot ETFs and Staking Services
Expansion of the Compliance Product Matrix
Since launching 6 spot Bitcoin/Ethereum ETFs on April 30, 2024, the total market size has surpassed $8 billion. Liang Fengyi explicitly supports expanding the asset range for spot ETF underlying assets (such as Solana, Ripple) and allows licensed platforms to provide staking services, enabling users to earn 5%-15% annualized returns by staking tokens. This move not only attracts institutions like BlackRock and Fidelity to increase holdings in Hong Kong virtual asset ETFs but also promotes local platforms like HashKey to launch "staking as a service" (StaaS) products, with the staking market size expected to reach $3 billion by 2025.
⚙️ Accelerated Process of Securities Tokenization
Traditional Finance and DeFi's Wall-Breaking Experiment
Hong Kong is piloting securities tokenization, putting assets like stocks and bonds on the blockchain and achieving T+0 settlement through smart contracts. For instance, the Hong Kong Stock Connect's RMB counter has tested tokenized Hong Kong stock trading, and Standard Chartered Bank's issuance of a HKD 500 million green bond was settled through the Polygon chain, reducing costs by 60%. Liang Fengyi pointed out that tokenization can solve cross-border payment friction, and may eventually connect with the mainland's digital RMB (e-CNY) system to build a high-efficiency asset circulation network in the Asia-Pacific.
🛡️ "Regulatory Sandbox" Safeguarding Technological Innovation
Dynamic Balancing of Compliance and Efficiency
The Hong Kong Securities and Futures Commission has launched a "regulatory sandbox" allowing companies to test innovative businesses such as virtual asset lending and derivatives (e.g., HashKey's leveraged tokens, Circular Coin Technology's stablecoin cross-border payments) in limited scenarios. Sandbox projects must meet three major hard indicators: reserve coverage ratio ≥ 105%, real-time trading monitoring system, and investor risk rating mechanism. Liang Fengyi emphasized that Hong Kong will not follow Singapore's "loosen first, tighten later" route but will use the ASPIRe regulatory roadmap as a benchmark, completing legislation for 12 core measures by 2025.
👨🎓 Extended Thought: In the regulatory game between Hong Kong and Singapore, who can attract Wall Street capital more effectively?
Vietnam丨The World's First Digital Technology Law
🌟 The World's First Digital Technology Industry Law is Born
From "Grey List" to Legislative Benchmark Leap
The Vietnamese National Assembly passed the Digital Technology Industry Law on June 14, 2025, with 441 votes in favor (out of 445). The law, effective January 1, 2026, classifies digital assets into virtual assets (for exchange or investment) and encrypted assets (relying on cryptographic technology to verify ownership), explicitly excluding securities and digital legal currency from traditional financial instruments. This makes Vietnam the first country in the world to formulate independent laws for the digital technology sector, directly responding to the FATF's 2023 listing of Vietnam on its anti-money laundering "grey list" due to regulatory pressure. Before the law's passage, the market value of private crypto assets in Vietnam exceeded $100 billion, with 17 million holders remaining in a grey area for a long time. The new law lays the foundation for activating a trillion-dollar market.
🔒 Dual-Track Regulatory Framework and Compliance Dividends
Categorized Regulation + International Standards = Market Restructuring
The bill requires digital asset trading platforms to comply with international standards for cybersecurity, anti-money laundering (AML), etc., and mandates the adoption of FATF's "travel rule" to share transaction parties' information. Companies must go through licensing reviews, and the government has the right to review asset circulation, for instance, exchanges must isolate customer assets and regularly audit reserves. Meanwhile, Vietnam has launched a "digital asset sandbox" allowing compliant companies to test innovative businesses, such as a pilot project with Bybit in 2026. This "strict regulation + experimental field" model reduces systemic risks while providing a transformation window for local enterprises.
💰 The Golden Decade for Semiconductors and AI
Tax Incentives for the Entire Industry Chain Ignite a Wave of Tech Investment
The bill provides 15 years of a 10% corporate income tax, exemption from import tariffs and land rental fees for digital infrastructure such as semiconductors and AI data centers. Large projects (semiconductor facility investments ≥ $160 million) can also receive five years of personal tax exemptions for foreign experts. Vietnam plans to cultivate 150,000 digital enterprises by 2035, and SSI Digital has established a $200 million fund to invest in blockchain, attracting outflow teams like the chain game (Axie Infinity) developer Sky Mavis to return. The government has also promised to subsidize 50% of the technology R&D costs for startups, establishing a "Made in Vietnam" digital brand.
🚨 Scams Prompting Risk Hedging
The Struggle for Sunshine in a Trillion-dollar Market
In 2024, Vietnam exposed major crypto scams such as Matrix Chain ($400 million) and BitMiner ($1.57 million), prompting legislation to strengthen investor protection. New laws require high-risk AI systems to label identification, and provincial governments must incorporate digital skills into the national curriculum to cultivate a million tech talents. Despite bright prospects, challenges remain: insufficient departmental coordination may lead to policy delays (e.g., the sandbox plan being postponed multiple times), 20% of crypto holders lack risk awareness, and infrastructure still lags behind neighboring countries like Singapore.
👨🎓 Extended Thought: 17 million Vietnamese hold over $100 billion in crypto assets, but a large portion comes from scams, mining, and underground currency exchange. After legalization, how to identify "dirty money"? Will it repeat the market turmoil caused by India's 2016 demonetization?
Cold Wallet Scam丨$6.9 Million Disappeared Overnight
💸 Douyin E-commerce Counterfeit Trap
Third-party sellers' low-price bait concealed private key leakage backdoors
A cryptocurrency user purchased a discounted cold wallet from a third-party seller on Douyin, resulting in a loss of nearly $6.9 million after use. Blockchain security company SlowMist's investigation found that the private key for the device had been pre-leaked when the user created the wallet, and funds were transferred within hours through a Cambodian gray net (Huiwang) money laundering group. Scammers used Douyin e-commerce's "low-price promotions" for traffic, and the shipping personnel were unaware of the tampering of the device, forming an untraceable criminal chain. This case exposes fatal loopholes in e-commerce platforms' auditing of hardware wallet suppliers, with low-price traps becoming a new type of "pig-butchering" scam.
🌐 Dilemma of Tracking Cross-Border Money Laundering Chains
Cross-Border Fund Transfer Speeds Exceed Traditional Law Enforcement Response Limits
Stolen assets of $6.9 million were completed in cross-chain transfers within 3 hours, ultimately flowing into a mixing service controlled by a Cambodian gray net group. This group employs a "decentralized money laundering" model: breaking down the illicit funds into over 200 intermediary addresses, then exchanging them for fiat currency through underground money changers in Thailand. SlowMist points out that such crimes exploit the regulatory gaps in Southeast Asia, with a recovery rate of less than 0.3%. More seriously, the gray network group has formed a complete industrial chain of "hardware tampering - sales - money laundering," with similar cases increasing by 230% year-on-year in 2024.
🔌 Hardware Supply Chain Attacks Escalate
From cold wallets to printers, physical devices become security blind spots
This case forms a dangerous trend alongside other recent hardware attack incidents: a printer manufacturer was accused of implanting malware in its official drivers, stealing users' Bitcoin wallet private keys, causing losses exceeding $950,000; Kaspersky Labs discovered counterfeit Android phones on the market pre-installed with trojans, specifically monitoring cryptocurrency apps and replacing payment addresses. These attacks exploit users' psychological trust in the "security of physical devices," implementing precise strikes through supply chain contamination. Security experts warn that in 2025, hardware-level attacks accounted for 34% of total cryptocurrency crimes.
🛡️ Cold Wallet Purchasing Survival Guide
Official Channels + Tamper-proof Seals + Offline Activation Three Rules
SlowMist's Chief Information Security Officer proposed three principles for hardware wallet security: 1. Purchase only through the brand's official website or authorized dealers; discounts over 30% on e-commerce platforms trigger a risk threshold; 2. Inspect anti-tampering seals (e.g., Ledger hologram labels) upon receipt, and immediately conduct small test transactions after activation; 3. Generate seed phrases offline to avoid initializing in a networked state. It is also recommended to enable multi-signature functions, so even if a single device's private key is leaked, assets can be frozen.
👨🎓 Extended Thought: Can biometric technologies (such as iris/vein recognition) replace physical mnemonics to completely eliminate the risk of "private key leakage"?
Crypto Giants Involved in Trump Parade Controversy
💰 $45 Million Price Tag for the Parade
Congress Endorses Non-Profit Organization America250 as Operator, Tech Giants Conceal Sponsorship
On June 14, 2025 (his 79th birthday), Trump led the 250th anniversary celebration of the establishment of the US Army. The event was hosted by the non-profit organization America250 designated by Congress, with a total budget as high as $45 million. Tech companies like Coinbase, Amazon, Oracle, and Palantir provided funding support under the guise of "patriotic donations," raising public concerns about "privatizing public celebrations." Although the White House claimed the parade preparations lasted over two years, the overlap of the date with Trump's birthday and the route passing by hotels owned by him were criticized as "packaging a personal political show in the name of the country."
⚠️ The Political Gamble of Crypto Giants
Coinbase Sponsorship Triggers Industry Trust Crisis, Decentralized Ideals Backfire
As the only publicly participating cryptocurrency company, Coinbase’s sponsorship behavior sharply conflicts with its touted "decentralized anti-censorship" values. Industry analysts point out that this move may be to secure policy leanings (such as suppressing CBDC advancement), but it has triggered a massive user protest. More critically, Democratic lawmakers have seized the opportunity to propose reviewing "cryptocurrency companies' political donations," which may impact the industry's regulatory framework.
🔥 Taxpayers Criticize Double Standards
Military Spending Frenzy vs. Living Standard Cuts, $230 Million Tanks Crush Living Budget
The daily surface repair cost for heavy equipment in parades (including M1A2 tanks, HIMARS rocket systems) reaches $12 million, with total costs equivalent to an 83% increase in annual salary for teachers across the US. Ironically, during the same period, the Trump administration cut $163 billion in non-defense spending (including housing security and environmental programs), while allowing companies to subsidize through donations. The mayor of Washington criticized: "This is using public resources to gild private celebrations!"
🎭 Political Binding Visual Symbols
"Military Loyalty to the President" Scene Design, Touching the Red Line of American Political Tradition
During the parade, Trump was deliberately arranged to preside over the oath for 250 new soldiers and accept folded national flags (usually only presented to families of the deceased), which historians criticized as "mimicking authoritarian symbols." Although the Army spokesperson argued it was "showing historical heritage," the scene of the audience singing birthday songs exposed the essence of political manipulation. Former Defense officials warned: "The nationalization of the military is the cornerstone of American democracy; this precedent could permanently damage trust between the military and civilians."
👨🎓 Extended Thought: Are political donations from cryptocurrency companies reshaping the "regulatory capture" model?
Hong Kong丨Aiming to Become a New Hub for Global Asset Management Across Borders
💥 $44 Billion Net Inflow of Funds
The Trust Vote of Global Capital
From 2024 to date, the scale of registered funds in Hong Kong has grown by 285% year-on-year, recording a net inflow of $44 billion, reaching a historic high. Funds from Europe, America, the Middle East, and Asia are accelerating their layout in the Hong Kong stock market, while the Hang Seng Index has risen over 20% this year, with daily trading volumes reaching HKD 242 billion, confirming international capital's dual recognition of Hong Kong's financial infrastructure and policy stability. Chan Mo-po emphasized that Hong Kong's "free port + international financial infrastructure" combination provides a seamless platform for complex cross-border transactions.
🚀 Double-digit Growth of Financial Talent
Industry Magnet Effect Fully Activated
In 2025, the number of license applications under the Securities and Futures Ordinance surged by double digits year-on-year, and the scale of financial practitioners continued to expand. Hong Kong attracts high-end talent through the "New Capital Investor Immigration Program," combined with tax incentives and family office policies, forming a closed ecosystem of "capital + talent + institutions." Industry insiders believe this marks a qualitative shift for Hong Kong from a "capital transit hub" to a "global asset management decision center."
🌏 Policy Dividends and Super Hinterland
Bilateral Insurance under One Country, Two Systems
Hong Kong relies on the Greater Bay Area's economic hinterland to build an asset management network that caters to both domestic and international markets. Policies like Cross-Border Wealth Management Connect 2.0, Bond Connect expansion, and pilot projects for digital RMB open the two-way channel between the mainland and global capital. Pan Gongsheng has made it clear that the proportion of national foreign exchange reserves allocated in Hong Kong will be increased, enhancing its offshore RMB hub function.
💎 Digital Finance Overtakes
Breaking the Ice for the Compliance of Virtual Assets
Hong Kong has issued 10 licenses for virtual asset trading platforms, and the digital asset custody scale reached HKD 5.1 billion in 2024. The first batch of Bitcoin spot ETFs in Asia has been listed, RWA tokenization projects have been launched, and with the stablecoin regulations effective in August, a product matrix of "traditional + innovative" asset management has been established. Chan Mo-po stated that this is a balancing act of "change and stability"—upholding the rule of law while seizing the Web3 opportunity.
👨🎓 Extended Thought: The "Asset Management Leader" Competition Between Hong Kong and Singapore, Is the Deciding Factor Policy or Geopolitics?
VanEck: Warning for Listed Companies' BTC Treasury!
🚨 Stock Prices Approaching Net Asset Value Parity
Issuance Financing May Become a Nightmare for Shareholders
Matthew Sigel, VanEck's head of digital asset research, pointed out that when the stock price of a listed company approaches its net asset value (NAV) of Bitcoin holdings, continuing to finance Bitcoin purchases through stock issuance will severely dilute shareholder equity. For example, MicroStrategy holds 592,100 Bitcoins (valued at approximately $61.5 billion), but its market value is as high as $106.7 billion, with a premium rate of about 1.7 times, far exceeding reasonable valuation ranges. Once the market turns, high premiums may trigger a double-kill effect on both stock and coin prices.
💸 Leverage Arbitrage Resurfaces
Is the GBTC Collapse Scenario Repeating?
Many listed companies' Bitcoin treasury strategies are highly similar to Gray's GBTC arbitrage model from 2021. Some companies are financing Bitcoin purchases through convertible bonds, SPACs, etc., for instance, SoftBank-supported Twenty One raised $685 million primarily to buy Bitcoin, while Trump's media group plans to raise $2.44 billion to build a treasury. This "stock price rise → issuance financing → buying Bitcoin → stock price rise again" flywheel, once encountering a bear market, could trigger collateral sell-offs and liquidity collapse, similar to how BlockFi once deposited client BTC into Grayscale for GBTC, resulting in losses exceeding $700 million due to GBTC's discount and selling in a negative premium environment.
🌪️ Liquidity Risk Transmission Chain
From Corporate Blowouts to Systemic Crises
Standard Chartered Bank warns that if Bitcoin falls below $90,000, about half of listed companies will face holding losses. Some companies use Bitcoin as collateral for loans (e.g., JPMorgan accepts Bitcoin ETF collateral financing). If the price plummets, it could trigger a "sell-off → price drop → margin call → further sell-off" death spiral, potentially impacting the traditional financial system. Notable short-selling firms have bet against MicroStrategy stock, believing its valuation is severely detached from fundamentals.
📉 Regulatory Sword Hangs High
Compliance Costs Crushing Treasury Models
Global regulators are tightening rules on crypto assets: The US (GENIUS Act) requires stablecoins to have 1:1 reserves in USD or US Treasuries, while Hong Kong's (Stablecoin Regulations) take effect in August, with companies incurring high licensing and auditing costs. This foreshadows that treasury strategy companies may face stricter disclosure and reserve review requirements, further compressing arbitrage space.
👨🎓 Extended Thought: If the US forces listed companies to disclose Bitcoin reserve details, will it trigger a market run on the bank?
Sun Yuchen's Tron丨Shell Listing
🚀 Reverse Merger Path for Listing
Compliance Realization through Shell Listing of Nasdaq-listed Company SRM Entertainment
Tron plans to complete its listing through a reverse merger with Nasdaq-listed company SRM Entertainment, with the transaction led by New York investment bank Dominari Securities. SRM's stock price surged 647% following the announcement. The reverse merger allows bypassing the strict scrutiny of traditional IPOs and leverages the shell company's listing to quickly enhance capital liquidity. Tron will inject $210 million worth of TRX tokens into the new company, emulating MicroStrategy's Bitcoin reserve strategy, positioning the tokens as core assets supporting market value. This model is seen as an innovative attempt for crypto companies to integrate into traditional capital markets, but it also faces controversy over the centralization of TRX.
💼 Trump Family Investment Bank Operations
Dominari Securities' Political Resources and Transaction Risks
Dominari Securities, which dominates the trading, has close ties to the Trump family, headquartered in Trump Tower, and Eric Trump previously stated he was a "friend" of Sun Yuchen. Although Eric clarified that he does not hold a position at Tron Inc, the Trump administration's regulatory loosening policies (such as promoting Bitcoin strategic reserves) provided a key window for Tron to go public. Analysts believe Sun Yuchen has built a political moat by investing in Trump family-associated companies (like World Liberty Financial) and leveraging diplomatic status. However, changes in the political cycle may pose subsequent risks; if regulatory positions reverse, the listing plan could be impacted.
⚖️ The Game Behind the SEC Investigation Suspension
From Legal Troubles to Settlement Opportunities
In 2023, the SEC sued Sun Yuchen for manipulating TRX prices and illegal securities sales, but in February 2025, both parties jointly requested to suspend the lawsuit to explore a settlement. This turn of events is directly related to the Trump administration's crypto-friendly policies. After the SEC paused its investigation, Tron still needs to deal with the securities fraud lawsuit that has not been dismissed by the New York court, as well as the potential risk posed by TRM Labs accusing it of involving $26 billion in illegal fund flows on-chain. The market believes that Sun Yuchen has turned the crisis into an opportunity through political lobbying and capital operations, but judicial aftershocks may affect investor confidence.
💰 TRX Asset Injection and Market Enthusiasm
Opportunities and Doubts of the Token-Based Strategy
The new company Tron Inc will hold $210 million in TRX, mimicking MicroStrategy's "token-based" balance sheet strategy. Tron currently has a market value of $26.2 billion, surpassing some traditional enterprises (like Mixue Ice City), and its stablecoin USDT holds over 50% of the global market share. However, Tron’s highly centralized governance model (such as Sun Yuchen's strong control over the ecosystem) may trigger a valuation trust crisis. Market enthusiasm has driven SRM's stock price to soar, but analysts warn that if TRX is ultimately classified as a security, it could trigger delisting risks.
👨🎓 Extended Thought: If Trump fails to win re-election, could the loosening of crypto regulations be reversed? Can the "political moat" of Tron be sustained?
Yuta Logistics丨HKD Stablecoin & Bitcoin Stablecoin
🏦 HKD Stablecoin License Application
Listed Companies in Hong Kong Entering the Stablecoin Race
Yuta Logistics Technology (NASDAQ: RITR) announced on June 16, 2025, plans to apply for a stablecoin issuer license in Hong Kong, proposing to launch a stablecoin "RHKD" pegged to the HKD. This move closely follows Ant International's licensing application, becoming one of the first companies to explore compliant issuance after the enactment of Hong Kong's (Stablecoin Regulations Draft). The company emphasizes strict compliance with the Hong Kong Monetary Authority's reserve management, anti-money laundering, and redemption mechanism requirements.
💰 $1.5 Billion Bitcoin Acquisition Plan
Start a Bitcoin Reserve Pool through Equity Replacement
To support the issuance of Bitcoin-pegged tokens "RBTC," Yuta Logistics has launched a $1.5 billion Bitcoin acquisition plan, using common stock as a payment method. The token adopts a 1:1 Bitcoin reserve support mechanism, allowing users to exchange RBTC for HKD or USD and enjoy rent discounts within its global smart warehousing system.
🔗 The Pegging Mechanism and Compliance of RBTC
Can 100% Bitcoin Reserves Withstand Market Volatility?
RBTC is backed by Bitcoin as the underlying asset, promising full reserve support, and plans to ensure transparency through independent custody and regular audits. However, the high volatility of Bitcoin itself may pose challenges to the token's stability, requiring Yuta Logistics to balance technical security and market trust, such as preventing smart contract vulnerabilities and custody risks.
🚀 Integration of Logistics and Finance in Web3 Scenarios
Digitalization of Payment in Warehousing as a Service (WaaS)
Yuta Logistics plans to integrate RBTC and RHKD into its global smart warehousing ecosystem, allowing users holding tokens to deduct warehouse rental and service fees. This model attempts to drive the digitalization of the logistics industry through "on-chain payments + physical services," but the practical application efficiency of compliant stablecoins in B2B scenarios needs validation.
👨🎓 Extended Thought: Is the issuance of stablecoins by logistics companies a strategic transformation or capital speculation? What core indicators need to be verified in the long term?
FinTax 2025 White Paper丨Global Crypto Compliance Overview
FinTax is a technology platform focusing on compliance services for the cryptocurrency industry, providing end-to-end solutions for Web3 enterprises by integrating financial management, audit tracking, and regulatory adaptation capabilities. Its core product FinTax Suite has been adopted by several leading institutions.
🌐 Coverage of Ten Core Themes
Systematic Sorting of Regulatory Policies in 30+ Countries
The compliance technology platform FinTax, on June 16, 2025, jointly released the 2025 Annual White Paper with institutions like MetaMask, SafePal, and ViaBTC, covering ten core themes including DAO compliance, anti-money laundering, stablecoin regulation, and crypto mining taxation. The white paper deeply analyzes the latest policies from over 30 countries and regions, including the EU's MiCA framework, Hong Kong's stablecoin licensing system, and the progress of the US (GENIUS Act), providing practitioners with compliance operation guidelines across jurisdictions. The report emphasizes that by 2025, global crypto regulation has shifted from "whether to regulate" to "how to regulate," with on-chain traceability and fund transparency becoming common requirements.
📊 Differentiated Analysis of Stablecoin Regulation
Hong Kong Licensing System vs. US Asset Restriction Framework
The white paper compares the stablecoin regulatory logic of Hong Kong and the US: Hong Kong (Stablecoin Regulations Draft) allows algorithmic stablecoins and opens up pegged asset types, only requiring 1:1 reserves and licensing applications; while the US (GENIUS Act) defines stablecoins as "payment-oriented cryptocurrencies," mandating pegging to US dollar assets (cash/Treasuries), prohibiting interest earnings and the circulation of unlicensed stablecoins abroad. The report points out that the differences reflect differentiated regulatory goals—Hong Kong focuses on innovation and inclusion, while the US strengthens dollar hegemony and risk isolation. As of May 2025, the global stablecoin market cap has exceeded $249.9 billion, with USDT leading the market with a 63.8% share at $157.6 billion.
⚖️ Crypto Mining Company Tariff Shock Warning
Trump's Policies Lead to a 50% Surge in Global Mining Machine Costs
The white paper specifically analyzes the impact of tariffs on the crypto mining industry: the US imposes tariffs as high as 50% on mining machine manufacturing regions in East Asia and Southeast Asia, directly raising the costs of importing mining machines, squeezing mining profits, and delaying business expansion. Traditional industry transfer strategies fail due to the wide coverage of tariffs; for example, the supply chains of chips from Taiwan and assembly in Southeast Asia are difficult to adjust. The report recommends that mining companies adopt accounting software (such as FinTax Suite) to automatically track costs and tax declarations to cope with financial management challenges in high-frequency trading and volatile markets.
💡 Compliance Tech Empowering Enterprise Practice
Real-time Asset Tracking + Automated Reporting Becomes a Necessity
To address pain points in crypto companies' financial taxation, the white paper introduces the FinTax Suite solution, achieving seamless integration of on-chain transactions and accounting systems. This system uses AI to automatically confirm income/costs and generate audit reports, adapting to scenarios like mining companies, DeFi protocols, and crypto funds. Cases show that a North American mining company used it to reduce compliance costs by 30%, while meeting IRS 1099-DA reporting requirements. The report urges companies to prioritize "regulatory-compliant" tools to cope with the trend of intensive crypto tax reforms in 39 countries in 2025.
👨🎓 Extended Thought: Will platforms like FinTax, which output standardized compliance templates, weaken the regulatory discourse power of emerging markets?