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Opening remarks
Startup Web3, chat every Wednesday!
(Entrepreneurship Web3.0) is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankiw LLP. Every Wednesday night, we invite industry veterans, front-line practitioners, and innovative project promoters to be guests in the live broadcast room. By sharing practical experience, analyzing industry pain points, and exchanging trend insights, we will help the innovation and standardized development of China's Web3.0 industry.
This issue focuses on the emerging Web 3.0 marketing ecosystem. We invite GiveRep Ecosystem Partner Xuan to provide an in-depth analysis of the underlying logic of the "attention economy," from the rise of the "talk economy" to practical cold-start strategies for new projects, from using AI to identify the true value of traffic, to how to directly monetize user attention. Drawing on years of experience working with MCNs and project owners, Xuan breaks down the pain points and breakthroughs of Web 3.0 marketing, helping entrepreneurs understand the commercial value of attention, find efficient customer acquisition paths in an era of fragmented traffic, and truly transform marketing into a growth engine for their projects!

Every Thursday at 7:30 PM, the tavern opens on time! From investment jargon, entrepreneurial stories, project ups and downs, to hot topic rants, airdrop tricks, and market predictions... we chat in an AMA format about what you want to hear, with industry experts gathering! No limits on themes, let's talk Web3 casually! In the face of regulatory policy changes and compliance shifts, don’t panic! Senior lawyer Mankun will personally interpret hot regulatory events for you and provide insights into trends!
This episode of Mankun's Crypto Tavern focuses on the RWA (Real World Assets) craze, discussing the full chain roles of RWA, domestic projects, market prospects, regulatory changes, and opportunities for profit with guests. RWA, as a bridge between traditional finance and new finance, is attracting global attention. This episode features a strong lineup of guests covering technology, incubation, strategy, and compliance perspectives, bringing listeners in-depth yet relaxed interpretations through five questions!

On July 30, 2025, the event (In the AI Era, How Can RWA Assist Chinese Culture Going Overseas?) jointly organized by Longyun Cultural Technology Group, the National Key Laboratory of Blockchain at Zhejiang University Hangzhou High-tech Research Institute, and Mankun Law Firm was successfully held in Xuhui, Shanghai, at the Shuchain Space.

This event invited several industry leaders from organizations including Kaiying Network, Hashkey, TensorsLab, AI Compliance Circle, Shanghai Zhonglian Law Firm, Web3 Compliance Research Group, and Chain Law Technology to engage in in-depth sharing around core topics such as how the tokenization of real-world assets (RWA) can assist in the landing of Chinese AI content creation.

Opening remarks
Entrepreneurship Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is a China Web3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to join our live broadcast, helping the compliance and healthy development of China's Web3.0 industry through positive expression, rational discussion, and experience sharing.
There is no doubt that stablecoins are a hot topic right now; what is the regulatory status of stablecoins? Where are the opportunities for small and medium-sized enterprises to participate? This time we invite AllScale's Co-Founder & CEO Shawn Pang to engage in a deep conversation with Mankun lawyer Wang Lei, to share AllScale's ongoing exploration in the field of stablecoins, as well as their observations and viewpoints on global stablecoin projects.

The (2025 Global Stablecoin Industry Development Report) jointly released by PANews and the Mobile Payment Network tracks and analyzes the overall situation of the stablecoin industry, combining on-chain transaction data, policy developments, and industry evolution paths, systematically sorting through six dimensions.
Source: PANews
Original Author: Frank
The year 2025 is a key milestone in the development of stablecoins. In this year, stablecoins not only set records in market size and trading activity but also saw an acceleration in regulatory policies and capital interest. A product originally from the internal 'safe haven' tools of the crypto market is gradually moving toward the forefront of global payments, cross-border trade, DeFi infrastructure, and even sovereign credit.

Opening Speech
Entrepreneurship in Web 3.0, discussing every Wednesday!
(Entrepreneurship in Web 3.0) is a China Web 3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to the live broadcast room for positive discussions, rational discussions, and sharing experiences to support the compliant and healthy development of the China Web 3.0 industry.
In this episode, we invite Dr. Andy Cheung, founder of Zeuspace Quantitative Fund and partner & chief economist of the UK exchange CBCX, to engage in a deep dialogue with lawyer Niu Xiaojing from Mankun Law Firm about his career transition from quantitative funds to on-chain asset management.

Introduction
RWA (Real World Assets on-chain) is rapidly becoming the mainstream narrative in the Web3 world, and one particularly "down-to-earth" direction—stock tokenization (Tokenized Stocks) is currently one of the most viable directions.
The reason is simple:
The underlying assets are mature enough that no effort is needed to "prove value."
The technical threshold is relatively controllable; on-chain issuance and mapping already have mature tools.
Regulatory paths are gradually becoming clear, especially in Europe and some offshore areas, where real projects have already been implemented.
However, many people subconsciously think when they hear the word "stocks": Is this a security? Can it be sold to retail investors? Is a license required?

On July 17, 2025, the themed event (PayFi Compliance Insights: Technological Innovation and Legal Regulation) co-hosted by BlockbeatHK, the London Stock Exchange Group (LSEG), and Mankun Law Firm was successfully held at Shuhua Space in Xuhui, Shanghai.
This event focused on on-chain payments and the construction of compliance systems, presenting an intellectual feast on the evolution of technology and regulatory synergy through in-depth discussions from multiple perspectives. It not only directly addressed the current key pain points in the PayFi ecosystem but also provided clear thinking and beneficial insights for future development paths.

In recent years, AI technology has advanced rapidly. Large models, intelligent agents, and automated systems have emerged one after another, ranging from content generation to code writing, from intelligent customer service to algorithmic trading, as AI gradually transitions from a 'tool' to an 'actor.' Meanwhile, the Web3 field has also begun to fervently discuss the possibilities of 'AI + blockchain': optimizing smart contracts with AI, enhancing risk control accuracy, assisting on-chain analysis, and so on.
But few people think the other way around: Does AI itself need blockchain?
If we regard AI as a participant gradually detaching from human control and possessing autonomous behavior capabilities, it is almost impossible for it to operate in the current financial system. This is not an efficiency issue but a structural problem. The traditional financial system was not designed for machines from the beginning.

Every Thursday at 7:30 PM, the tavern opens on time! From investment jargon, entrepreneurial stories, project ups and downs, to hot topic rants, airdrop tricks, track predictions... we use the AMA format to talk about what you want to hear, with industry leaders gathered! No limits on themes, casually discussing Web3! In the face of regulatory policy changes and compliance challenges—don't panic! Senior lawyer Mankun will personally interpret hot regulatory events for you, helping you gain insights into trends!
This episode of Mankun's crypto tavern focuses on the recent hot topic of U.S. stock tokenization.
At the end of June, platforms like Robinhood, Kraken, and Bybit successively launched tokenized U.S. stock products, attracting widespread attention from the crypto space and the traditional financial industry. Is this phenomenon a new narrative or old wine in new bottles? We invite three guests to discuss from different perspectives, covering technology, compliance, investment opportunities, and risks.

Opening remarks
Start a Web3 business, discuss every Wednesday!
(Start-up Web3.0) is a talk show initiated by Mankun Law Firm for Chinese Web3.0 entrepreneurs, held every Wednesday evening, where we invite industry leaders, front-line institutions, and well-known entrepreneurs to the live chat, aiming to foster compliance and healthy development in the Chinese Web3.0 industry through positive voices, rational discussions, and experience sharing.
June is RWA themed month. How can real-world assets (RWA) connect Web3 with the real world under the compliance framework? In this episode, we invite senior lawyer Mao Jiehao from Mankun to have an in-depth dialogue with lawyer Wang Lei. From DePIN to RWA, Lawyer Mao shares the compliance paths in Hong Kong, global regulatory trends, difficulties in exploring domestic assets, and how to empower RWA through standardization and programmability, helping entrepreneurs avoid pitfalls, stay on the right path, and embrace the great era of integration between RWA and traditional finance!

The wave of Web 3.0 is sweeping the globe, and the compliance process of stablecoins and real-world assets (RWA) has become the two hottest topics in the industry. On July 10, the Shanghai Bar Association's Digital Technology and Artificial Intelligence Committee hosted a training event titled 'Hot Interpretations and Compliance Outlook of Stablecoins and RWA,' jointly organized by Shanghai Mankun Law Firm and Shanghai Zhonglian Law Firm. Mao Jiehao, a member of the Shanghai Bar Association's Digital Technology and Artificial Intelligence Committee and a senior lawyer at Shanghai Mankun Law Firm, attended this training event.
On the eve of the event, attendees checked in orderly, immersing themselves in the atmosphere of professional analysis and exchange focused on the hot topics of stablecoins and future compliance, with every seat filled and a lively atmosphere.

Source of this article: New Frontier Finance
Text/Beijing Business Daily reporter Liao Meng
After warnings of risks were issued in many places, this fake investment and financial management platform under the name of virtual currency was "empty". On July 8, a Beijing Business Daily reporter noticed that recently, an investment and financial management platform named "DGCX Xinkangjia" (hereinafter referred to as "Xinkangjia") has caused heated discussions on public social platforms. It is said that a total of 2 million investors participated in this platform, and the amount involved was as high as 13 billion yuan. Pictures circulated on the Internet show that after the platform funds could not be withdrawn and redeemed, the company's founder Huang Xin made a high-profile statement in the member exchange group that he was already abroad.

"Stablecoins are not tools or means for making money or speculation. We hope the market returns to the original intention of launching stablecoins in Hong Kong, which is to use this financial tool to help the real economy and enhance the efficiency of capital circulation."
After announcing a series of favorable policies for the development of stablecoins and other digital assets, as market enthusiasm continues to surge, several relevant regulatory departments in the Hong Kong SAR recently frequently expressed the aforementioned views, emphasizing that the issuance and application of stablecoins are still in the exploratory stage, with high entry barriers and involving multiple levels of institutional construction or connection, thus requiring prudent advancement.

On June 5, the Beijing Municipal Public Security Bureau’s Legal Affairs Office’s official account “Faqingyuan” published an article detailing the Beijing Municipal Public Security Bureau’s innovative “Beijing Model” - disposing of the virtual currencies involved in the case through Hong Kong’s compliant licensed exchanges, achieving a closed loop from chain to off-chain, which is both legal and compliant, and efficient and safe.

According to the article of "Faqingyuan", the Legal Affairs Corps of Beijing Municipal Public Security Bureau and Beijing Equity Exchange have explored a new channel: the public security organs first entrust the virtual currency involved in the case to Beijing Equity Exchange for testing, receiving and handing over, and then sell it publicly through Hong Kong compliant licensed exchanges (such as OSL Exchange and HashKey Pro). After the transaction is completed, the funds will go through the national foreign exchange management approval procedures, and will eventually be settled into the special account of the public security organs involved in the case and turned over to the state treasury. So far, Beijing Equity Exchange has disposed of a total of 5.468 million pieces of property involved in the case.

Opening remarks
Entrepreneurship Web 3, talking every Wednesday!
(Entrepreneurship Web 3.0) is a China Web 3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry big shots, frontline institutions, and well-known entrepreneurs to guest in the live broadcast room, promoting the compliant and healthy development of China's Web 3.0 industry through positive voices, rational discussions, and experience sharing.
June is the RWA theme month for (Entrepreneurship Web 3.0). How does RWA inject 'real' value into stablecoins and open a new chapter for Web3? In this issue, we invite Spinach, the head of Pharos RWA Asia-Pacific strategy, to have an in-depth dialogue with lawyer Wang Lei from Mankun Law Firm. From entering the field in 2022 to the accumulation of content as the 'Research Report Sow', and then to deepening RWA and stablecoins, Teacher Spinach shares how Pharos is laying out in Asia-Pacific, how RWA empowers the compliance and liquidity of stablecoins, and how entrepreneurs can seize the opportunities of the great maritime era to inject real value and long-termism into the industry!

On May 30, the Hong Kong government published the (Stablecoin Bill) in the gazette, marking the countdown to the formal issuance of the Hong Kong version stablecoin. For those interested in the Hong Kong version stablecoin, I think the two most concerning questions might be: 1. Do I have the capital and experience to have the opportunity to become a Hong Kong version stablecoin issuer and participate in this lucrative business? 2. As a user, how can I effectively use the Hong Kong version stablecoin to facilitate my life?
How to Become an Issuer of the Hong Kong Version Stablecoin
According to currently available information, the Hong Kong Monetary Authority has selected three entities as potential issuers of the Hong Kong version stablecoin: JD Coin Chain Technology (Hong Kong), Yuan Coin Innovation Technology, and a consortium of Standard Chartered Bank (Hong Kong) with Animoca and Hong Kong Telecom. Since July 18, 2024, the Hong Kong Monetary Authority has allowed these three entities to test their stablecoin issuance plans within a specific scope through the 'Regulatory Sandbox' and communicate with regulators in real time. As of now, the Hong Kong Monetary Authority has not announced any new participants other than the three entities. According to requirements, issuing stablecoins in Hong Kong or issuing stablecoins pegged to the Hong Kong dollar outside Hong Kong both require approval from the Hong Kong Monetary Authority.

On May 13, 2025, Tether announced that the Tether Gold Token (XAU₮) would be listed on the Thai digital asset exchange Maxbit. According to Tether, 1 XAU₮ corresponds to 1 ounce of gold in the real world.
Previously, on March 10, 2025, the Thai Securities and Exchange Commission (SEC) announced that USDT is recognized as a cryptocurrency, and the Thai Deputy Prime Minister also announced that Thailand intends to use cryptocurrencies and blockchain technology to promote the development of local tourism.

Figure 1 Tether officially announces the gold token's entry into Thailand
Earlier, on December 7, 2023, Tether announced a partnership with Bitkub, the largest cryptocurrency exchange in Thailand, to launch an educational project on stablecoins and blockchain knowledge in Thailand. Both parties will enhance the digital financial awareness of Thai users through educational courses, general campaigns, incentive learning programs, and Q&A shows. Notably, USDT is also the most traded stablecoin among Thai users and on the Bitkub exchange.

RWA (Real-World Assets) refers to the process of converting physical or traditional financial assets in the real world—like stocks, real estate, bonds, commodities, currencies, or even machinery—into digital tokens through blockchain technology. These tokenized assets are brought into the decentralized finance (DeFi) ecosystem, enhancing the liquidity, transparency, and accessibility of the assets while unlocking new areas that traditional finance finds difficult to reach. The rise of RWA is reshaping the global investment landscape, injecting new vitality into innovation and wealth growth.

Preface
(Entrepreneurship Web3.0) is a Chinese Web3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, front-line institutions, and well-known entrepreneurs to guest in the live broadcast room to help the compliance and healthy development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
In the Web3 era, with asymmetric cognition, talent shortages, and unclear asset application scenarios, how can education link the three and support the healthy development of the industry? In this episode (Entrepreneurship Web3.0), Lawyer Niu Xiao Jing from Mankun Law Firm talks with Yang Jun, the principal of Hong Kong Web3 University. From the 'knowledge worker' of traditional consulting to the 'Huangpu Military Academy' of Web3 education, Yang Jun shares how Web3 University can empower cognitive upgrades, talent cultivation, and asset application through systematic education, assisting Web2 companies in transformation and individuals in integrating into the Web3 ecosystem, injecting rationality and long-termism into the industry!