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On April 25, 2025, the event "How Traditional Payments Transform to Web3.0: Innovative Paths and Compliance Practices" co-organized by Mankiw Law Firm, Techub News, Mobile Payment Network, Web3Hub, and BlockbeatHK was successfully held in Qianhai, Shenzhen!
As global financial technology is accelerating its reconstruction and on-chain payments are gradually maturing, PayFi is becoming a key hub connecting Web2 and Web3.
This event focuses on the innovative paths and compliance challenges in the payment track, and the deep integration scenarios of "payment + Web3", to create a high-quality and highly interactive communication space.

In this event (How to Transform Traditional Payment into Web3.0: Innovation Path and Compliance Practice), we were honored to invite four industry leaders as keynote speakers to conduct in-depth discussions on three core topics:

Recently, discussions in Chinese Web3 social media regarding 'some CEX offering contract experience coupons to college students' have been intensifying. The incident originated from a post on platform X, which involved sensitive keywords such as 'CEX', 'college students', and 'gamblers', attracting a lot of attention and discussion.

Mankun Lawyer found that mainstream voices generally oppose this type of promotion method in comments under the post, believing that college students have not yet established mature values and risk awareness, and should not be targeted for promotion. For instance, media BlockBeats published an article (urging all trading platforms to immediately stop promoting contract experience coupons to college students), directly pointing out that such behaviors are essentially 'gambling inducements disguised as financial enlightenment'; Yu Sen of Slow Fog Technology also shared support for comprehensive resistance.

If we were to identify the 'darling' of the PayFi track, Morph, this consumer-grade public chain, would surely hold a place.
Since February 2025, Morph has successively launched Morph Pay, Morph Black NFT card, and Morph Platinum NFT, quickly becoming a hot topic in the Web3 community and the PayFi industry.

You might be curious why a project positioning itself as an L2 public chain would turn to PayFi.
Lawyer Mankun understands that Morph has always aimed at 'empowering developers and creating applications that resonate with consumers,' committed to making blockchain technology a part of daily life through an efficient, secure, and user-friendly blockchain platform. Entering the PayFi track is not a sudden inspiration but a further deepening of Morph's positioning in its consumer-grade public chain, focusing on providing users and ecological applications with more diversified payment and financial services.

When we talk about Web3 applications, 'PayFi' has become one of the most关注的 emerging directions in the financial track over the past two years.
This term is derived from the fusion of 'Payment' and 'DeFi', aimed at bridging the card payment experience of traditional finance with on-chain stablecoin yield accounts, constructing a model for using crypto assets that combines liquidity and yield. Driven by the narrative of 'being able to spend', PayFi projects are attempting to reshape the flow paths and retention logic of assets in a way that is closer to traditional financial users.
From EarlyBird, Swipe, to the recently focused Infini by lawyer Mankun, such projects generally adopt a 'stablecoin account + consumption card + on-chain yield' integrated structure, supplemented by recommendation rebates and other growth mechanisms, attempting to provide users with a financial interaction solution that 'does not require understanding DeFi but can use crypto assets'.

If you were lamenting last year that RWA was just a high-end game played by overseas financial institutions, this year you might have already heard the term 'RWA' at cultural exchange centers, farms, or even distilleries.
RWA projects in mainland China have long ceased to pursue traditional U.S. government bonds or commercial real estate, instead forging a new path focused on 'local life.' Consider Malu grapes, airport lounges, and liquor picking rights... They sound no longer cold but rather infused with a bit of the romantic explorer spirit and practical down-to-earth value.
Next, let's discuss how these 'light and beautiful' mainland RWA projects are performing a new dance between blockchain and the real economy, and what invisible risks they hide.

In the wave of digital economy, virtual currency transactions have swept the world and become a new hot spot for investors to pursue wealth. In this digital gold rush, China's vague legal positioning of virtual currency and strict transaction supervision have made tax issues more complicated. Understanding relevant obligations is not only related to legal compliance risks, but may also directly affect investment decisions and returns. This article will focus on personal virtual currency transactions, explore the possibility and path of Web3 tax compliance under the existing regulatory framework in China, and provide a reference for building a healthy and sustainable Web3 ecosystem.

*The cases discussed in this article are real events. Some details have been kept confidential based on feedback from those involved. The opinions in this text are based on public information and industry experience, for reference only.
A few days ago, a shocking incident occurred in a Web3 team—
A core member, who had worked alongside the founder for two years and understood coding, stole over 1 million in cryptocurrency assets. This member was initially brought into the Web3 industry by the founder and was taught the ropes from scratch. Later, due to familiarity with technical details and system structure, he was granted certain permissions. Ultimately, he quickly completed the transfer and fled by copying the privately backed-up mnemonic phrase, and it is said he was close to the border, preparing to leave the country.

Web3 companies face unique legal, tax and operational challenges in their international expansion due to their decentralized nature. Choosing the right corporate structure can not only help companies operate in compliance, but also optimize tax burdens, reduce risks and increase market flexibility to adapt to the legal frameworks, technical infrastructure and market needs of different regions.
What is Overseas Architecture?
The overseas architecture refers to the organizational structure and management model built by enterprises in the process of globalization. The purpose is to coordinate global resources, adapt to the characteristics of different markets, and achieve efficient cross-border operations.

Opening words
Startup Web3, chat every Wednesday!
(Startup Web3.0) is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankiw LLP. Every Wednesday night, we will invite industry leaders, first-line institutions, well-known entrepreneurs, etc. to share their experiences. We hope to promote the compliance development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
As the Web3 wave sweeps the world, blockchain technology is reshaping the future of the Internet. What kind of talents does this emerging industry need? What is its prospect? Is it worthwhile for outstanding talents to join it? In this issue, Lawyer Niu Xiaojing from Mankiw Law Firm had an in-depth conversation with Mr. James, the founder of Talentverse. From industry trends to talent needs, to career choice advice, Mr. James combined his rich experience to bring us an informative discussion, so that we can fully understand the talent code of Web3!

On April 10, 2025, the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance released a heavyweight policy document: (Offerings and Registrations of Securities in the Crypto Asset Markets). Although the title is mild, for the Web3 industry, it is essentially a standardized 'disclosure document guide' for issuing tokens.
This is not a new enforcement announcement, nor is it a penalty notice for a particular project, but a highly practical disclosure guideline. The SEC rarely uses nearly four thousand words to tell you point by point: if you want to legally issue Tokens and raise funds in the U.S., you must write these matters clearly.

Recently, the decentralized exchange (DEX) Hyperliquid has once again become the focus of discussion in the crypto community due to the 'JELLY short-squeeze incident.' This crisis not only caused Hyperliquid's credibility to plummet but also prompted people to rethink an age-old question: can decentralized exchanges (DEX) truly surpass centralized exchanges (CEX)?
Industry leaders have differing views on this issue. Arthur Hayes predicted on his blog that Hyperliquid will decline, while CZ reaffirmed the irreplaceability of CEX, and DEX supporters still firmly believe that 'decentralization is the future.' This article will analyze the current situation and future trends of DEX and CEX from the perspective of a retrospective of events, providing insights for this debate.

Recently, global regulatory agencies have intensified their crackdown on crypto market makers. In February 2025, Aleksei Andryunin, founder of the crypto market maker Gotbit from Portugal, was extradited to the United States facing serious charges including wash trading and market manipulation. This case not only sparked widespread concern about compliance risks among market makers but also warned the industry to confront how to seek a balance between legality and efficient operation amid tightening global regulations. The following article will analyze the various legal risks faced by crypto market makers from a global regulatory perspective and propose a practical compliance survival strategy.

Over the past few decades, the global dominance of the dollar has relied on the evolutionary mechanism of the 'Bretton Woods System - Petrodollar - U.S. Treasury Bonds + Swift System'. However, entering the Web3 era, decentralized financial technology is gradually shaking traditional clearing and payment paths, and stablecoins pegged to the dollar are quietly becoming a new tool for 'dollars going abroad'.
In this context, the significance of stablecoins has long surpassed mere compliance or non-compliance of a single crypto asset; it may very well be the digital carrier of 'dollar hegemony' in the Web3 era.

On March 26, 2025, the U.S. Congress officially proposed the (STABLE Act) (Stablecoin Transparency and Accountability for a Better Ledger Economy Act), which systematically established the issuance thresholds, regulatory framework, and circulation boundaries for dollar stablecoins for the first time. As of now, the act has passed the review of the House Financial Services Committee on April 2 and is pending a vote in both the House and the Senate before it can officially become law. This not only responds to the long-standing regulatory vacuum in the stablecoin market but may also be a key step toward building the next generation of dollar payment network 'institutional infrastructure'.

In Web3, 'hosting events' has almost become a standard action for every project party. Do you want exposure? Do you want cooperation? Hosting and participating in events is definitely one of the best ways to solve these two questions.
I wonder if anyone participated in the recent Web3 Carnival held in Hong Kong. This event, in addition to the large main summit, had a variety of surrounding activities, from cocktail parties, afterparties, technical salons, to meetups, closed-door meetings, hackathons, and forums. It can be said that the entire month of April in Hong Kong was heavily concentrated with Web3.

Startup Web3, chat every Wednesday!
(Startup Web3.0) is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankiw LLP. Every Wednesday night, we will invite industry leaders, first-line institutions, well-known entrepreneurs, etc. to share their experiences. We hope to promote the compliance development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
This issue is themed "China's Web3 Entrepreneurship Opportunities", focusing on the current status and future development direction of the Web3 industry. Lawyers Liu Honglin and Niu Xiaojing combined their rich professional experience and discussed the concept of Web3, industry opportunities and challenges from the perspective of entrepreneurs and the law.

If money is understood as a form of energy, every innovation in payment media and tools is accompanied by a leap in social efficiency and a reshaping of the power structure - from shells to gold and silver, paper money, and mobile payments. The emergence of cryptocurrency marks another leap in this process, and the revolution driven by PayFi (payment finance) is quietly emerging, using wallets as the entrance to redefine the underlying logic of global value exchange.
PayFi, as the name implies, is Pay+DeFi, which combines the concepts of payment (Pay) and decentralized finance (DeFi). It aims to achieve efficient application of cryptocurrency in payment scenarios through blockchain technology, while optimizing the time value of funds. People say that in the world that PayFi ultimately points to, there are no dormant deposits, only perpetual value...

In the (Mankun Research | Overview of Cayman’s New Regulations: Virtual Asset Compliance Enters the 'Deepening Regulation' Phase) released by Mankun, we detailed the strict regulations of the 2024 VASP amendment in the Cayman Islands on Web3 project architecture, auditing, licensing, etc. Previously, we also analyzed the VASP laws released by Dubai and Hong Kong.
I wonder if everyone has noticed a common point: regardless of which country or region, the definitions, architectural designs, information disclosure obligations, and AML/KYC regulatory requirements for VASPs present a highly convergent trend.

What do you think virtual currencies are? Currency, goods, or securities?
Currently, a number of countries and regions around the world have begun discussions and determinations regarding the attributes of virtual currencies.
For example, the (Financial Innovation and Technology Act for the 21st Century) passed in the U.S. in 2024 specifically categorized and regulated virtual assets as 'commodities' or 'securities'; Germany has classified virtual currencies as private money; more countries, such as China and Dubai, have classified virtual assets as property in certain cases.
However, as virtual currencies gradually gain popularity globally, it is also time to 'unify measurements.'

Since the release of the 2020 VASP Regulatory Framework (Virtual Asset (Service Providers) Regulations, 2020), the popular offshore destination Cayman Islands has successively issued four key decrees and documents, gradually building a complete VASP compliance system covering registration and licensing, anti-money laundering, governance structure, regulatory enforcement and other dimensions, including:

Transitional Regulations after the Implementation of the VASP Act 2020 (Virtual Asset (Service Providers) (Savings and Transitional) Regulations, 2021)
Virtual Asset (Service Providers) (Amendment) (No.2) Act, 2023 (Commencement) Order, 2024

In the online sharing about the Yescoin dispute a few days ago, lawyer Mankun saw a comment saying, 'How can it not be considered equity participation in a joint venture?'
This is actually a common issue in Web3; people feel: As a core team member of the project, I have contributed my technology, experience, and even funds to the project, how can it not be considered equity participation?
But in reality, even if you bear the title of project partner and contribute significantly to the project, it does not necessarily mean you are a shareholder.
Why do I say this?
Equity Participation in Traditional Entrepreneurial Models
Before discussing this issue, let's first look back at how 'equity participation' is defined within the legal framework of traditional entrepreneurship.