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Daily Economic News interview with Bai Zhen | From 'Sandbox' to 'License', Hong Kong's regulatory moves on stablecoins
On May 22, Eastern Time, the price of Bitcoin reached a new historical high.
At the same time, two recent events occurred: first, the Legislative Council of Hong Kong passed the (Stablecoin Regulation Bill), which is expected to take effect within the year; second, on the other side of the globe in the United States, the GENIUS Act aimed at regulating stablecoins is also advancing rapidly.
It is reported that stablecoins are virtual assets designed to maintain a relatively stable value relative to certain assets (usually currencies). The value of stablecoins is pegged to various fiat currencies, such as the US dollar, euro, etc. Common stablecoins include USDT (Tether) and USDC. Previously, the Hong Kong Monetary Authority had publicly released the first batch of stablecoin issuer sandbox lists, including JD Group’s JD Coin Chain Technology (Hong Kong), Yuan Coin Innovation Technology, while Standard Chartered Bank (Hong Kong), Animoca Brands Limited, and HKT chose to apply jointly.
At the same time, two recent events occurred: first, the Legislative Council of Hong Kong passed the (Stablecoin Regulation Bill), which is expected to take effect within the year; second, on the other side of the globe in the United States, the GENIUS Act aimed at regulating stablecoins is also advancing rapidly.
It is reported that stablecoins are virtual assets designed to maintain a relatively stable value relative to certain assets (usually currencies). The value of stablecoins is pegged to various fiat currencies, such as the US dollar, euro, etc. Common stablecoins include USDT (Tether) and USDC. Previously, the Hong Kong Monetary Authority had publicly released the first batch of stablecoin issuer sandbox lists, including JD Group’s JD Coin Chain Technology (Hong Kong), Yuan Coin Innovation Technology, while Standard Chartered Bank (Hong Kong), Animoca Brands Limited, and HKT chose to apply jointly.
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曼昆研究 | 从产业视角谈虚拟货币银行卡
在Web3时代，USDT银行卡（以稳定币支付的银行卡）作为一种新兴的虚拟支付工具，试图在传统金融与去中心化世界之间架起桥梁，为用户带来更便捷、更灵活的支付体验。
由于法律法规尚未完全适应这种新兴技术与传统体系的融合，U卡企业常常处于进退两难的境地。合规就像一把达摩克利斯之剑，悬而未决地高悬在行业头顶，随时可能因政策调整或监管行动而落下重击。企业不仅需要应对技术创新的挑战，还必须时刻警惕潜在的法律风险，一步踏错就可能面临罚款、诉讼甚至业务中断的严重后果。
本文将从产业视角出发，剖析U卡行业的现状与挑战，探讨其在支付领域的破局之道。
U卡发展困境
U卡行业目前面临着合规不明确的困境。这一行业既涉及到快速演变的数字资产领域，又与传统金融行业紧密交织，形成了一个复杂的监管灰色地带。
目前业内的合规研究者，大多都是从政策出发，研究U卡支付各链条中需要的合规动作。但是U卡产业目前还面临着其他问题：高昂的运营成本、激烈的市场竞争、盈利困境，无一不在考验着U卡发行方的生存智慧。
从产业角度看，也许合规并不是创业者当下最优先考虑的问题？
U卡之困
1.发行渠道之困
首先，做U卡最基本的需要有一张银行卡，这就需要具备特定的发行机构资质，通常意味着企业必须遵守一系列严格的金融监管规定和金融机构牌照。然而，大部分U卡企业，例如近期备受关注的Infini，并不具备直接发行银行卡的资质。因此，这些企业往往选择与已获得资质的银行或支付网关合作，利用这些机构的API或基础设施来提供服务。
2.渠道成本之困
既然U业务完成整个业务链条需要借助他人的渠道，那么就需要支付渠道成本。除了上文提到的银行卡发卡方要赚钱外，支付链条中还包括其他多种渠道费用，API接入服务要赚钱、货币兑换要赚钱、国际结算渠道master/visa要赚钱，支付端Apple、PayPal、支付宝、微信也要赚钱。
用户信用卡刷100，走国际支付渠道的商户只收到97元，比国内银联渠道高很多。部分费用需要由商户承担，导致支持国际支付渠道的支付场景较少。
盈利模式之困
1.费率之困
在U卡盈利模式中，很重要的一部分是续费。在选择U卡支付时，U卡发行方会收取相关的手续费，这里面包含了支付手续费、跨境手续费、汇兑费用等。对用户来说，最关注的是稳定币和支付本位币之间的兑换比例，与实际的外汇牌价之间的比率差额。
一般来说，手续费的综合费率一般在1.5%左右或以上，这取决于U卡发行方的规模和议价能力。比如当天美元兑人民币汇率为7.20RMB/USD，你消费人民币100元，U卡上会扣除美元等值稳定币14.10美元或更多，兑换比例为7.092RMB/USD。
少数U卡会在短时间内有更优惠的综合费率，比如通过一些奖励活动将综合费率打到1%或以下，但是活动仅仅只能持续较短的一段时间，主要是为了活动推广增加获客，并不能长时间的维持低费率。
为什么费率会降不下来？因为经营成本在这里，长时间的低收费会导致项目无法维持运营。在项目期初进行推广时可以进行补贴吸引用户，时间久了谁能保证一直融到投资呢。
所以U卡发行商另一项重要支出就是广告推广，增加新客户的同时增加业务规模，加强渠道的议价能力。更重要的是加强市场的知名度和话语权，获得新的融资用于进一步扩大规模。
2.手续费之困
那么既然运营成本这么高，是否可以再增加手续费呢，把综合费率提升到2%或者更高？
答案是否定的。
首先是因为目前U卡行业竞争激烈，用户忠诚度低，稍有不慎就会失去行业地位。
其次，U卡另一竞争对手是交易所/OTC出金，如果手续费过高，U卡的便捷性、资金风险隔离的优势对用户来说过于昂贵，宁可选择交易所/OTC出金的方式。并且U卡在国内一般只能用于小额消费，大额消费如果通过支付宝、微信支付，将额外收取3%的手续费。
3.资金池利差之困
也许有人会说U卡发行方不是还有资金池么，经常会有U卡在其官网每天动态公布资金池的TVL和各项资产的比例，动辄几百上千万美元。这买买国债，搞搞DEFI不是很大一块收益么？
这其中又有误区。首先，大多数的U卡发行方没有理财利差的渠道。这点像交易所有天然的优势，比如Bybit、Bitget发行U卡，交易所本来就有存贷业务，可以把U卡的资金池做个对接。
但是其他的U卡没有自己的借贷渠道，需要借助别人的理财渠道。别人的渠道是否足够安全，是否可以足额、迅速兑付？流动性怎么样？能否顶得住突发的大额提现？
如果大额提现，你给用户设置提现限额，在极不信任的Web3社区，很快就会被传资金有问题，导致大量用户提现形成死亡循环。
4.资金池深度之困
通俗的讲就是资金池很浅。就是U卡用户的使用习惯都不会往U卡里面充太多钱，而是少量的用多少放多少，使用完了再充进去，短期内进多少花多少。
毕竟Web3行业安全事故频发，交易所大家都还信不过，谁能信得过小小的U卡发行方呢。
所以别看U卡的资金池TVL很高，但是里面沉淀资金较少，可以用来买高收益理财、套利的长期资金较少。需要随时动用的资金比例很高，很大一部分资金只能买活期理财收益有限。
USDT发行方Tether公司的运营模式只能是羡慕不已，USDT发行都是增量多赎回少，可以拿去买美债、买黄金、买高收益理财。
比较老牌的U卡发行方，比如Crypto.com的U卡，就鼓励用户锁仓，锁仓越多可以申请的卡片支持的用途越多、手续费越少、质押奖励越多，只有足够多的沉淀资金才能让U卡发行方有更多的操作空间。
合规之困
1.合规与自我保护
作为U卡发行方，无论是否需要都需要做合规，比如代码审计、项目审计、资金审计、财报审计、托管审计等，这又是不可避免的运营成本。
并且资金池需要找第三方托管，托管方的实力背景合规程度也得进行审计和背调，根据合作情况是否需要对方提供相应担保等。如果找大机构做托管业务，费用成本又过高，对于创业型的U卡公司和规模一般的资金池又承受不起。如果找小的资管做托管，又害怕对方的安全性和合规性不足。
如果出现意外导致资金亏损，用户讨伐的对向首先是U卡发行方，而不是托管方。而U卡发行方还得去和托管方进行漫长而又艰难的法律诉讼。
2.合规与监管
在现阶段的U卡行业，合规监管可能还不是从业者优先考虑的问题。
首先是行业还在初期，相关监管政策和法律都还比较模糊。
其次，监管对U卡发行方的执法权有限。信用卡的卡片发行资质是借用的，U卡发行方的主体在离岸地区，资金是在第三方托管，从法律和执法力度来说，都很难对U卡发行方进行处罚。
并且U卡发行走的是正规发卡渠道+正规国际支付渠道+正规消费场景，如果以上渠道产生法律纠纷又不完全是U卡发行者的责任。如果有用户违规套现或非法使用，那是违反外汇管理条例、虚假交易或其他违法事项，主要负责人是卡片持有人，和发卡方无关。
监管对于U卡发行方可能最严重的处罚，就是把卡BIN（Bank Identification Number，银行识别码）封了不让用了，导致用户流失。这很可能会让一个U卡项目就此陨落，只能吸取经验另起炉灶了。
3.合规于反洗钱
对于U卡发行方来说，最大责任的在于反洗钱（AML）合规。但其实Web3生态中反洗钱流程也已经比较成熟，比如参考各大交易所coinbase、币安、okx等，通过链上数据、反洗钱机构合作、风控模型对反洗钱进行严厉的把控。
反洗钱工作虽然有较为成熟的解决方案，但是支出成本却不低，需要建立监督机制和自己的风控模型，要与相关机构合作和招聘相应的人才，成本费用必不可少。并且无论是在哪个国家反洗钱都是重中之重。
4.潜在合规风险
为什么说是潜在的，因为按照目前的U卡行业现状，上文提到的资产保护和反洗钱合规是最大的风险，其他的合规风险重要性级别并不是非常高。
但是，如果U卡发行方想打通上下游产业链条，需要额外承担其他的运营风险。比如增加消费场景、支持法币出入金、拓展Web2用户、直连电商支付、设立“余额宝”。这些业务就绕不开AML/KYC、证券法、外汇管理条例、投资者保护法、支付渠道建设、营销渠道建设。和现实场景结合的越紧密，越需要合规；越合规，发展模式越像Web2；发展越Web2，那就进入了红海竞争。
而Web3从业者，想去和Web2企业竞争，需要重新适应Web2体系，将利益、权利、责任进行重新分配。业务做得越大越深越广，需要的合规枷锁越重，社会责任也越重。
With great power comes great responsibility.
U卡的未来
现阶段U卡企业要怎么做？
第一个方式是摸索前行，现在U卡行业还在摸索阶段，运供应模式、盈利模式、资源配置都还在探索阶段，先驱者闯出自己的渠道模式来，属于高风险投资。
第二是做自己自己擅长的事，比如渠道建设、社区推广、合规风控、资金托管、理财搭配、资金清算、投研背调，做产业链条环节里面的优质供应商，发挥自己的特长。相比第一种属于收入稳定风险也较小。
U卡行业作为Web3行业的一个分支，也受益于整个Web3行业的发展，目前还在高速发展的阶段，需要等整个产业逐渐成熟、逐渐被大众所接受。
熬到美国的稳定币法案通过了，熬到商家可以直接接收稳定币了，熬到消费者可以无感使用Web3钱包支付了，熬到Web2巨头蜂拥而入，熬到海量市场向Web3开放了。
到时候还活着的企业，先发优势在手就是行业老大。
那合规还要不要做？要，一定要做，但是要先活下去。"Better to ask for forgiveness than permission"，“与其请求事前许可，不如请求事后原谅。”
合规是根据行业发展、企业规模相配套相结合的，需要做合规，但是也需平衡好业务发展需求和合规的投入成本与尺度。
行业的底线是风控，风控才是整个U卡行业的核心。
U卡核心业务从始至终的逻辑就是钱的转移，对于钱需要保持100%的警惕。所以风控是重中之重，是怎么管好钱，是代码有没有后门，是合作方信不信得过，是托管靠不靠得住，是员工下个月的工资发不发得出。
一句话就是：风控、风控、还是风控。
总结
U卡行业正处在探索与成长的关键阶段，创新与合规之间的平衡将成为其未来发展的决定性因素。企业需要在保障资金安全和强化风险控制的前提下，灵活适应市场变化，优化运营策略，以应对当前的困境。
随着Web3技术的不断成熟以及稳定币支付的普及，U卡有望在未来成为数字经济与现实世界的重要桥梁，引领支付领域的新趋势。
随着行业成熟，合规将成为基石。当下，U卡企业的首要任务是稳健前行，等待行业生态完善与监管环境清晰的曙光到来。
/ END.
本文作者：Crypto Miao
由于法律法规尚未完全适应这种新兴技术与传统体系的融合，U卡企业常常处于进退两难的境地。合规就像一把达摩克利斯之剑，悬而未决地高悬在行业头顶，随时可能因政策调整或监管行动而落下重击。企业不仅需要应对技术创新的挑战，还必须时刻警惕潜在的法律风险，一步踏错就可能面临罚款、诉讼甚至业务中断的严重后果。
本文将从产业视角出发，剖析U卡行业的现状与挑战，探讨其在支付领域的破局之道。
U卡发展困境
U卡行业目前面临着合规不明确的困境。这一行业既涉及到快速演变的数字资产领域，又与传统金融行业紧密交织，形成了一个复杂的监管灰色地带。
目前业内的合规研究者，大多都是从政策出发，研究U卡支付各链条中需要的合规动作。但是U卡产业目前还面临着其他问题：高昂的运营成本、激烈的市场竞争、盈利困境，无一不在考验着U卡发行方的生存智慧。
从产业角度看，也许合规并不是创业者当下最优先考虑的问题？
U卡之困
1.发行渠道之困
首先，做U卡最基本的需要有一张银行卡，这就需要具备特定的发行机构资质，通常意味着企业必须遵守一系列严格的金融监管规定和金融机构牌照。然而，大部分U卡企业，例如近期备受关注的Infini，并不具备直接发行银行卡的资质。因此，这些企业往往选择与已获得资质的银行或支付网关合作，利用这些机构的API或基础设施来提供服务。
2.渠道成本之困
既然U业务完成整个业务链条需要借助他人的渠道，那么就需要支付渠道成本。除了上文提到的银行卡发卡方要赚钱外，支付链条中还包括其他多种渠道费用，API接入服务要赚钱、货币兑换要赚钱、国际结算渠道master/visa要赚钱，支付端Apple、PayPal、支付宝、微信也要赚钱。
用户信用卡刷100，走国际支付渠道的商户只收到97元，比国内银联渠道高很多。部分费用需要由商户承担，导致支持国际支付渠道的支付场景较少。
盈利模式之困
1.费率之困
在U卡盈利模式中，很重要的一部分是续费。在选择U卡支付时，U卡发行方会收取相关的手续费，这里面包含了支付手续费、跨境手续费、汇兑费用等。对用户来说，最关注的是稳定币和支付本位币之间的兑换比例，与实际的外汇牌价之间的比率差额。
一般来说，手续费的综合费率一般在1.5%左右或以上，这取决于U卡发行方的规模和议价能力。比如当天美元兑人民币汇率为7.20RMB/USD，你消费人民币100元，U卡上会扣除美元等值稳定币14.10美元或更多，兑换比例为7.092RMB/USD。
少数U卡会在短时间内有更优惠的综合费率，比如通过一些奖励活动将综合费率打到1%或以下，但是活动仅仅只能持续较短的一段时间，主要是为了活动推广增加获客，并不能长时间的维持低费率。
为什么费率会降不下来？因为经营成本在这里，长时间的低收费会导致项目无法维持运营。在项目期初进行推广时可以进行补贴吸引用户，时间久了谁能保证一直融到投资呢。
所以U卡发行商另一项重要支出就是广告推广，增加新客户的同时增加业务规模，加强渠道的议价能力。更重要的是加强市场的知名度和话语权，获得新的融资用于进一步扩大规模。
2.手续费之困
那么既然运营成本这么高，是否可以再增加手续费呢，把综合费率提升到2%或者更高？
答案是否定的。
首先是因为目前U卡行业竞争激烈，用户忠诚度低，稍有不慎就会失去行业地位。
其次，U卡另一竞争对手是交易所/OTC出金，如果手续费过高，U卡的便捷性、资金风险隔离的优势对用户来说过于昂贵，宁可选择交易所/OTC出金的方式。并且U卡在国内一般只能用于小额消费，大额消费如果通过支付宝、微信支付，将额外收取3%的手续费。
3.资金池利差之困
也许有人会说U卡发行方不是还有资金池么，经常会有U卡在其官网每天动态公布资金池的TVL和各项资产的比例，动辄几百上千万美元。这买买国债，搞搞DEFI不是很大一块收益么？
这其中又有误区。首先，大多数的U卡发行方没有理财利差的渠道。这点像交易所有天然的优势，比如Bybit、Bitget发行U卡，交易所本来就有存贷业务，可以把U卡的资金池做个对接。
但是其他的U卡没有自己的借贷渠道，需要借助别人的理财渠道。别人的渠道是否足够安全，是否可以足额、迅速兑付？流动性怎么样？能否顶得住突发的大额提现？
如果大额提现，你给用户设置提现限额，在极不信任的Web3社区，很快就会被传资金有问题，导致大量用户提现形成死亡循环。
4.资金池深度之困
通俗的讲就是资金池很浅。就是U卡用户的使用习惯都不会往U卡里面充太多钱，而是少量的用多少放多少，使用完了再充进去，短期内进多少花多少。
毕竟Web3行业安全事故频发，交易所大家都还信不过，谁能信得过小小的U卡发行方呢。
所以别看U卡的资金池TVL很高，但是里面沉淀资金较少，可以用来买高收益理财、套利的长期资金较少。需要随时动用的资金比例很高，很大一部分资金只能买活期理财收益有限。
USDT发行方Tether公司的运营模式只能是羡慕不已，USDT发行都是增量多赎回少，可以拿去买美债、买黄金、买高收益理财。
比较老牌的U卡发行方，比如Crypto.com的U卡，就鼓励用户锁仓，锁仓越多可以申请的卡片支持的用途越多、手续费越少、质押奖励越多，只有足够多的沉淀资金才能让U卡发行方有更多的操作空间。
合规之困
1.合规与自我保护
作为U卡发行方，无论是否需要都需要做合规，比如代码审计、项目审计、资金审计、财报审计、托管审计等，这又是不可避免的运营成本。
并且资金池需要找第三方托管，托管方的实力背景合规程度也得进行审计和背调，根据合作情况是否需要对方提供相应担保等。如果找大机构做托管业务，费用成本又过高，对于创业型的U卡公司和规模一般的资金池又承受不起。如果找小的资管做托管，又害怕对方的安全性和合规性不足。
如果出现意外导致资金亏损，用户讨伐的对向首先是U卡发行方，而不是托管方。而U卡发行方还得去和托管方进行漫长而又艰难的法律诉讼。
2.合规与监管
在现阶段的U卡行业，合规监管可能还不是从业者优先考虑的问题。
首先是行业还在初期，相关监管政策和法律都还比较模糊。
其次，监管对U卡发行方的执法权有限。信用卡的卡片发行资质是借用的，U卡发行方的主体在离岸地区，资金是在第三方托管，从法律和执法力度来说，都很难对U卡发行方进行处罚。
并且U卡发行走的是正规发卡渠道+正规国际支付渠道+正规消费场景，如果以上渠道产生法律纠纷又不完全是U卡发行者的责任。如果有用户违规套现或非法使用，那是违反外汇管理条例、虚假交易或其他违法事项，主要负责人是卡片持有人，和发卡方无关。
监管对于U卡发行方可能最严重的处罚，就是把卡BIN（Bank Identification Number，银行识别码）封了不让用了，导致用户流失。这很可能会让一个U卡项目就此陨落，只能吸取经验另起炉灶了。
3.合规于反洗钱
对于U卡发行方来说，最大责任的在于反洗钱（AML）合规。但其实Web3生态中反洗钱流程也已经比较成熟，比如参考各大交易所coinbase、币安、okx等，通过链上数据、反洗钱机构合作、风控模型对反洗钱进行严厉的把控。
反洗钱工作虽然有较为成熟的解决方案，但是支出成本却不低，需要建立监督机制和自己的风控模型，要与相关机构合作和招聘相应的人才，成本费用必不可少。并且无论是在哪个国家反洗钱都是重中之重。
4.潜在合规风险
为什么说是潜在的，因为按照目前的U卡行业现状，上文提到的资产保护和反洗钱合规是最大的风险，其他的合规风险重要性级别并不是非常高。
但是，如果U卡发行方想打通上下游产业链条，需要额外承担其他的运营风险。比如增加消费场景、支持法币出入金、拓展Web2用户、直连电商支付、设立“余额宝”。这些业务就绕不开AML/KYC、证券法、外汇管理条例、投资者保护法、支付渠道建设、营销渠道建设。和现实场景结合的越紧密，越需要合规；越合规，发展模式越像Web2；发展越Web2，那就进入了红海竞争。
而Web3从业者，想去和Web2企业竞争，需要重新适应Web2体系，将利益、权利、责任进行重新分配。业务做得越大越深越广，需要的合规枷锁越重，社会责任也越重。
With great power comes great responsibility.
U卡的未来
现阶段U卡企业要怎么做？
第一个方式是摸索前行，现在U卡行业还在摸索阶段，运供应模式、盈利模式、资源配置都还在探索阶段，先驱者闯出自己的渠道模式来，属于高风险投资。
第二是做自己自己擅长的事，比如渠道建设、社区推广、合规风控、资金托管、理财搭配、资金清算、投研背调，做产业链条环节里面的优质供应商，发挥自己的特长。相比第一种属于收入稳定风险也较小。
U卡行业作为Web3行业的一个分支，也受益于整个Web3行业的发展，目前还在高速发展的阶段，需要等整个产业逐渐成熟、逐渐被大众所接受。
熬到美国的稳定币法案通过了，熬到商家可以直接接收稳定币了，熬到消费者可以无感使用Web3钱包支付了，熬到Web2巨头蜂拥而入，熬到海量市场向Web3开放了。
到时候还活着的企业，先发优势在手就是行业老大。
那合规还要不要做？要，一定要做，但是要先活下去。"Better to ask for forgiveness than permission"，“与其请求事前许可，不如请求事后原谅。”
合规是根据行业发展、企业规模相配套相结合的，需要做合规，但是也需平衡好业务发展需求和合规的投入成本与尺度。
行业的底线是风控，风控才是整个U卡行业的核心。
U卡核心业务从始至终的逻辑就是钱的转移，对于钱需要保持100%的警惕。所以风控是重中之重，是怎么管好钱，是代码有没有后门，是合作方信不信得过，是托管靠不靠得住，是员工下个月的工资发不发得出。
一句话就是：风控、风控、还是风控。
总结
U卡行业正处在探索与成长的关键阶段，创新与合规之间的平衡将成为其未来发展的决定性因素。企业需要在保障资金安全和强化风险控制的前提下，灵活适应市场变化，优化运营策略，以应对当前的困境。
随着Web3技术的不断成熟以及稳定币支付的普及，U卡有望在未来成为数字经济与现实世界的重要桥梁，引领支付领域的新趋势。
随着行业成熟，合规将成为基石。当下，U卡企业的首要任务是稳健前行，等待行业生态完善与监管环境清晰的曙光到来。
/ END.
本文作者：Crypto Miao
See original
Mankiw Research | Virtual Currency Arbitrage, Beware of Legal Risks from Foreign Exchange Matched Transactions
What are 'arbitrage' and 'foreign exchange matched transactions'?
Virtual currency arbitrage refers to the strategy of buying high and selling low based on price differences between different exchanges or trading pairs, focusing on completing the buying and selling of the same subject within a very short period to achieve risk-free or low-risk returns through fast trading. For example, an arbitrage trader discovers frequent arbitrage opportunities between the BTC/USDT trading pairs on OKX and Binance, so they deposit USDT into OKX and BTC into Binance. When an arbitrage opportunity appears, they simultaneously exchange USDT for BTC in OKX and BTC for USDT in Binance to complete the arbitrage.
Virtual currency arbitrage refers to the strategy of buying high and selling low based on price differences between different exchanges or trading pairs, focusing on completing the buying and selling of the same subject within a very short period to achieve risk-free or low-risk returns through fast trading. For example, an arbitrage trader discovers frequent arbitrage opportunities between the BTC/USDT trading pairs on OKX and Binance, so they deposit USDT into OKX and BTC into Binance. When an arbitrage opportunity appears, they simultaneously exchange USDT for BTC in OKX and BTC for USDT in Binance to complete the arbitrage.
Translate
曼昆提示 | 谨防利用稳定币概念炒作的投资项目
近期，美国《GENIUS法案》通过。
香港《稳定币条例草案》三读通过。
随即而来的，是各大机构对未来稳定币发行对Web3世界影响的解读，该议题刷屏数量之巨。
一时间，今年火热的RWA概念都被压下去一头。
但不少朋友向曼昆律师反映，部分媒体、社交平台、社群确实又出现以“金融创新”为噱头，揽财为目的，交易炒作升值为利诱，利用“稳定币”、“RWA币”、“JD币”等概念及其他变种为名义进行的非法集资行为及传播活动。主要形式包括但不限于进行培训、项目推介、融资交易等不同形式的线上、线下活动。
作为以“确保Web3.0在中国合法发生”为使命的曼昆律所，有必要在此时站出来为国内Web3从业者、新人进行相关提示！
养号不易，kol从业者，注意平台监管新动态
首先，曼昆律师在一些Web3交流社群中发现，不少kol反映在，他们在大陆短视频平台的相关主题似乎开始被减少推流。
特别是将虚拟货币、稳定币主题与传统金融活动比对的视频，甚至会遭到整改通知：
目前，官方或只是通过视频平台减少推送，以降低讨论热度，如果相关概念炒作愈演愈烈，不排除官方会进行发布风险提示的老路，提醒各相关机构、个人，共同抵制和防范以“区块链”、“稳定币”及其他变种为名义进行的非法集资行为及传播活动。相信这是国内Web3从业者不想看到的画面……
曼昆律师提示，其实长期以来官方看好区块链技术、应用，但是严格防范、打击并非真正基于区块链技术，而是借机炒作区块链概念，严重扰乱正常的金融经济秩序的活动。在国内为Web3宣传，非常不建议为具体项目方站台，特别是在稳定币概念被爆炒的当下，如果社群运营者，kol“带货”，一旦项目方出事，自身可能沦为帮助犯罪人员。
入局Web3，小心成为稳定币概念盘的新韭菜
曼昆刑事律师——邓小宇律师观察到，国内涉虚拟货币相关犯罪中，利用稳定币（USDT）的犯罪已经占绝大多数。
根据“链分析”《2025年加密货币犯罪报告》显示，去年稳定币占与犯罪活动相关的所有加密货币交易的63%，也印证了曼昆刑事战线律师的观察感受。
可以预见，香港稳定币、京东稳定币等概念将会成为不法分子，面向不具备Web3知识的居民实施犯罪活动的炒作热点之一。
在此，对所有因为稳定币法案通过，开始考虑进入Web3圈子的朋友提个醒：早在去年，香港金管局就明确，稳定币发行人、沙盒参与者不会募资。
换大陆公安的宣传语调————所有涉及稳定币投资的项目，都是诈骗。这句话虽然极端，但是希望Web3新人能记在心里，币圈的事，多看多学少下手。
曼昆律师教你识别稳定币资金盘的四大特性
1. 非法性：
资金盘往往未经金融监管部门依法批准，它们通过各种手段绕过监管进行活动，吸引投资者。比如上文提到香港金管局明确稳定币发行人不会公开募资，那么再看到以“香港稳定币”等概念为幌子的项目，不妨致电一下香港金管局，是否政策发生变化，运行稳定币发行人筹集公共资金、抑或是提供投资产品了？
2. 公开性：
资金盘通常会通过媒体、推介会、微信群、视频号等方式向社会公开宣传广泛传播其所谓的“投资机会”。仅仅需要记住一句话“公开不等于合法”，千万别认为，“这个项目都敢公开宣传了，一定是真实的”。公开只是资金盘获客的必经之路而已。
3. 利诱性：
资金盘以高收益为诱饵，承诺高额回报，如“半年翻倍”“长期来看这有千倍币的潜力”等。这些收益往往远高于正常投资渠道的回报率，利用投资者的贪婪心理吸引其参与。常见的资金盘话术就是：“这个稳定币马上就要在香港上了，你提前认购，到时候上了一定又是几千倍、几万倍的收益。” 朋友你换位思考一下，这东西都叫稳定币了，你怎么还能相信他的收益能翻成千上万倍？
4. 社会性：
稳定资金盘面向不特定对象吸收资金，即向公众开放。它们不会对投资者的资质进行严格审查，任何人都可以参与。一般来讲，所有受监管的合规项目，一般都会对投资者进行风险提示（如证券开户）和投资能力审查（如国内证劵账户买港股、美股），而借助稳定币概念的资金盘不会设置所谓的门槛。
散户入局Web3，可以从以上四个维度简要地评估项目是否属于资金盘。
而一旦哪个项目方的活动满足以上条件，那么在大陆妥妥属于非法集资活动，大概率要面临刑事追诉。
/ END.
本文作者：邓小宇律师
香港《稳定币条例草案》三读通过。
随即而来的，是各大机构对未来稳定币发行对Web3世界影响的解读，该议题刷屏数量之巨。
一时间，今年火热的RWA概念都被压下去一头。
但不少朋友向曼昆律师反映，部分媒体、社交平台、社群确实又出现以“金融创新”为噱头，揽财为目的，交易炒作升值为利诱，利用“稳定币”、“RWA币”、“JD币”等概念及其他变种为名义进行的非法集资行为及传播活动。主要形式包括但不限于进行培训、项目推介、融资交易等不同形式的线上、线下活动。
作为以“确保Web3.0在中国合法发生”为使命的曼昆律所，有必要在此时站出来为国内Web3从业者、新人进行相关提示！
养号不易，kol从业者，注意平台监管新动态
首先，曼昆律师在一些Web3交流社群中发现，不少kol反映在，他们在大陆短视频平台的相关主题似乎开始被减少推流。
特别是将虚拟货币、稳定币主题与传统金融活动比对的视频，甚至会遭到整改通知：
目前，官方或只是通过视频平台减少推送，以降低讨论热度，如果相关概念炒作愈演愈烈，不排除官方会进行发布风险提示的老路，提醒各相关机构、个人，共同抵制和防范以“区块链”、“稳定币”及其他变种为名义进行的非法集资行为及传播活动。相信这是国内Web3从业者不想看到的画面……
曼昆律师提示，其实长期以来官方看好区块链技术、应用，但是严格防范、打击并非真正基于区块链技术，而是借机炒作区块链概念，严重扰乱正常的金融经济秩序的活动。在国内为Web3宣传，非常不建议为具体项目方站台，特别是在稳定币概念被爆炒的当下，如果社群运营者，kol“带货”，一旦项目方出事，自身可能沦为帮助犯罪人员。
入局Web3，小心成为稳定币概念盘的新韭菜
曼昆刑事律师——邓小宇律师观察到，国内涉虚拟货币相关犯罪中，利用稳定币（USDT）的犯罪已经占绝大多数。
根据“链分析”《2025年加密货币犯罪报告》显示，去年稳定币占与犯罪活动相关的所有加密货币交易的63%，也印证了曼昆刑事战线律师的观察感受。
可以预见，香港稳定币、京东稳定币等概念将会成为不法分子，面向不具备Web3知识的居民实施犯罪活动的炒作热点之一。
在此，对所有因为稳定币法案通过，开始考虑进入Web3圈子的朋友提个醒：早在去年，香港金管局就明确，稳定币发行人、沙盒参与者不会募资。
换大陆公安的宣传语调————所有涉及稳定币投资的项目，都是诈骗。这句话虽然极端，但是希望Web3新人能记在心里，币圈的事，多看多学少下手。
曼昆律师教你识别稳定币资金盘的四大特性
1. 非法性：
资金盘往往未经金融监管部门依法批准，它们通过各种手段绕过监管进行活动，吸引投资者。比如上文提到香港金管局明确稳定币发行人不会公开募资，那么再看到以“香港稳定币”等概念为幌子的项目，不妨致电一下香港金管局，是否政策发生变化，运行稳定币发行人筹集公共资金、抑或是提供投资产品了？
2. 公开性：
资金盘通常会通过媒体、推介会、微信群、视频号等方式向社会公开宣传广泛传播其所谓的“投资机会”。仅仅需要记住一句话“公开不等于合法”，千万别认为，“这个项目都敢公开宣传了，一定是真实的”。公开只是资金盘获客的必经之路而已。
3. 利诱性：
资金盘以高收益为诱饵，承诺高额回报，如“半年翻倍”“长期来看这有千倍币的潜力”等。这些收益往往远高于正常投资渠道的回报率，利用投资者的贪婪心理吸引其参与。常见的资金盘话术就是：“这个稳定币马上就要在香港上了，你提前认购，到时候上了一定又是几千倍、几万倍的收益。” 朋友你换位思考一下，这东西都叫稳定币了，你怎么还能相信他的收益能翻成千上万倍？
4. 社会性：
稳定资金盘面向不特定对象吸收资金，即向公众开放。它们不会对投资者的资质进行严格审查，任何人都可以参与。一般来讲，所有受监管的合规项目，一般都会对投资者进行风险提示（如证券开户）和投资能力审查（如国内证劵账户买港股、美股），而借助稳定币概念的资金盘不会设置所谓的门槛。
散户入局Web3，可以从以上四个维度简要地评估项目是否属于资金盘。
而一旦哪个项目方的活动满足以上条件，那么在大陆妥妥属于非法集资活动，大概率要面临刑事追诉。
/ END.
本文作者：邓小宇律师
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Entrepreneurship in Web3.0 Column | Dialogue with Boesin CEO Joe Zhou: On-chain Security Giant, Revealing the 'Bloody History' of Web3 Payment Security and Compliance
Opening Remark
Entrepreneurship in Web3, let's talk every Wednesday!
(Entrepreneurship in Web3.0) is a talk show initiated by Mankun Law Firm featuring interviews with Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share their insights, contributing to the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 wave is sweeping across the globe, yet security and compliance have become 'invisible minefields' for entrepreneurs. How to protect assets in a decentralized world? How should Chinese companies going to Southeast Asia respond to the opportunities and pitfalls of Web3 payments?
Entrepreneurship in Web3, let's talk every Wednesday!
(Entrepreneurship in Web3.0) is a talk show initiated by Mankun Law Firm featuring interviews with Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share their insights, contributing to the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 wave is sweeping across the globe, yet security and compliance have become 'invisible minefields' for entrepreneurs. How to protect assets in a decentralized world? How should Chinese companies going to Southeast Asia respond to the opportunities and pitfalls of Web3 payments?
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Mankiw Lawyer | Why are cryptocurrency transactions frequently suspected of cross-border foreign exchange-related crimes?
Introduction
Since the birth of Bitcoin, its price has soared multiple times, driving a global cryptocurrency craze. At its peak, Bitcoin surpassed $100,000, and the total market value of cryptocurrencies even exceeded the global dollar circulation at one point. This was followed by a surge of cryptocurrency trading platforms and active over-the-counter trading using USDT as a medium.
Under the current policies in China, some individuals utilize cryptocurrency assets for private exchanges between foreign currencies and RMB, profiting from exchange rate differences and service fees, seemingly harmless from a technical standpoint but legally under high pressure. Such operations may involve illegal business operations under Article 225 of the Criminal Law and money laundering under Article 191.
Since the birth of Bitcoin, its price has soared multiple times, driving a global cryptocurrency craze. At its peak, Bitcoin surpassed $100,000, and the total market value of cryptocurrencies even exceeded the global dollar circulation at one point. This was followed by a surge of cryptocurrency trading platforms and active over-the-counter trading using USDT as a medium.
Under the current policies in China, some individuals utilize cryptocurrency assets for private exchanges between foreign currencies and RMB, profiting from exchange rate differences and service fees, seemingly harmless from a technical standpoint but legally under high pressure. Such operations may involve illegal business operations under Article 225 of the Criminal Law and money laundering under Article 191.
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Mankun Research | Guide to Applying for Lithuanian CASP License in 2025
Lithuania - The Frontier of the EU Cryptocurrency Industry
Against the backdrop of the global cryptocurrency regulatory framework taking shape, Lithuania is becoming an important hub for the European cryptocurrency industry with its forward-thinking regulatory mindset and efficient compliance system. As one of the first EU member states to establish a legal framework for cryptocurrencies, Lithuania has built a 'technology-friendly' regulatory environment that meets the compliance requirements of the EU single market while providing a clear development path for innovative companies.
(1) First-Mover Advantage of the Regulatory Framework
Lithuania's regulatory advantages are primarily reflected in the forward-looking nature of its legislation. Even before the official implementation of the EU's (Regulation on Crypto-Asset Markets) (MiCA), the country had established a dual-track licensing system for virtual currency trading platforms (VCESP) and wallet service providers (VCWSP).
Against the backdrop of the global cryptocurrency regulatory framework taking shape, Lithuania is becoming an important hub for the European cryptocurrency industry with its forward-thinking regulatory mindset and efficient compliance system. As one of the first EU member states to establish a legal framework for cryptocurrencies, Lithuania has built a 'technology-friendly' regulatory environment that meets the compliance requirements of the EU single market while providing a clear development path for innovative companies.
(1) First-Mover Advantage of the Regulatory Framework
Lithuania's regulatory advantages are primarily reflected in the forward-looking nature of its legislation. Even before the official implementation of the EU's (Regulation on Crypto-Asset Markets) (MiCA), the country had established a dual-track licensing system for virtual currency trading platforms (VCESP) and wallet service providers (VCWSP).
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Entrepreneurship Web3.0 Column | Conversation with BlockbeatHK Marketing Director Vivian: RWA + Cross-border Payment, How to Ignite New Opportunities for Entrepreneurship in Hong Kong?
Opening remarks
Entrepreneurship Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is a Chinese Web3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share their experiences, hoping to support the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 track is surging; how can Hong Kong leverage its policy and technical advantages to become a global virtual asset center? How can traditional businesses embrace Web3 through RWA and cross-border payments? In this episode (Entrepreneurship Web3.0), lawyer Niu Xiaojing from Mankun Law Firm talks with Vivian, the marketing director of BlockbeatHK. From the vision of the value internet to BlockbeatHK's practices in Hong Kong, Vivian reveals how Web3 empowers the real economy through her 7 years of industry experience, providing entrepreneurs with exclusive insights on technology and compliance!
Entrepreneurship Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is a Chinese Web3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share their experiences, hoping to support the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 track is surging; how can Hong Kong leverage its policy and technical advantages to become a global virtual asset center? How can traditional businesses embrace Web3 through RWA and cross-border payments? In this episode (Entrepreneurship Web3.0), lawyer Niu Xiaojing from Mankun Law Firm talks with Vivian, the marketing director of BlockbeatHK. From the vision of the value internet to BlockbeatHK's practices in Hong Kong, Vivian reveals how Web3 empowers the real economy through her 7 years of industry experience, providing entrepreneurs with exclusive insights on technology and compliance!
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Mankiw Lawyer | What Are We Really Talking About When We Discuss RWA Assets Going On-Chain?
The Web3 community in 2025 is not lacking in 'hot opportunities'. Following DeFi, NFT, the metaverse, and memes, RWA has suddenly become the top trend—full of slogans like 'asset on-chain reconstructing the financial system' and 'trillion-dollar market new blue ocean', with various RWA industry associations, summits, alliances, and forums proliferating like cancer cells, outnumbering real, operational RWA projects by dozens of times. Even the old man selling pancakes at the village entrance has heard that 'putting houses on-chain can sell globally', but sorry, today we must pour cold water on that idea: when you shout 'RWA assets on-chain', you might not even know what you're talking about.
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Lawyer Mankiw | Beware of the Ponzi schemes that use the “RWA” concept
Last time, Lawyer Mankiw mentioned that there was a wave of people advocating RWA (Real World Assets) on domestic social media. "RWA is the code of wealth" and "Invest in RWA, and you will be financially free in three years". From Douyin to video accounts, from WeChat groups to offline lectures, everyone is talking nonsense. There are those who are trying to attract attention and earn fans, those who sell courses, and those who are pimps, but the most "deemable" ones are those who use the RWA concept to engage in capital trading. Today, let's talk about these people, uncover their true colors, and remind the elderly to keep their eyes open and protect their pensions!
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Mankiw Research | Exploring New Paths for Public Chains to Break Through the Compliance and Development Paradox Using the Sui Chain as an Example
A public blockchain is a decentralized and distributed ledger technology that allows anyone to participate in transaction validation and network maintenance. Compliance is key for public chains to be widely applied in regulated industries like finance, requiring them to meet legal and regulatory standards, such as KYC (Know Your Customer) and AML (Anti-Money Laundering). Compliance can enhance trust from users and regulators towards public chains and effectively reduce the risk of illegal activities such as money laundering and fraud. Globally, public chains also need to comply with regulations like the EU's General Data Protection Regulation (GDPR) to ensure legality and sustainable development.
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Entrepreneurship Web3.0 Column | Dialogue with Techub News CEO Alma: Insights into Opportunities and Challenges in Hong Kong's Web3 Industry
Opening remarks
Entrepreneurship in Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is an interview program initiated by Mankun Law Firm for Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share, hoping to promote the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 track is changing rapidly. How can Hong Kong seize the global high ground by leveraging policy advantages? In this episode (Entrepreneurship Web3.0), Mankun Law Firm’s lawyer Niu Xiaojing converses with Techub News CEO Alma on the theme of 'Opportunities and Challenges in Hong Kong's Web3 Industry,' providing exclusive insights into Hong Kong’s Web3 ecosystem.
Entrepreneurship in Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is an interview program initiated by Mankun Law Firm for Chinese Web3.0 entrepreneurs. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to share, hoping to promote the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
The Web3 track is changing rapidly. How can Hong Kong seize the global high ground by leveraging policy advantages? In this episode (Entrepreneurship Web3.0), Mankun Law Firm’s lawyer Niu Xiaojing converses with Techub News CEO Alma on the theme of 'Opportunities and Challenges in Hong Kong's Web3 Industry,' providing exclusive insights into Hong Kong’s Web3 ecosystem.
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Mankiw Research | Is cryptocurrency perpetual contract trading gambling or financial derivatives? Mankiw compares the current state of global regulation
If you have been in the cryptocurrency world for a few years, perpetual futures trading is probably nothing new. High leverage, high risk, and high returns have become the focus of global investors. However, in mainland China, such transactions are currently classified as "gambling" by some judicial authorities and linked to the "crime of opening a casino", causing widespread controversy. At the same time, around the world, countries' regulatory frameworks for cryptocurrency contract trading are showing a trend of diversification.
In the process of defending the exchange's perpetual contract involving gambling, Mankiw's criminal lawyer Deng Xiaoyu compared the regulatory landscape of major countries and regions around the world. In this article, we will talk about the true face of perpetual contracts and the logic behind them, and dismantle the "casino" controversy in mainland China - is it financial innovation or online casino? Let's talk about it.
In the process of defending the exchange's perpetual contract involving gambling, Mankiw's criminal lawyer Deng Xiaoyu compared the regulatory landscape of major countries and regions around the world. In this article, we will talk about the true face of perpetual contracts and the logic behind them, and dismantle the "casino" controversy in mainland China - is it financial innovation or online casino? Let's talk about it.
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Event Review | "How Traditional Payment Transforms to Web3.0: Innovation Path and Compliance Practice" concluded successfully!
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:
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:
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Mankun Research | Are Web3 Project Campus Ambassadors Reliable?
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.
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.
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Mankun Research | What Makes Morph Consumer-Grade Public Chain in the PayFi Track Different?
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.
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.
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Mankun Research | Lightweight PayFi Entrepreneurial Exploration: Infini's Business Logic and Compliance Boundaries
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'.
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'.
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Entrepreneurship Web3.0 Column | Dialogue with Coinfound Investment Research Leader Xu Ou: Which tracks are worth investing in? How to choose to avoid stepping on mines?
Preface
Entrepreneurship Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankun Law Firm. Every Wednesday evening, we invite industry experts, frontline institutions, and well-known entrepreneurs to share their insights, hoping to promote the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
As the Web3 boom sweeps across the globe, blockchain technology is changing the digital world’s landscape at an unprecedented speed. In this track full of opportunities and challenges, how to select quality projects? What direction will the industry take in the future? (Entrepreneurship Web3.0!) The third episode is themed 'How to choose Web3 projects?' Lawyer Niu Xiaojing from Mankun Law Firm collaborates with Xu Ou, co-founder of Coinfound, to bring a deep dialogue. From the evolution of the Web3 industry to exclusive standards for project selection, and bold visions for the future, Xu Ou combines his eight years of experience to unveil the mysteries of Web3 entrepreneurship and investment research for us!
Entrepreneurship Web3, discussing every Wednesday!
(Entrepreneurship Web3.0) is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankun Law Firm. Every Wednesday evening, we invite industry experts, frontline institutions, and well-known entrepreneurs to share their insights, hoping to promote the compliant development of China's Web3.0 industry through positive voices, rational discussions, and experience sharing.
As the Web3 boom sweeps across the globe, blockchain technology is changing the digital world’s landscape at an unprecedented speed. In this track full of opportunities and challenges, how to select quality projects? What direction will the industry take in the future? (Entrepreneurship Web3.0!) The third episode is themed 'How to choose Web3 projects?' Lawyer Niu Xiaojing from Mankun Law Firm collaborates with Xu Ou, co-founder of Coinfound, to bring a deep dialogue. From the evolution of the Web3 industry to exclusive standards for project selection, and bold visions for the future, Xu Ou combines his eight years of experience to unveil the mysteries of Web3 entrepreneurship and investment research for us!
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Mankun Research | Decoding the Unique RWA of Mainland China: Practical Features, Risk Analysis, and Optimization Paths
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.
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.
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Mankiw Research | Do you need to pay taxes when trading virtual currencies?
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.
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