The UAE has become a global center for encryption innovation due to its geographical location and friendly policies. Abu Dhabi and Dubai have different strategies in regulating virtual assets; the former is overseen by the independent authority FSRA, while the latter is managed by VARA and DIFC. There are significant differences in the application processes, conditions, fees, and other aspects, providing a basis for practitioners to choose the appropriate operational environment.

Bitcoin pullback, alts market welcomes Rebound
Recently, the cryptocurrency market has shown interesting trends. Although Bitcoin experienced a pullback after hitting a high, Ethereum has reversed its previous downward trend, breaking the $3600 mark. At the same time, multiple sectors such as Defi and Layer 2 have generally risen, and the altcoin market seems to be revitalizing. This phenomenon stands in stark contrast to the market situation a few days ago, when Bitcoin was approaching its high of $100,000, while the altcoin market was in despair, exhibiting a desperate struggle for survival.
In this market environment, some traditional financial institutions have begun to turn their attention to altcoin ETFs, bringing a glimmer of warmth to the long-dormant altcoin market. Just a week ago, the news of Bitcoin breaking through $99,000 was dominating the headlines of major media, but the crypto community has unusually remained silent. In the current institutional-led bull market, most market participants have not shared in the excess liquidity.

The NFT craze is waning, and top auction houses are betting on Crypto Assets.
As the price of Bitcoin reaches new highs and Ethereum approaches its 2021 peak, those in the art world who once had high hopes for Crypto Assets are stirring once again. Early signs indicate that the pioneering disruptors in the art industry have indeed seized this opportunity.
A few weeks after the U.S. President was re-elected, the prices of crypto assets surged rapidly, and the President showed strong support for decentralized digital assets. Prior to this, the founder of a certain crypto platform purchased Maurizio Cattelan's "Comedian" for a staggering $6.2 million, which was essentially just a banana taped to the wall. This exorbitant transaction quickly made headlines in major media, and the buyer chose to pay with crypto assets.
Against this backdrop, a well-known auction house will hold its first auction in Saudi Arabia next month, accepting payments in ETH or BTC. This is the first time a traditional auction house has conducted a physical auction on site.

VanEck experts propose innovative bond solutions to address the massive refinancing needs in the United States.
A digital asset research expert from VanEck recently proposed an innovative bond concept aimed at addressing the $14 trillion refinancing needs that the U.S. government is about to face. This new hybrid debt instrument, called "Bitcoin Bond," combines U.S. Treasury bonds with exposure to Bitcoin, attempting to meet sovereign financing needs while providing investors with inflation protection.
The concept was originally proposed at a strategic Bitcoin reserve summit. The envisioned Bitcoin bond would be a 10-year security, with 90% exposure to traditional U.S. Treasury bonds and 10% exposure to Bitcoin. The Bitcoin portion would be funded by the proceeds from the bond issuance.
When the bonds mature, investors will receive the full value of the government bonds as well as the value of the Bitcoin allocation. Before the yield to maturity reaches 4.5%, investors will receive all the appreciation of Bitcoin.

The Dubai TOKEN2049 conference was successfully held, and despite encountering flooding, it still gathered over 500 speakers and numerous blockchain companies to discuss cutting-edge topics such as decentralized AI, re-staking technology, and Web3 gaming, showcasing the vitality and innovative potential of the industry.

Blend has performed well since its launch a week ago, with a significant rise in the NFT lending sector. Compared to last week, the loan volume surged by 370.5%. This week, a certain platform dominated the trading volume, accounting for as much as 74.6% of the share.
According to the data, Blend has facilitated loans of 39,112 ETH to date, involving 2,387 transactions. The average loan amount is 16.39 ETH.
Currently, there are still 432 active loans involving 3,320 ETH. This means that 81% of the loans from the first week have been settled. Notably, the current average loan size has decreased to 7.68 ETH, which may reflect users' increased awareness of the risks associated with high-value loans.
The number of loans throughout the week showed a downward trend, decreasing from 499 on the first day to 295 on the seventh day. This may be due to the fading novelty and increased risk awareness, with high Gas fees also being a potential influencing factor.
Despite the week

The Hong Kong Securities and Futures Commission has approved the launch of the first tokenized money market ETF, which will be listed in April. This ETF combines blockchain technology with traditional low-risk funds to enhance transparency and operational efficiency, create new opportunities for investors, and promote the development of financial technology.

The Integration of TradFi and Web3: Exploring the Future of RWA Asset Tokenization
Recently, a dialogue themed "When Financial Institutions Harmonize with Web3" has attracted widespread attention in the industry. The CEO of HashKey Eco Labs engaged in in-depth discussions with the innovator and CEO of China Pacific Insurance Investment Management (Hong Kong) about blockchain technology, digital assets, and the future trends of RWA.
The motivation of traditional financial institutions to enter Web3
As blockchain technology gradually transitions from proof of concept to practical application, an increasing number of traditional financial institutions are beginning to focus on asset tokenization, transparency, and efficient circulation. China Pacific Insurance Investment Management (Hong Kong) has launched a tokenized US dollar money market fund, utilizing a certain public chain as its on-chain infrastructure, and the subscription amount reached 100 million USD on its first day of launch.
The CEO of China Pacific Insurance (Hong Kong) stated that their entry into the RWA field is a natural progression.

The Tragedy of Risk Control: Challenges in Risk Management for Digital Currency Trading Platforms
The concept of risk originates from Italian, originally referring to objective dangers in nature. In modern society, risk is more reflected as a choice, depending on the degree of freedom we possess.
Financial historian Peter Burns points out in his writings that whether it is the rise and fall of enterprises, the ups and downs of the stock market, or wars and economic depressions, these events always occur when people are caught off guard, yet seem to repeat themselves.
As a major provider of liquidity in the digital currency market, one of the core elements of an exchange is risk management. These platforms integrate various functions such as asset custody, trade matching, clearing, and information dissemination, while also incorporating characteristics of institutions like brokers and funds, making them a financial center.
Industry professionals generally believe that there are significant shortcomings in risk management within the blockchain sector. This has led to industry tragedies such as exchanges being hacked. How to improve risk management has become a key focus for the entire industry.

Tariff policies have triggered global economic turmoil, and the crypto market is facing new challenges.
Nearly a century ago, the Smoot-Hawley Tariff Act of 1930 had a profound impact on the world economy. This tariff policy, which was aimed at protecting domestic industries, ultimately evolved into a disastrous shrinkage of global trade, exacerbating the severity of the Great Depression. To this day, the shadow of trade protectionism has yet to dissipate.
In April 2025, the United States announced it would raise tariffs on Chinese goods to 125%, and the global market once again felt a familiar chill. China's Ministry of Commerce quickly responded, stating that if the U.S. continued its "tariff number games," China would "ignore" it and reserve the right to take further countermeasures. At the same time, the U.S. government proposed a "90-day tariff suspension" to 75 countries, lowering the general tariff rate to 10%, but excluding China, Mexico, and Canada. This targeted trade strategy not only increased the risk of decoupling between the U.S. and Chinese economies.

The development of Bitcoin's Layer 2 faces challenges and is still in its early stages. Drawing on the successful experiences of Ethereum's Layer 2, especially the application of Rollup technology, Bitcoin can focus on enhancing decentralization, data availability, and security in the future, promoting the prosperous development of its ecosystem.

Bitcoin is referred to as "digital gold", but this label may be too conservative. It shares similarities with gold, possessing scarcity and store of value functions, but Bitcoin has clear advantages in terms of divisibility, ease of transfer, and convenience of storage. Furthermore, as an emerging digital asset, Bitcoin's potential surpasses that of traditional precious metals and deserves to be viewed with a more open perspective.

Texas has passed a bill to become the first state in the U.S. to establish a Bitcoin reserve fund, allocating $10 million for the purchase of Bitcoin. This bill aims to enhance the fiscal resilience of the state and allows for flexible asset management, including the use of derivation tools, reflecting the agility of the state government in policy innovation.

Bitcoin Layer 2 project Bitlayer completes $11 million Series A funding.
On July 23, the first Bitcoin Layer 2 project based on BitVM, Bitlayer, announced the completion of a $11 million Series A funding round. This round was led by a well-known investment institution and ABCDE Capital, with continued investment from Framework Ventures, which participated in the seed round.
Several investment institutions, such as Stake Capital Group, WAGMI Ventures, and Skyland Ventures, along with angel investors like the founder of BRC20 and a co-founder of a well-known blockchain company, also participated in this round of financing.
Bitlayer is a strategic investment Bitcoin Layer 2 project, and this collaboration marks an important milestone, showcasing Bitlayer's position in the Bit.

The founder of Ethereum recently sold 500 MKR, attracting follow, the reason being related to the new chain built by the MakerDAO founder based on Solana. The article outlines the development history of MakerDAO and its relationship with the founder of Ethereum, showcasing the collision and interaction of ideas between the two.

Hong Kong Stablecoin Regulations: A New Chapter in Finance with Coexisting Norms and Innovation
On May 21, 2025, the Hong Kong Legislative Council passed the "Hong Kong Stablecoin Ordinance," marking a new phase in cryptocurrency financial regulation. The ordinance was published in the gazette on May 30 and is set to officially take effect on August 1. This legislation incorporates fiat-backed stablecoins (FRS) into the formal regulatory framework, reflecting Hong Kong's strategic intention to build a compliant and forward-looking virtual asset center. This article will analyze the core content of the ordinance, its strategic positioning, and its potential impact.
Legal Infrastructure
The regulations establish a complex definitional system regarding digital value. Stablecoins are defined as tools that are cryptographically secured, used as a store of value or medium of exchange, and operate on distributed ledger technology. "Specific stablecoins" refer specifically to tokens that are pegged to official currencies or other units approved by financial management authorities.
The regulatory scope is extensive, covering issuance, redemption, and market promotion.

The Hong Kong SFC has released a virtual asset roadmap, and the virtual asset market may face new changes.
On February 19, 2025, the Securities and Futures Commission of Hong Kong officially released the "Virtual Asset Roadmap" aimed at addressing various issues encountered during the development of the virtual asset trading market in Hong Kong.
The roadmap known as "A-S-P-I-Re" starts from the five major pillars required for the development of the virtual asset market in Hong Kong, namely connection, protection, products, infrastructure, and communication. It proposes 12 key measures to convey the comprehensive development and regulatory direction of Hong Kong to investors and institutions in the coming years.
As a professional legal team that continuously monitors the frontline dynamics of the global Web3 and cryptocurrency sectors, we have been closely observing the virtual asset trading market in Hong Kong. This article will provide an in-depth interpretation of this roadmap, analyzing the current situation, challenges, and future development signals of Hong Kong's virtual asset trading market from a professional perspective.

According to the latest data, the Ethereum 2.0 staking contract has made significant progress. The number of ETH deposited in the contract has reached 498,048, with a completion rate of 96%. This means that it is very close to the minimum target of 524,288 ETH required to launch the Ethereum 2.0 Genesis Block.
This progress marks an important milestone in Ethereum's transition to version 2.0. The rapid growth of the staking contract reflects the community's confidence and support for Ethereum's future development.
It is worth noting that according to the development plan of Ethereum 2.0, its official release date is set for December 1, 2020. This timeline aligns with the progress of the staking contract, indicating the smooth advancement of the project.
As the staking contract approaches its target, the Ethereum community is eagerly anticipating the arrival of version 2.0. This major upgrade will bring significant improvements to the Ethereum network, including enhanced scalability, security, and sustainability.

Web3 Investment Path Analysis: From Primary Market to Structured Investment
Recently, the crypto market has experienced significant volatility, prompting a re-evaluation of investment strategies in Web3. This article will systematically outline the main investment methods and participation mechanisms in the Web3 industry, providing a reference for high-net-worth investors.
Primary Market path
Investment in the Primary Market primarily involves participating in early financing rounds of Web3 projects through crypto funds. The fund management team is responsible for project selection and investment research strategy formulation, while investors act as limited partners, contributing funds and enjoying overall returns.
Funding Demand
The minimum investment threshold is usually above $100,000, and top-tier funds may require a minimum investment of $1,000,000. Funds are generally locked for 3-5 years and cannot be withdrawn at any time.
Exit Cycle
Medium to long-term period, averaging 1-3 years, relying on project tokens to exit through the Secondary Market after they go live. The exit period may be extended during bear markets.
Strategy Master

The Beam Chain proposal of Ethereum 3.0 utilizes zk-SNARKs technology to drop the barrier for validators, enhance network security and efficiency, address historical technical issues, and prepare for Quantum Computing security. The core challenge lies in achieving second-level proof efficiency, promoting the Snarkification of the consensus layer, and facilitating the scalability and Decentralization development of Ethereum.