Preface

This week, the Web3 industry has seen several important events on both the policy and macroeconomic fronts. In terms of economic data, the U.S. April Markit PMI preliminary results showed a mixed outlook. The manufacturing PMI unexpectedly rose to 50.7, indicating expansion, which was significantly better than the market’s expectation of a contraction. The Eurozone’s preliminary April consumer confidence index came in at -16.7, lower than the market expectation of -15.6, and a decline of 2.2% compared to March’s -14.5. This marks the lowest level since November 2023.

On the economic policy front, U.S. President Trump publicly stated that he would “substantially lower” the current 145% tariff on China. This statement significantly eased market concerns. Treasury Secretary Basent also emphasized in a closed-door meeting that the current trade deadlock is “unsustainable” and that a “de-escalation is expected in the near future.”

Regarding global cryptocurrency regulation, the Bank of Korea (BOK) will actively push forward with stablecoin regulatory legislation. Starting in the second half of 2025, virtual asset service providers (VASPs) will be required to register before conducting cross-border stablecoin transactions and report transaction details to the BOK on a monthly basis. JD Group announced that its stablecoin project has officially entered the Hong Kong Monetary Authority’s “sandbox” regulatory testing phase, becoming one of the few major tech companies from mainland China to engage in the compliance exploration of stablecoins actively.

Abstract

• April 18 — The Ministry of Finance of Slovenia proposed a draft to levy a 25% tax on crypto transactions.
• April 22 — The Bank of Korea will advance stablecoin regulatory legislation and establish a comprehensive compliance system.
• April 22 — The preliminary consumer confidence index for the Eurozone in April dropped to -16.7, lower than expected.
• April 23 — U.S.-China trade tensions eased as President Trump stated he would “substantially lower” the 145% tariff on China.
• April 23 — The U.S. April Markit Composite PMI hit a 16-month low, while manufacturing data exceeded expectations.
• April 23 — JD’s stablecoin project has entered the “sandbox” testing phase in Hong Kong.

Key Events

April 18 — Slovenia’s Ministry of Finance Proposes 25% Crypto Transaction Tax Draft

On April 17, 2025, Slovenia’s Ministry of Finance released a new draft tax proposal aiming to impose a 25% tax on residents when converting cryptocurrencies into fiat currency or using them for the purchase of goods and services. The draft is currently open for public consultation, which will run until May 5. If approved, the law is expected to take effect on January 1, 2026.

According to the ministry’s statement, the proposed tax will not apply to crypto-to-crypto swaps or transfers between wallets owned by the same individual. The tax base will be calculated based on the profit margin between purchase and sale prices. Taxpayers will be required to keep records of all transactions and report their earnings during annual tax filings. Finance Minister Klemen Boštjančič stated that the current tax-exempt status for individual crypto transactions is “unreasonable,” emphasizing that “as one of the most speculative financial instruments, crypto assets should not be excluded from the tax system.”

The introduction of this tax draft signals Slovenia’s acceleration in integrating cryptocurrencies into its taxation framework. By clearly classifying fiat cash-outs and consumption as taxable events, the ministry aims to bring crypto assets under fiscal oversight and reduce the space for “grey market” activities. If enacted as planned in 2026, the new law would shift Slovenia away from its current light-touch 10% tax regime and position it among the more stringent crypto tax systems in the EU. This move also highlights the country’s ongoing efforts to build a more comprehensive digital asset governance structure, following its issuance of digital sovereign bonds.【1】

April 22 — Bank of Korea to Advance Stablecoin Regulatory Legislation and Build a Comprehensive Compliance Framework

The Bank of Korea (BOK) is set to advance legislation for stablecoin regulation proactively. Starting in the second half of 2025, virtual asset service providers (VASPs) will be required to register before conducting cross-border stablecoin transactions and report transaction details to the BOK on a monthly basis. This initiative aims to combat illicit financial activities, such as money laundering and tax evasion, particularly as USD-pegged stablecoins like Tether are increasingly used for cross-border payments.

According to data from Korean Customs, between 2020 and July 2023, foreign exchange violations involving virtual assets accounted for 81.3% of total violations, amounting to approximately KRW 9 trillion (USD 6.4 billion). In response, the South Korean government plans to revise the Foreign Exchange Transactions Act in the first half of 2025, formally classifying virtual assets as a third category of trading instruments. Under the new framework, relevant businesses will be required to pre-register and regularly report transaction information to the BOK, including transaction dates, amounts, asset types, and the identities of both parties involved.

In parallel, the Bank of Korea is actively advancing its central bank digital currency (CBDC) pilot program. The initiative invites participation from the general public, retailers, and local banks to assess the commercial viability of CBDCs in real-world scenarios. This move aligns with the country’s broader strategy to reinforce stablecoin oversight, reflecting Korea’s commitment to striking a balance between security and innovation in the digital finance sector.

By building a clear regulatory framework, South Korea aims to enhance market transparency and user trust, laying a solid foundation for the compliant and sustainable development of crypto assets.【2】

April 22 — Eurozone Consumer Confidence Drops to -16.7 in April, Missing Expectations

According to preliminary estimates from the European Commission, the Eurozone’s consumer confidence index declined for the second consecutive month, falling to -16.7 in April — a 2.2% drop from March and below the market expectation of -15. This is the lowest level recorded since November 2023. The downward trend may be attributed to several factors, including persistent inflationary pressure eroding household purchasing power, concerns over a slowdown in manufacturing spilling into the services sector, and geopolitical tensions disrupting energy markets.

The current data suggests that consumers are becoming more cautious with their spending, which could suppress demand growth and place additional pressure on regional economic expansion. Against this backdrop, the European Central Bank (ECB) faces the challenge of striking a balance between controlling inflation and promoting economic vitality. Markets are closely watching whether the ECB will adjust its monetary policy in response to these potential challenges, while maintaining its medium-term price stability target.【3】

April 23 — U.S.-China Trade Tensions Ease as Trump Announces Plans to Substantially Lower Tariffs

On April 23, U.S. President Trump publicly announced plans to “substantially lower” the current 145% tariffs imposed on China. Treasury Secretary Basent, in a closed-door meeting, also stated that the current trade deadlock is “unsustainable” and signaled that “a resolution may come in the near future.” This statement boosted market confidence in the global economic outlook, triggering a rally in U.S. equities. The S&P 500 rose by 2.5%, and the Nasdaq gained 2.7%. Bitcoin prices surged past $93,000, marking a new high since March, while gold retreated 1% from its record high of $3,500, indicating a shift from safe-haven assets to risk assets.

The Trump administration’s signals toward tariff reductions have uplifted short-term market sentiment. If tariff adjustments proceed as expected, the global market rally is likely to continue. However, in the long term, uncertainty remains amid unclear prospects for Fed rate cuts. The U.S. may pursue more targeted tech sanctions or selective tariff measures. This is likely to accelerate supply chain diversification strategies, prompting companies to shift production capacity toward Southeast Asia, Mexico, and other regions to mitigate policy risks.

Should future monetary easing and trade improvement converge, it could further support the market. Nonetheless, volatility in asset prices may persist due to fluctuations in rate cut expectations and ongoing geopolitical tensions.【4】

April 23 — U.S. April Markit Composite PMI Falls to 16-Month Low, Manufacturing Outperforms Expectations

Preliminary data released on April 23 showed a mixed picture in the U.S. April Markit PMI. The manufacturing PMI unexpectedly rebounded to 50.7, entering expansion territory and significantly beating market expectations of a contraction. Meanwhile, the services PMI (51.1) and composite PMI (50.9) both came in below expectations, with the composite index hitting its lowest level since December 2022. However, both indices remained above the 50 threshold, indicating that overall economic activity continues to expand modestly.

The latest PMI figures highlight structural divergence within the U.S. economy — manufacturing is expanding against the trend, driven by supply chain recovery and increased capital expenditures, while momentum in the services sector is weakening, dragging down overall business sentiment. This contrast may reflect a temporary shift in consumer demand from services back toward goods. It also signals that policymakers may need to strike a balance between revitalizing the services sector and managing inflationary pressures in the future.【5】

April 23 — JD’s Stablecoin Enters Hong Kong’s Regulatory Sandbox for Testing

JD Group announced that its stablecoin project has officially entered the regulatory sandbox program operated by the Hong Kong Monetary Authority (HKMA). This could mark the first attempt for RMB-based assets to enter the global financial system through a compliant stablecoin model, making JD one of the few major Chinese tech firms actively exploring stablecoin compliance.

Hong Kong is currently at a pivotal stage in legislating stablecoin regulations, with final frameworks still in development. JD’s entry into the sandbox at this time represents a strategic move to gain a first-mover advantage before regulatory details are finalized. The sandbox mechanism enables companies to conduct innovation trials within a regulated environment, and JD’s participation reflects its intent to advance fintech solutions on a compliance-first basis.

JD’s involvement in Hong Kong’s sandbox and its push for a compliant stablecoin project signifies the first foray by a Chinese enterprise into the regulated stablecoin space. It provides a potential model for introducing non-USD stablecoin systems and paves the way for compliant infrastructure in Asia-Pacific. As Hong Kong prepares to launch formal stablecoin regulations, this initiative may accelerate the development of a regional compliance ecosystem, enhance cross-border capital flows, and upgrade the region’s digital payment infrastructure. It could also become a key component in future cross-border currency corridors.【6】

Summary

This week, the Web3 sector exhibited divergent trends across macroeconomic conditions and regulatory developments. In Europe, the Eurozone’s consumer confidence index declined for the second consecutive month, falling to -16.7 in April — a 2.2% drop from March and below market expectations of -15. This marks the lowest level since November 2023. Meanwhile, Slovenia’s Ministry of Finance has released a new draft tax proposal that would impose a 25% tax on residents when converting cryptocurrency into fiat currency or using it to purchase goods and services. In Asia, the Bank of Korea announced plans to advance stablecoin regulatory legislation, aiming to establish a comprehensive compliance framework. JD Group also revealed that its stablecoin project has officially entered the Hong Kong Monetary Authority’s regulatory sandbox, making it one of the few major tech firms from mainland China to actively explore stablecoin compliance.

In the United States, the manufacturing PMI unexpectedly rose to 50.7, entering expansion territory and significantly outperforming market expectations of a contraction. This indicates continued moderate growth in economic activity. Additionally, President Trump publicly stated that he would “substantially lower” the current 145% tariffs on China. Treasury Secretary Basent also remarked in a closed-door meeting that the ongoing trade impasse is “unsustainable,” suggesting a potential de-escalation in the near future.

Overall, Trump’s softened stance on tariffs sparked a notable rebound in crypto assets. Bitcoin surged past $93,000 this week, hitting its highest level since March 2025. However, this sharp rally may have already priced in much of the expected policy easing. Coupled with geopolitical uncertainties and an unclear outlook for Federal Reserve rate cuts, investors are advised to maintain a cautious asset allocation strategy and remain vigilant against potential market volatility.


References：

1. Cointelegraph, https://cointelegraph.com/news/slovenia-finance-ministry-floats-25-tax-on-crypto
2. The Block, https://www.theblock.co/post/351351/south-koreas-central-bank-vows-active-stablecoin-legislation-development?utm_source=twitter&utm_medium=social
3. Gate.io, https://www.gate.io/zh/upcoming-event/economic-data/7396
4. CNN, https://www.cnn.com/2025/04/22/business/trump-china-trade-war-reduction-hnk-intl/index.html
5. Trading Economics, https://tradingeconomics.com/united-states/manufacturing-pmi/news/456100
6. NBD, https://www.nbd.com.cn/articles/2025-04-22/3842528.html

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