Weekend Recommended Reading: Hong Kong OTC business sparks industry discussions, SEC launches 'Project Crypto' to balance regulation and innovation

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Focus of the Week

"When the Crypto World Dares Not Dream: Is the Cost of a Mature Market the Death of Ambition?"

Looking at this cycle again, the driving force comes entirely from external factors: ETFs, RWAs, and regulatory compliance. Despite the continuous positive news over the years, the internal dreams of the crypto industry have been shrinking, and price targets are being set lower and lower.

"Exclusive Interview with One Satoshi Founder and CEO Roger Li: What’s Next for OTC Stores After the Implementation of Hong Kong's Stablecoin Regulations?"

The VA Dealing license can be understood as a compliance license exclusive to OTC, which is no longer the MSO (Money Service Operator) license issued by customs in the past, but is now regulated uniformly by the Securities Regulatory Commission. This change reflects the government's desire to bring cryptocurrency trading under a regulatory framework similar to that of the securities market.

"SEC Launches 'Project Crypto': From Crackdown to Easing Regulations, The Previous Conservative Oversight Has Been Completely Discredited"

The SEC will launch "Project Crypto" to promote a shift in regulation from "enforcement first" to "rules first" and from "fear of technology" to "embracing technology" through comprehensive reform of the regulatory framework.

"Dialogue with Lawyer Wu Wenqian: Hong Kong's Regulation is in a 'Tightening Phase', There are Several Misunderstandings about the Stablecoin Bill"

In the foreseeable future, I believe that Hong Kong's stablecoin is unlikely to compete directly with USDT and USDC, and this is almost certain. As I mentioned before, it may need to find use cases and development space in another independent track.

"Retirement Fund Booster in Place? How Big is 401(k)?"

The essential attribute of retirement accounts is value preservation and appreciation, while the high-risk nature of alternative assets fundamentally conflicts with this. These characteristics create a natural contradiction with the liquidity demands and risk tolerance of retirement funds.

Featured Recommendations

"Solana Aims to Build an 'On-Chain Nasdaq', Where Does the AI Narrative Go from Here?"

Anatoly Yakovenko, co-founder of Solana, recently stated in an interview that he hopes to achieve the on-chain integration of traditional financial assets (RWA) within a year, provide compliant and open-source on-chain IPOs for entrepreneurs within five years, and ultimately create an open, low-cost, decentralized internet capital market.

"Stablecoins: The Hidden Path to Monetizing US Treasury Bonds"

Stablecoins are a form of currency that carries higher risks. The risk lies in the fact that they use an atomic swap model rather than a fiat currency counterparty model. The risk also stems from their KYC processes being subject to much less regulation. Additionally, the risk is present due to the centralized risks surrounding miners in the blockchain.

The Financial Era of Cryptocurrency

Implementing blockchain is not an easy task, and it is understandable to remain cautious when its market impact is still unclear. However, avoiding issues due to uncertainty or endlessly delaying action is not the best choice. The transformation of the financial system driven by blockchain has already begun, and the leaders are learning quickly and accelerating their development. The only remaining question is when and how other countries will decide to join this wave.

"Can the Three U.S. Crypto Bills Really Change the 'Game Rules'?"

The asset reserve requirements and the fund segregation system have increased the cost of capital and management, while financial information disclosure and auditing have raised operational costs. For those digital assets that were originally in a gray area, more resources need to be invested to determine regulatory attributes, increasing compliance costs.

"RWA Support Fund: Is it Urgent to Launch RWA Projects?"

The shortage of startup capital has become a fatal bottleneck for project implementation — project parties are worried about losing their initial investment, while legal, technical, and other professional service institutions cannot bear the risk of providing advance funding. This contradiction has precisely given rise to a significant business opportunity: the establishment of an RWA support fund, which fills the ecological gap through an innovative capital supply model.

Ten News Highlights Not to Miss This Week

Derlin Holdings plans to raise a total of HKD 653 million through a placement of shares, with the proceeds intended for expanding the RWA tokenization program and establishing Bitcoin reserves.

Vitalik: The next goal for L2 should be to achieve fast withdrawals through the ZK system.

Cao Cao Travel will cooperate with Victory Securities to explore RWA tokenization, stablecoin payment applications, and compliant digital currency issuance.

SBI Holdings has submitted two cryptocurrency ETF applications in Japan.

MetaMask may launch the stablecoin "MetaMask USD" through Stripe.

The Ministry of State Security of China reminds: a certain overseas company is collecting iris information by issuing cryptocurrency.

The SEC of the United States has released the latest guidelines: liquidity staking is not within the scope of securities law regulation.

Trump raised $274 million in campaign funds before the midterm elections, including donations from the cryptocurrency industry and others.

New Ethereum proposal EIP-0000 released, proposing a unified multidimensional fee market solution.

Sources say: The White House plans to sign an executive order prohibiting banks from refusing service to customers due to political reasons or cryptocurrency business.