Regulatory Framework - Russia's central bank has prepared a framework to regulate the domestic cryptocurrency market [1] - Legislative changes are planned to be completed next year [1] Investor Restrictions - Non-qualified investors would be allowed to buy only the most liquid cryptocurrencies after passing a knowledge test [1] - Annual transactions for non-qualified investors are capped at approximately $3,800 [1] - Qualified investors, after a risk-awareness test, would be able to buy unlimited amounts of cryptocurrencies except anonymous tokens [1]

Risk Management - Bybit will gradually introduce a new insurance fund mechanism to manage high volatility and reduce ADL triggers [1] - New USDT perpetual contracts will first enter a dedicated insurance fund of at least $8 million before moving into a shared, composite fund based on risk and liquidity [1] - The new system raises the average loss-absorption capacity per trading pair by over 200% compared with the previous single-pair model [1]

Bitcoin Outlook - Strategy CEO Phong Le views Bitcoin as a unique asset class combining technological innovation, macroeconomic attributes, and capital market breakthroughs [1] - Short-term Bitcoin price performance is influenced by liquidity and risk appetite, exhibiting volatility similar to other risk assets [1] - The long-term value of Bitcoin requires time for market understanding [1] Potential Macroeconomic Factors for Bitcoin in 2026 - A more dovish Federal Reserve could create a more favorable macro environment for Bitcoin [1] - A rebound in risk appetite associated with the midterm election cycle could positively impact Bitcoin [1] - Continued adoption of Bitcoin by banks and nation-states could contribute to a more favorable environment [1]

Market Scale & Money Laundering - Chinese-language crypto black-market ecosystem on Telegram has reached a record scale [1] - Platforms facilitate nearly $2 billion (20 亿美金) per month in money-laundering and scam-related transactions [1] - These markets have surpassed AlphaBay and Hydra, becoming the largest illegal online crypto markets to date [1] Key Platforms - "Tudou Guarantee" (土豆担保) and "New Coin Guarantee" (新币担保) are examples of platforms facilitating illicit transactions [1]

Regulatory Compliance - Bybit will gradually exit the Japanese market starting in 2026 due to regulatory disputes with Japan's Financial Services Agency [1] - Japan's Financial Services Agency has been pursuing Bybit over unlicensed operations since 2021 [1] - Apple and Google were required to remove Bybit's app this year [1] User Account Restrictions - Accounts held by Japanese residents will face phased restrictions from 2026 [1] - Users mistakenly flagged must submit additional documentation by January 22, 2026 [1]

Trading Volume & Market Expansion - OKX's trading volume in licensed and regulated markets increased 53-fold in 2025 [1] - The increase was mainly driven by OKX's entry into the U S market and expansion across the European Economic Area (EEA) [1] User Growth & Platform Activity - OKX's daily active wallets doubled over the past year [1] - Approximately 190,000 new wallets were added on average each day [1] - Global DEX trading volume on OKX grew by 262% [1] - CEX trading volume on OKX rose by 16% [1]

Economic Growth - U S real GDP grew at an annualized quarterly rate of 4 3% in Q3 [1] - This is above market expectations of 3 3% and the previous reading of 3 8% [1] Inflation - The initial annualized quarterly rate of core PCE inflation came in at 2 9% [1] - This is in line with expectations and higher than the prior 2 6% [1] Consumer Spending - The initial estimate of real personal consumption expenditures rose 3 5% quarter-on-quarter [1] - This significantly exceeds the expected 2 7% and the previous 2 5% [1]

Regulatory Framework - The Bank of Russia has released a concept framework for cryptocurrency regulation and submitted proposed legislative amendments to the government [1] - The plan aims to complete the legal groundwork by July 1, 2026 [1] - Liability for illegal crypto intermediary activities will be introduced starting July 1, 2027 [1] - The regulatory approach is similar to the framework used for unlawful banking activities [1]

Market Dynamics - Crypto com is hiring a quant trader to run an in-house market-making team on its sports prediction market [1] - The move is similar to Kalshi and Polymarket, raising conflict-of-interest concerns [1] Company Policy - Crypto com claims it doesn't rely on proprietary trading revenue [1] - Crypto com gives market makers a 3-second advantage window on sports markets [1]

Market Trends - Crypto users are concerned about market cycle positioning in 2025 [1] Investment Opportunities - Crypto users are focused on opportunity and sector selection [1] Risk Management - Crypto users are concerned about risk management around scams, regulation, and asset security [1] - The crypto industry suggests a common user decision pattern: judging the trend, seeking opportunities, and managing risk [1]