[Table_Title] 数字资产研究（No.11） 2025年8月26日 周浩 黄凯鸿 +852 2509 7582 +852 2509 7214 hao.zhou@gtjas.com.hk kaihong.huang@gtjas.com.hk [Table_Summary] 联盟链 vs 公链：以链为壑不如兼容并蓄 区块链 公链 开放、无需许可，任何人可参与； 共识机制：PoW、PoS、DPoS； 交易公开且匿名，隐私性较差； 联盟链 多机构共同维护，半开放式架构； 共识机制：PBFT、Ripple； 隐私性介于公链与私链之间； 私链 由单一机构控制，节点需授权； 共识机制：Paxos、Raft； 数据可控且保密； 资料来源：国泰君安国际。 数 字 资 产 研 究 海 外 研 究 证 券 研 究 报 告 在区块链技术的发展过程中，联盟链（Consortium Blockchain）与公链 （Public Blockchain）长期被视为两种截然不同的架构路径。前者强调 性能、隐私与治理效率，后者则代表开放性与去中心化的理想。随着技 术融合和应用需求的变化，这种二元对立正在逐渐被打破，联盟链与公 链之间的 ...

在司法办案中，帮助信息网络犯罪活动罪和掩饰、隐瞒犯罪所得罪的划分成为一大难题。在此次发布 的"满某某掩饰、隐瞒犯罪所得案"和"黄某某、林某某掩饰、隐瞒犯罪所得案"中，司法机关依法认定掩 饰、隐瞒犯罪所得犯罪的"明知"，根据主客观相一致原则，综合考察行为人主观明知的内容、提供帮助 的类型和方式，准确界定区分掩饰、隐瞒犯罪所得罪与帮信罪，推动解决司法实践中的争议问题。 最高法刑四庭庭长罗国良介绍，此次发布的典型案例涉及实践中常见的一些法律适用问题，有助于准确 把握和正确适用两高25日发布的相关司法解释。各级人民法院、人民检察院将进一步提升掩饰、隐瞒犯 罪所得刑事案件办案质效，更好发挥刑事司法惩罚犯罪、保护人民的职能作用。 随着区块链技术和虚拟货币的兴起，犯罪集团和犯罪分子借助技术手段和虚拟空间来掩盖犯罪资金的来 源和性质，借助网络空间的实时性，突破空间限制，加快资金转移速度。 在"安某某等掩饰、隐瞒犯罪所得案"中，被告人安某某等三人通过某网络交易平台将他人犯罪所得用于 购买虚拟货币，再以虚拟货币形式实现资金快速转移，以此帮助犯罪分子逃避公安机关追查。检察机关 向法院提起公诉后，法院认为三人均构成掩饰、隐瞒犯罪所得 ...

Group 1 - Bullish, a global digital asset platform focused on institutional investors, has successfully listed on the New York Stock Exchange under the ticker "BLSH" [2][3] - Founded in 2020, Bullish aims to provide mission-critical products and services to help institutional investors expand their business and empower individual clients, promoting the adoption of stablecoins, digital assets, and blockchain technology [3] - Bullish Exchange is licensed in the US, Germany, Hong Kong, and Gibraltar, offering trading in Bitcoin and Ethereum spot and derivatives [3] Group 2 - Bullish is the first publicly listed cryptocurrency company following the signing of the "Genius Act" by former US President Trump, which aims to establish a national innovation framework for stablecoins [3] - Dentons served as the legal advisor for this project, providing insights and recommendations on Chinese legal issues [3]

将投中网设为"星标⭐"，第一时间收获最新推送 比特币造富运动的受益者。 作者丨 黎曼 来源丨 投中网 数字货币企业带头复苏近期的美股 IPO ，且近期 IPO 企业上市日首秀均令人惊艳。比如 Circle 在 6 月上市首日股价飙升 168% ， Bullish 上市首日也上涨 84% 。 眼下，又有一家数字货币交易所加入大潮。 2025 年 8 月 15 日，成立于 2014 年的" Gemini "向美国证券交易委员会提交 申请，计划在纳斯达克交易所上市，股票代码为" GEMI "。一旦上市成功， Gemini 能否再造财富神话？ 亿万富豪双胞胎：从 Facebook 纠纷到加密先锋 2018 年 1 月， Gemini 推出了与美元 1:1 锚定的稳定币 Gemini Dollar （ GUSD ），成为全球首个受监管的稳定币项 目。但也遇到过监管难题。 2021 年，公司推出了 Gemini Earn 项目，允许用户通过出借加密货币赚取利息，但这一产品后 来遭到美国证券交易委员会（ SEC ）质疑，指控其销售未注册证券。 在加密货币领域， Gemini 的名字如雷贯耳。其创始人泰勒・文克莱沃斯（ Ty ...

图片来源： BOSS Wallet 一、国家级稳定币项目优先选择Avalanche，机构资本流动现新趋势 怀俄明州作为美国首个发行州级稳定币的地区，作出了极具标志性的技术选型——放弃以太坊而选择 Avalanche（AVAX）作为其底层基础设施。无独有偶，日本监管部门批准的日元锚定稳定币同样部署于 Avalanche网络。BOSS Wallet报道指出，这些政府级项目的选择绝非偶然：Avalanche凭借高吞吐量和低 交易成本，正成为稳定币项目和现实世界资产（RWA）代币化的核心枢纽。 机构动向上，Anthony Scaramucci旗下SkyBridge Capital宣布将在Avalanche上对3亿美元资产进行代币 化，丰田汽车公司则通过白皮书披露了基于Avalanche构建移动出行网络的计划。这些案例表明，传统 企业不再止于概念探讨，而是实质性推进区块链技术整合。 链上数据进一步佐证了这一趋势：Avalanche网络独立钱包地址突破5000万，月均用户交易量达20.6万美 元，虽仍落后于以太坊的52.1万美元，但其在RWA领域的开发活跃度已跃居行业首位。Nansen分析认 为，Avalanche的生态 ...

四、法律文本的独特考量与实务分析 由于区块链债券在科技、流动性与法律合规等方面的不确定性，法律文本的撰写方向对区块链债券和数码债券格外重要。尽管全球对于区块链债券的监管格 局依然呈现碎片化特征，行业整合依赖国际清算银行、学界、业界及各国政府的共同推动，但以中国香港地区、欧盟地区为代表的主要金融中心已初步形成 较为清晰的监管框架。例如，欧盟的MiFIDII、《欧盟招股说明书条例》（2017/1129）及《分布式账本技术试点制度》（2022/858），以及香港证监会有关 中介人从事代币化证券相关活动的通函、适用于虚拟资产交易平台营运者的指引、数字资产托管指引等，都明确了区块链债券发行和流通的监管关注重点。 总体来看，数码债券的法律框架虽大体沿袭传统债券规则（尤其是在无实物化账本登记方面），但其核心法律文件的处理和披露逻辑则展现出诸多创新与差 异。下文将从招债书、交易文件和可持续商业计划三个维度进行实务分析。 （一）招债书（Offering Circular/Prospectus） 内容提要 近年来，区块链技术在境外资本市场中的应用愈发深入，相关的实践样本和学术共识也得到了进一步的巩固。国际资本市场协会（ICMA） ...

资料显示，亿邦国际控股公司为一间具备强大的ASIC晶片设计能力的领先区块链技术公司,在电信业务 累积近十年的行业经验及专业知识。公司设计、生产及销售区块链处理器或「BPU」,此乃专为加密货 币挖矿而设的一类专用计算硬件,一般称之为「矿机」。 本文源自金融界 8月22日，亿邦国际(EBON)盘中上涨3.11%，截至02:22，报3.98美元/股，成交1.95万美元，总市值 2499.69万美元。 财务数据显示，截至2025年06月30日，亿邦国际收入总额358.22万美元，同比增长69.46%；归母净利 润-451.49万美元，同比增长27.51%。 ...

假设本公司已发行股本于本公告日期至完成配售事项日期期间不会有变，最多1.45亿股配售股份占扩大 后已发行股本约6.34%。每股配售股份0.415港元的配售价较2025年8月21日收市价每股0.46港元折让约 9.78%。 领航医药生物科技(00399)发布公告，于2025年8月21日(联交所交易时段结束后)，本公司与配售代理订 立配售协议，配售代理已有条件同意担任本公司代理，以竭诚促使目前预期不少于六名承配人(彼等及 其最终实益拥有人应为独立第三方)按每股配售股份0.415港元的配售价认购最多1.45亿股配售股份。 假设所有配售股份获悉数配售，配售事项所得款项总额将约为6017.5万港元。扣除配售事项附带的所有 相关开支(包括但不限于配售佣金、法律开支及代垫费用)约135万港元后，所得款项净额估计约为5882.5 万港元。本公司拟将配售事项所得款项净额全数用作本集团的于发展区块链技术业务资金。 ...

Core Insights - Bitget has adopted Chainlink's proof of reserves on Ethereum to provide real-time transparency for its wrapped Bitcoin asset BGBTC, enhancing trust in the digital asset space [2][3] - The collaboration aims to support broader applications of BGBTC in BitVault Finance's DeFi yield strategies and lending products, ensuring continuous monitoring and verifiability of reserves for retail and institutional participants [2] - Chainlink's proof of reserves utilizes a decentralized oracle network to independently verify the reserve balances supporting tokenized assets, allowing for real-time audits without relying on manual disclosures [2] Company Overview - Bitget, established in 2018, is a leading cryptocurrency exchange and Web3 company serving over 120 million users across more than 150 countries, offering innovative trading solutions [4] - The platform features a non-custodial wallet, Bitget Wallet (formerly BitKeep), supporting over 130 blockchains and millions of tokens, facilitating multi-chain trading, staking, and payments [4] - Bitget is actively promoting cryptocurrency through strategic partnerships, including being the official crypto partner of La Liga in East Asia, Southeast Asia, and Latin America, and collaborating with UNICEF for blockchain education [5] Industry Context - Chainlink serves as a global standard connecting blockchains with real-world data, facilitating significant transaction value across various sectors, including DeFi and asset tokenization [5] - The adoption of Chainlink's proof of reserves by Bitget underscores the commitment to enhancing transparency and trust standards within the digital asset industry [3]

Core Viewpoint - The suspension of cryptocurrency lending by the South Korean Financial Services Commission (FSC) highlights the regulatory challenges and innovations in the global cryptocurrency market, particularly reflecting the differing practices among South Korea, the U.S., and China in crypto regulation [1][6]. Group 1: Market Dynamics - Since the legalization of virtual asset trading in South Korea in 2021, major exchanges have introduced lending products with annual yields ranging from 12% to 20%, with Bithumb's "staking mining" service attracting 300,000 simultaneous users [3]. - The global cryptocurrency lending market has seen similar trends, with BlockFi managing over $10 billion in crypto assets in 2021, offering products with an 8% annual yield that attracted millions of users [3]. - The collapse of FTX in 2022 exposed significant risks due to regulatory gaps, leading to BlockFi filing for bankruptcy and freezing assets for thousands of investors [3]. Group 2: Regulatory Environment - The FSC's new guidelines require exchanges to separate customer assets from their own funds, limit lending leverage to 1:3, and disclose collateral risk exposure daily [6]. - Approximately 68% of lending platforms in South Korea lack a qualified investor identification mechanism, and 19% of projects face risks related to mixed funds [4]. - The U.S. Treasury reported that over 80% of crypto lending platforms did not comply with anti-money laundering regulations [4]. Group 3: Comparative Regulatory Approaches - South Korea's regulatory approach is characterized by gradual compliance modifications, balancing market stability with innovation opportunities [7]. - China's regulatory path emphasizes "technology first + comprehensive control," with the digital yuan trial covering 230 million users and blockchain technology leading in supply chain finance applications [6][7]. - The U.S. regulatory environment is marked by litigation that strengthens rule enforcement, although legal uncertainties still hinder institutional investment [7]. Group 4: Technological Innovations - XBIT's decentralized exchange platform utilizes blockchain technology for transparency, allowing users to monitor collateral rates and fund flows in real-time, enhancing anti-money laundering and transparency capabilities [3][9]. - The implementation of a blockchain monitoring system by the FSC can track cross-exchange fund flows with a 92% accuracy rate for detecting money laundering activities [7]. - XBIT's modular design allows for quick adaptation to different regulatory requirements, ensuring user assets are controlled by smart contracts and minimizing risks associated with centralized platforms [9].