作者丨律新社研究员 李德胜 出品丨律新社研究中心 数字货币正成为犯罪新"蓝海"？ 数字货币网络诈骗正不断升级：高智商化、专业化、跨国化。虚拟货币交易链路难以追踪、跨境取证固证复杂、涉案财产查扣困难，数字货币一旦进入维 权纠纷，也往往成为法律服务的难点。 据区块链信息平台PANews发布的《2025年全球稳定币产业发展报告》显示，截至2025年7月，稳定币总市值突破2500亿美元，年转账额达36.3万亿美元， 已超越Visa与万事达的年交易总额。这一数据标志着一个历史性转折：数字货币正从极客圈的实验品跃升为主流金融工具。然而，技术与金融的碰撞往往 伴随风险的几何级数增长。 与此同时，全球监管框架加速成型。美国通过《GENIUS法案》、香港实施《稳定币条例》，中国内地检察机关推动USDT交易异常监测机制。监管与犯 罪的赛跑，催生了一片法律服务的蓝海，但这片海域并非风平浪静，而是暗流涌动。 律新社研究中心近日在调研中了解到，数字货币业务律师正在成为新业务"标签"，而能否在其中乘风破浪，取决于对趋势的洞察、对技术的理解，以及对 跨域合规的驾驭力。与此同时，多家律所已经布局"数字货币研究中心"，一场看不见硝烟的法律与金 ...

Core Viewpoint - The company, Digital Video Technology Co., Ltd., is focusing on leveraging blockchain technology and cloud computing to enhance its services and expand into new markets, particularly in digital content rights management and internet finance. Group 1: Company Overview - Digital Video Technology Co., Ltd. is located in Haidian District, Beijing, and was established on March 14, 2000. It was listed on April 30, 2010. The company specializes in the research, development, production, and technical services of digital television hardware and software products [7]. - The company's main business revenue composition includes: video technology products and services (34.01%), information service terminals (21.46%), others (17.93%), public safety products (8.25%), network transmission systems (7.34%), financial technology products (6.70%), and software technology services (4.30%) [8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 465 million yuan, representing a year-on-year growth of 24.58%. The net profit attributable to the parent company was 24.62 million yuan, an increase of 10.34% year-on-year [8]. - The company has distributed a total of 370 million yuan in dividends since its A-share listing, with cumulative distributions of 42.83 million yuan over the past three years [9]. Group 3: Business Developments - The subsidiary, Kuaishiting, is dedicated to utilizing blockchain technology to empower the industry and expand the company's related technologies in the metaverse. The platform, Dongyi Yuandian, issues digital collectibles to provide new rights confirmation and copyright proof for digital content [2]. - The company has made significant advancements in copyright protection by integrating new technologies, including blockchain for digital copyright management, which enhances the control authors have over their copyrights [2]. - The company offers a cloud video platform solution that integrates AI technologies for various media applications, ensuring comprehensive access and management of resources [3]. Group 4: Market Activity - On December 9, the company's stock fell by 2.34%, with a trading volume of 151 million yuan and a turnover rate of 2.15%. The total market capitalization is 7.743 billion yuan [1]. - The main capital inflow for the day was negative at 33.75 million yuan, indicating a reduction in main capital over three consecutive days, with the industry ranking at 110 out of 132 [4][5].

在多元投资策略中，具备独到的理念和稳健的业绩表现，才能成为业界瞩目的焦点。近日，北京止于至 善投资管理有限公司(以下简称"止于至善")总经理何理在接受《证券日报》记者专访时表示，回顾创业 至今的投资历程，坚持深耕全球私募投资逾十年，始终秉持只以"合理价格"和投资"卓越公司"的核心原 则，不断优化投资策略，构建科学严谨的投资体系，才能取得优异的产品业绩。 所谓"合理价格"和"卓越公司"，何理认为，卓越公司应同时具备竞争力强、成长性高、价值创造大的特 点；而合理价格则是在对上市公司进行理性估值后，有一定折扣时的价格。这一理念在全球市场均具有 可行性。 何理同时表示，本公司投研团队采用扁平化管理与交叉研究模式，所有数据共享，投研效率高。这种结 构适合持续运营全球价值投资策略，鼓励研究员"畅所欲言"和"劳有所得"。交叉研究和重复研究增加了 研究广度与深度，许多股票因研究员个人兴趣而产生"意外的惊喜"。 截至目前，止于至善实现了港、美、韩、日等多市场布局，美股敞口占比较高。不同市场的资产定价逻 辑与风险特征各异，但投资组合是自下而上构建的，不会刻意调整结构或整体择时。这种策略确保了组 合的稳定性和灵活性。 "从英伟达的 ...

Group 1 - The core viewpoint is that Maibach Investment Co., Ltd. aims to promote blockchain technology innovation and application in Zhejiang to support the development of the digital economy and industrial transformation [1][3] - Blockchain technology is characterized by decentralization, traceability, and immutability, offering unique advantages in enhancing government efficiency, optimizing supply chain management, and ensuring data security [1][3] - Zhejiang is positioned as a leading area for digital economy development in China, with a favorable technological foundation and policy environment for the deep application of blockchain technology [1][3] Group 2 - Maibach Investment will collaborate with local governments, enterprises, and research institutions to explore the application of blockchain technology in the real economy, focusing on digital transformation of SMEs, transparency in public services, and green low-carbon development [3] - The company emphasizes that blockchain is not just a technological tool but also an important infrastructure for promoting social collaboration and value sharing [3] - Recent investments in the digital economy by Zhejiang have led to a gradually improving blockchain industry ecosystem, with active participation from enterprises and investment institutions expected to accelerate the implementation of blockchain technology in the real economy [3] Group 3 - Maibach Investment Co., Ltd. focuses on investment and incubation in technology innovation, green economy, and industrial upgrading, aiming to drive the realization of socially valuable innovative projects through capital empowerment and technological integration [3]

Core Viewpoint - HashKey Holdings is planning a global offering of approximately 241 million shares, with a price range of HKD 5.95 to 6.95 per share, aiming to raise around HKD 14.264 billion if the midpoint price is applied [2][13]. Group 1: Offering Details - The company intends to offer about 24.057 million shares in Hong Kong and approximately 217 million shares internationally, with the offering period set from December 9 to December 12, 2025, and the expected pricing date on December 15, 2025 [2]. - The shares will be traded in lots of 400 shares, with J.P. Morgan and Guotai Junan International acting as joint sponsors [2]. - A cornerstone investment agreement has been established, with cornerstone investors agreeing to subscribe for shares totaling USD 75 million (approximately HKD 584 million) under certain conditions [2]. Group 2: Company Overview - HashKey provides a licensed digital asset platform offering trading facilitation, on-chain services, and asset management, and has launched HashKey Chain, a scalable Layer 2 infrastructure [4]. - The company is recognized as the largest regional onshore platform in Asia by trading volume as of 2024, and it is also the largest on-chain service provider and digital asset management institution in Asia by staked assets [4][5]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens [5]. Group 3: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading volumes from HKD 4.2 billion in 2022 to HKD 328 billion in 2023 [11][13]. - The company recorded revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively, indicating rapid expansion in trading facilitation services [11]. - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12]. Group 4: Use of Proceeds - The company plans to allocate approximately 40% of the global offering proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and the remaining 20% for operational and risk management as well as general corporate purposes [14].

中国国际经济交流中心副理事长王一鸣在主旨演讲中强调，京港深化金融合作，对巩固和提升香港国际 金融中心地位、助力构建"双循环"新发展格局意义重大。他建议从五个方面探索深化合作路径：一是合 作发展科技金融；二是探索跨境资管合作；三是协同推进人民币国际化；四是强化优势互补提升各自竞 争力；五是加强金融监管协同，筑牢金融安全防线。 来源：环球网 【环球网财经综合报道】日前，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开 放格局下的发展机遇"金融街论坛系列活动在北京成功举办。本次活动在北京市地方金融管理局、北京 金融街服务局的指导下，由北京资产管理协会与港大经管学院华北校友会共同主办。 北京资产管理协会会长、工银理财有限责任公司总裁高向阳表示，北京资产管理协会自成立以来，始终 以"推动资管行业高质量发展、搭建跨区域交流合作平台"为核心使命，本次活动正是协会立足"十五 五"战略窗口期，助力京港金融"双中心"协同、服务金融高水平开放的重要实践。高向阳指出，当前， 我国正处于"十四五"规划圆满收官与"十五五"规划谋篇布局的关键交汇期，金融领域正从"要素型开 放"向"制度型开放"进阶，构建适配我国经济地位、兼 ...

Group 1 - HashKey Holdings plans to conduct an initial public offering (IPO) from December 9 to 12, 2025, aiming to globally offer 241 million shares, with approximately 10% allocated for public sale in Hong Kong and 90% for international sale, along with a 15% over-allotment option [1] - The expected price range for the shares is between HKD 5.95 and HKD 6.95, with trading anticipated to commence on the Hong Kong Stock Exchange on December 17 [1] - The company operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management, and is recognized as the largest regional onshore platform in Asia by trading volume for 2024 [1] Group 2 - The net proceeds from the global offering, assuming no exercise of the over-allotment option and a mid-point share price of HKD 6.45, are estimated to be approximately HKD 14.26 billion [2] - Approximately 40% of the net proceeds will be allocated for upgrading technology and infrastructure over the next three to five years, with 22% specifically for enhancing product development capabilities [2] - The company plans to use about 10% of the proceeds over the next three years for procuring cloud services from external quality cloud providers and upgrading its systems [2]

Core Viewpoint - HashKey Holdings plans to conduct a global offering of 241 million shares, with a price range of HKD 5.95 to 6.95 per share, aiming to raise approximately HKD 14.26 billion in net proceeds [1][2]. Group 1: Offering Details - The global offering consists of approximately 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The shares are expected to commence trading on December 17, 2025, at 9:00 AM Hong Kong time [1]. Group 2: Business Overview - HashKey Holdings operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management [1]. - The company is recognized as the largest regional onshore platform in Asia by trading volume for 2024, and also leads in on-chain services and digital asset management by assets under management [1]. Group 3: Strategic Partnerships - The company has entered cornerstone investment agreements with several major investors, including UBS AM Singapore and Fidelity, totaling USD 75 million in share subscriptions [2]. - Assuming a mid-range offer price of HKD 6.45, cornerstone investors are expected to acquire approximately 90.54 million shares [2]. Group 4: Use of Proceeds - Approximately 40% of the net proceeds will be allocated to upgrading technology and infrastructure over the next three to five years, with specific allocations for product development, cloud services, talent acquisition, and IT security [3]. - Another 40% will be used to expand the operational team, enhance brand awareness, and establish ecosystem partnerships [3]. - About 10% will be directed towards improving operational and risk management, including legal and compliance team expansion [3]. - The remaining 10% will be reserved for working capital and general corporate purposes [3]. Group 5: Performance Metrics - The company's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and is projected to reach HKD 638.4 billion in 2024 [4]. - The number of registered customers increased dramatically from 18 in 2022 to 1.37 million by the end of 2024, reflecting the rapid expansion of the trading platform [4]. - The number of asset-holding clients rose from zero in 2022 to 138,500 by mid-2025, indicating significant growth in client engagement [4].

Core Viewpoint - HASHKEY HLDGS plans to conduct an initial public offering (IPO) from December 9 to December 12, 2025, aiming to issue 241 million shares at a price range of HKD 5.95 to 6.95 per share, with 10% allocated for public offering in Hong Kong and 90% for international investors [1][2] Group 1: Company Overview - The company operates a licensed digital asset platform offering trading facilitation, on-chain services, and asset management [1] - HASHKEY HLDGS is recognized as the largest regional onshore platform in Asia by trading volume for 2024, and also leads in on-chain services and digital asset management by assets under management [1] Group 2: Investment Agreements - The company has entered cornerstone investment agreements with several firms, including UBS AM Singapore and Fidelity, totaling USD 75 million in shares [2] - Assuming a median offer price of HKD 6.45, cornerstone investors are expected to acquire approximately 90.54 million shares [2] Group 3: Use of Proceeds - Approximately 40% of the net proceeds from the IPO will be allocated to upgrading technology and infrastructure over the next three to five years, with specific allocations for product development, cloud services, talent acquisition, and IT security [3] - Another 40% will be used to expand the operational team, enhance brand awareness, and establish ecosystem partnerships [3] - About 10% will be directed towards improving operational and risk management, including legal and compliance team expansion [3] - The remaining 10% will be reserved for working capital and general corporate purposes [3] Group 4: Performance Metrics - The company's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and is projected to reach HKD 638.4 billion in 2024, driven by the launch of its digital asset trading platforms [4] - Registered customers increased dramatically from 18 in 2022 to 158,600 by the end of 2023, and further to 1.3372 million by the end of 2024, reflecting the rapid expansion of the trading platform [4] - The number of asset-holding clients rose from zero in 2022 to 37,530 by the end of 2023, and to 120,700 by the end of 2024, indicating strong growth in client engagement [4]

Core Insights - The current state of the cryptocurrency industry is at a critical and dangerous juncture, characterized by developer attrition, declining audit demand, and a lack of support for genuinely useful applications, with attention being diverted to short-term speculative products [1][4] - Mhmarkets highlights that the vision of driving practical applications and welcoming the next billion users has been overshadowed by short-sighted profit-seeking behavior [4][6] Group 1: Developer and Investment Trends - Developers are reducing smart contract audits not out of willingness to take risks, but due to a lack of worthwhile new applications to build [4] - Many talented developers and founders are waiting for a healthier industry environment or have already left the space, unwilling to replicate existing financial applications or push forward long-term value projects without support [4] - Capital interest in practical applications is extremely low, with funding only available for projects that can quickly achieve massive returns, leaving capable teams stuck at the starting line [4][5] Group 2: Market Dynamics and Influences - Investment is increasingly concentrated in short-term profit-driven assets such as meme coins, opaque DeFi structures, and high-leverage speculation, which shapes market discussions around ETF inflows and trading techniques rather than the real application value of blockchain [4][5] - The profit-driven orientation is amplified by industry "opinion leaders" who could promote the on-chain transformation of the global financial system but instead embrace a more controllable "new type of intermediary," reintroducing complexity and opacity into a market that should be transparent and decentralized [5] Group 3: Long-term Implications - The original intent of blockchain and cryptocurrency technology was to weaken monopolies and rebuild a fairer internet collaboration mechanism, with the potential of AI and blockchain combined to rival or exceed the impact of the internet [5] - However, the narrative is currently dominated by DAT, ETFs, leveraged trading, and liquidation events, allowing a few participants to gain excess profits at the expense of the majority [5][6] - Short-sighted and fraudulent behaviors in the crypto ecosystem drive away builders and stagnate technological development, ultimately harming the entire industry, including those who genuinely believe in the technology [6]