值得关注的是，2月6日中国人民银行等八部门联合发布了《关于进一步防范和处置虚拟货币等相关风险 的通知》，重申比特币等虚拟货币不具有法偿性，严禁境内相关非法金融活动，并首次将现实世界资产 （RWA）代币化纳入监管框架。兴业证券研报指出，该通知"对虚拟货币及其相关金融活动实施了全面 而彻底的禁令，明确其非法金融活动的性质，并予以坚决取缔"，同时"为RWA代币化活动设立了以'原 则禁止、例外许可'为核心的严格监管框架"。 在全球范围内，各经济体对加密资产的监管路径仍存在显著分化。Strategy作为持续加码比特币的标志 性企业，其每一次增持动作都折射出加密资产在不同市场环境下的复杂处境。 2月23日，美股上市公司Strategy披露了最新的比特币增持计划执行情况。根据该公司公告，2026年2月 17日至22日期间，Strategy通过按市价发行方式出售约29.79万股A类普通股，募集资金约3970万美元， 随后将全部所得用于购入592枚比特币，每枚平均买入价约67286美元，加上手续费后合计支出3980万美 元。 截至2月22日，Strategy累计持有比特币717722枚，总购入成本达545.6亿美元，整体平均买 ...

Core Insights - Japan is becoming a significant player in the global cryptocurrency market, with over 12 million accounts and user deposits exceeding 5 trillion yen, indicating a growing interest from institutional investors and a demand for regulatory transparency [2][3]. Tax System and Cryptocurrency Tax Treatment - Japan's tax system primarily consists of direct taxes, including corporate tax, personal income tax, and consumption tax, with specific regulations for cryptocurrency-related taxes [3][4]. - Corporate tax in Japan has a standard rate of 23.2%, with a reduced rate of 15% for small corporations on income up to 8 million yen [3]. - Personal income tax rates range from 5% to 45%, depending on the income bracket, with cryptocurrency income classified under miscellaneous income [4][5]. - Consumption tax is generally set at 10%, with a reduced rate of 8% for certain goods and services [5][6]. - Inheritance and gift taxes in Japan have progressive rates ranging from 10% to 55%, depending on the value of the assets [6][12]. Cryptocurrency Tax Treatment - The tax treatment for cryptocurrency transactions includes capital gains tax on sales, usage for purchases, and exchanges, with specific calculations for taxable income based on transfer prices and costs [8][9]. - Taxable income from cryptocurrency transactions is recognized in the year of sale or contract signing, and losses cannot offset other income types [10][11]. - The acquisition cost of cryptocurrencies is determined by the purchase price, and for inherited or gifted assets, the market price at the time of acquisition is used for tax purposes [12][13]. Regulatory Framework - Japan has established a dual regulatory framework for cryptocurrencies through the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA), focusing on registration, asset custody, anti-money laundering, and investor protection [15][16]. - The Financial Services Agency (FSA) oversees the regulatory environment, while self-regulatory organizations like JVCEA and JCBA play crucial roles in industry standards and compliance [16][17]. - Recent amendments to the PSA and FIEA have strengthened regulations on cryptocurrency exchanges, including mandatory registration and enhanced consumer protection measures [19][20]. Reform Trends - Proposed reforms for the 2026 fiscal year aim to simplify tax treatment for cryptocurrencies, including a flat tax rate of 20% on capital gains and allowing loss carryforwards [13][14]. - The reforms also seek to reduce barriers for donations and inheritance of cryptocurrencies, potentially increasing their use in charitable activities and wealth transfer [14][25]. - The regulatory landscape is evolving to address new risks and market dynamics, with a focus on enhancing Japan's competitiveness in the global cryptocurrency and blockchain sectors [25].

英国金融行为监管局 Financial Conduct Authority 已进入加密资产监管咨询的最后阶段，并就"消费者责 任（Consumer Duty）"规则如何适用于加密资产公司发布最终咨询文件，征求意见截止日期为 3 月 12 日。FCA 计划于 2026 年 9 月开放加密资产业务许可申请窗口，并要求所有在英国提供加密服务的机构 （包括已依据反洗钱法规注册的公司）最迟于 2027 年 10 月前获得正式授权。（CoinDesk） （来源：吴说） ...

Core Viewpoint - Russia is set to implement a regulatory framework for cryptocurrency assets starting in 2026, marking a significant shift from its previously cautious stance towards digital assets, aiming to create a compliant market while maintaining financial oversight [2][10]. Group 1: Investor Access Mechanism - The new regulatory framework introduces a differentiated investor access system, balancing market openness with risk management [2]. - Ordinary individual investors will face strict entry conditions, being allowed to purchase only high-liquidity assets like Bitcoin (BTC) and Ethereum (ETH), and must complete a mandatory risk assessment test [2]. - The annual investment limit for retail investors is set at 300,000 rubles, approximately $3,800, to manage public access to emerging assets while preventing large-scale capital outflows [2]. - Professional investors will have more flexibility without fixed limits on investment amounts but are prohibited from trading privacy coins like Monero (XMR) and must also undergo risk assessments [2]. Group 2: Legal Classification and Restrictions - Cryptocurrency and stablecoins will be classified as tradable monetary assets, similar to foreign exchange or investment products, but remain prohibited as payment methods within Russia [4]. - The legal status of the ruble as the national currency remains intact, preventing cryptocurrencies from challenging state monetary sovereignty [4]. Group 3: Strategic Financial Positioning - Russia's regulatory changes are seen as a response to international financial pressures, particularly after being excluded from the SWIFT system and facing severe sanctions [6][7]. - The new framework aims to formalize previously informal operations, allowing for regulated international trade and capital movement through digital assets [8]. - The strategy includes reducing reliance on the US dollar by creating a cryptocurrency ecosystem anchored in the ruble, enhancing economic resilience against sanctions [8]. Group 4: Comparison with Global Regulatory Trends - Russia's approach contrasts with the EU's comprehensive regulatory framework and the fragmented regulations in the US, opting instead to integrate cryptocurrency activities into existing state-led financial regulations [9]. Group 5: Summary of Implications - The opening of the cryptocurrency market to individual investors represents a critical development in Russia's financial policy, driven by the need to respond to international pressures and maintain economic autonomy [10]. - This initiative is not merely a concession to decentralized finance but a strategic move to construct an alternative financial system that enhances national economic sovereignty [10].

Core Viewpoint - Hong Kong is advancing its crypto regulatory framework by implementing new licensing requirements for virtual asset dealers and custodians, aiming to enhance oversight across the digital asset market [1][2][3]. Group 1: Licensing Requirements - Firms providing virtual asset dealing or custody services in Hong Kong will be mandated to obtain licenses under the new framework [2]. - The licensing will encompass a variety of activities, including virtual asset-to-fiat conversions, brokerage services, and block trading, bringing over-the-counter trading and broker-style services under regulatory oversight for the first time [5][6]. - Dealers will be required to place client assets only with licensed custodians, ensuring a regulated environment for asset management [7]. Group 2: Regulatory Framework and Support - The proposals for the new licensing regime received broad market support and will transition into the legislative phase, contributing to a comprehensive digital asset regime under the SFC's ASPIRe roadmap [4]. - The planned framework for custodians will focus on the safekeeping of client assets, requiring strict segregation of assets and enhanced cybersecurity standards [6]. - Both dealers and custodians will face fit-and-proper requirements, with dealers expected to meet capital requirements of around HK$5 million and custodians facing higher thresholds of HK$10 million in paid-up capital [7]. Group 3: Future Developments - Regulators have initiated further consultations to extend licensing requirements to virtual asset advisory and management service providers, indicating ongoing development in the regulatory landscape [8].

Regulatory Evolution and Core Definitions - Japan's regulation of digital assets began with the revision of the Payment Services Act (PSA) in 2017, introducing concepts such as "Crypto Asset Exchange Services" (CAES) and "Crypto Asset Exchange Service Providers" (CAESP) [3] - Initial regulations were relatively lenient regarding user protection and anti-money laundering (AML) but have been strengthened due to incidents of asset leakage and updates from the Financial Action Task Force (FATF) [3] - In 2022, the Japanese government included Web3 in its national strategy, leading to reforms in financial and tax regulations, and proposed significant adjustments to the regulatory framework by 2025 [3] Legal Definitions and Classification - The PSA defines "Crypto Assets" as digital assets that can be used for payment to unspecified parties and can be traded through electronic data processing systems, distinguishing them from "securities" under the Financial Instruments and Exchange Act (FIEA) [4] - CAES encompasses four types of services: buying and selling crypto assets, intermediary services, related fund management, and custodial services [4] - Japan employs a "function-oriented" regulatory framework, categorizing different types of digital assets under various legal regulations [5] Classification of Digital Assets - Crypto assets and utility tokens, represented by Bitcoin (BTC) and Ethereum (ETH), are regulated under the PSA, requiring entities engaged in related activities to register as CAESP [6] - Stablecoins are classified into two categories: fiat-collateralized stablecoins, recognized as "electronic payment tools" (EPIs), and algorithmic stablecoins, which may be classified as crypto assets if they can be transferred to unspecified parties [6] - Security tokens, representing equity, debt, or fund interests, are regulated under the FIEA and require registration as Type I Financial Instruments Business Operators (Type I FIBOs) for issuance and trading [7] - NFTs, due to their uniqueness and non-fungibility, are generally not subject to current regulations unless they are issued without restrictions on payment functionality [8] Compliance Core: Registration, User Protection, and AML - CAESP applicants must be incorporated entities with a minimum capital of 10 million yen and must pass a rigorous compliance review by the Financial Services Agency (FSA) [9] - A strict user asset protection system mandates that CAESP segregate user funds from their own and store at least 95% of user crypto assets in offline "cold wallets" [10] - CAESP and EPIESP must comply with anti-money laundering regulations, including customer due diligence and record-keeping for seven years [11][12] Taxation System and Recent Adjustments - Profits from crypto asset trading are classified as "miscellaneous income," subject to progressive tax rates of 5%-45%, plus a 10% resident tax, with provisions for loss deductions [13] - Recent tax reforms for 2023-2024 aim to alleviate the tax burden on companies holding crypto assets by exempting certain assets from year-end market valuation tax obligations [13] Other Key Legal Issues - Under Japanese civil law, crypto assets can theoretically be inherited, but issues arise due to the anonymity of assets and the necessity of private keys for access [14] - Mining activities are not specifically regulated, but if they involve the sale of investment fund rights, they must comply with relevant financial laws [15]

Core Viewpoint - The UK government has announced a new regulatory framework for crypto assets, set to take effect in 2027, aimed at providing clear standards for the industry while enhancing consumer protection and supporting innovation [1] Group 1: Regulatory Framework - The new regulations will categorize crypto assets similarly to regulated financial products like stocks, requiring companies to comply with oversight from the Financial Conduct Authority (FCA) and adhere to established transparency standards [1] - The framework is described as "strict yet moderate," intended to clarify the regulatory landscape, boost consumer confidence, and provide certainty for long-term business development [1] Group 2: Economic Impact - The UK Treasury emphasizes that integrating crypto assets into the regulatory system is crucial for maintaining the UK's status as a leading global financial center, helping to prevent bad actors from entering the market while offering clear guidance for innovation [1] - The implementation of these regulations is expected to enhance industry transparency and regulatory rigor, facilitating the monitoring of suspicious activities and enforcing sanctions against non-compliant firms [1] Group 3: International Collaboration - The UK government is collaborating with the United States through a transatlantic working group to promote innovation and growth in the crypto asset sector [1] - The new regulations are anticipated to serve as a reference for establishing global standards in crypto asset regulation [1]

Core Viewpoint - The SEC Chairman Paul Atkins plans to establish a "token classification system" based on the Howey test to clarify which crypto assets qualify as securities [1] Group 1: Regulatory Framework - The proposed framework is not intended to relax enforcement commitments, and fraudulent activities will continue to be strictly monitored [1] - Atkins has instructed staff to explore proposals that would allow tokens related to investment contracts to be traded on non-SEC regulated platforms, such as CFTC registered platforms or state-regulated platforms [1] - The initiative aims to introduce a package of exemptions to create customized issuance rules for crypto assets [1] - Atkins stated that this plan is designed to complement rather than replace congressional legislation [1]

Investment Rating - The report maintains a "Buy" rating for Coinbase with a target price of $410.00, indicating a potential upside of 29.0% from the current price of $317.93 [3][4]. Core Insights - The company is steadily advancing its vision of an "Everything Exchange" by integrating decentralized exchanges and expanding into derivatives, tokenized assets, and prediction markets, thereby enriching the variety of tradable assets on its platform [1][9]. - A clearer regulatory framework for crypto assets in the U.S. presents both competition and opportunities, as Coinbase collaborates with more financial institutions to provide crypto asset infrastructure services, creating incremental revenue opportunities [1][9]. - Coinbase is exploring new business opportunities, including stablecoin payments and the Base App blockchain application, with early progress being positive [1][9]. Financial Summary - For FY23A, Coinbase reported sales revenue of $3,108 million, with a projected increase to $6,564 million in FY24A and $7,403 million in FY25E [2][10]. - The net profit is expected to rise significantly from $94.9 million in FY23A to $2,579.1 million in FY24A, before slightly declining to $2,278.2 million in FY25E [2][10]. - The earnings per share (EPS) is projected to increase from $0.40 in FY23A to $10.43 in FY24A, then decrease to $8.71 in FY25E [2][10]. Market Performance - The market capitalization of Coinbase is approximately $83.12 billion, with an average trading volume of $1,441.4 million in March [4]. - The stock has shown a 52-week high of $419.78 and a low of $151.47, indicating significant volatility [4]. Shareholder Structure - Major shareholders include Brian Armstrong with 13.4% and The Vanguard Group with 9.5% [5].

Core Viewpoint - The Financial Services Agency (FSA) of Japan is considering revising regulatory guidelines to allow domestic banks to trade and hold crypto assets, aligning their risk management with that of stocks and government bonds [1] Group 1 - The FSA is exploring the possibility of allowing banks to register as crypto exchanges, facilitating retail investors' participation in the market through banks [1] - A legislative proposal is planned to explicitly prohibit trading based on non-public information, with penalties for violators based on the amount of improper gains [1]