在2025年年末的时候，一直对数字资产抱着慎重态度的俄罗斯，金融监管机构，突然向国际市场公布了一个马上要推行的加密资产监管方案， 按照这个计划，从2026年开始，俄罗斯会在设置严格监管条件的基础上，渐渐允许个人投资者和专业机构进入数字货币领域。 这个决策被看作是俄官方在数字资产政策方面的关键转变，从之前那种受限制且模糊的对待方式，变成构建起有体系、有牌照运营的合规市场。 然而，这并不是，说对去中心化金融理念的完全接受，反而更像是基于现实情况的一种策略举措， 在当下全球金融秩序因制裁而变动重构的背景下，俄罗斯这么做背后更深刻的意图， 究竟是对金融科技创新潮流的回应，抑或是是打算搭建一条可以避开西方主导体系的经济通道 这已成为各方关注的焦点。 01 差异化的投资者准入体系 新方案中最为引人注目的部分，是其所打造的一套别具一格的投资者参与机制，其目的，在于实现市场开放与风险管控之间的平衡。 面向普通个人投资者，规则设定了比较慎重的准入条件，这类投资者就只能够购买被官方认定为有高流动性的加密资产，例如比特币（BTC）和以太坊 （ETH）， 并且，在交易之前不要忘记先完成一个强制性的风险评估测试，以此来确认他们充分知道 ...

Hong Kong is moving ahead with a major expansion of its crypto regulatory framework after regulators concluded consultations on new licensing regimes for virtual asset dealers and custodians, tightening oversight across a wider part of the digital asset market. The Financial Services and the Treasury Bureau and the Securities and Futures Commission said on Dec. 24 that firms providing virtual asset dealing or custody services in Hong Kong will be required to obtain licenses once the new framework takes ef ...

一、监管演进与核心定义 日本对数字资产的监管始于 2017 年修订的《支付服务法》（PSA），该法首次引入 "加密资产交换服 务"（CAES）及 "加密资产交换服务提供商"（CAESP）的监管概念。早期监管在用户保护、反洗钱与 反恐怖融资（AML/CFT）方面较为宽松，但受加密资产泄露事件及金融行动特别工作组（FATF）标准 更新影响，监管当局持续强化制度建设，同时优化税收体系，形成了相对健全的监管环境。2022 年， 日本政府将 Web3 纳入国家战略，推动金融、税收等领域监管改革，明确稳定币监管规则及非同质化代 币（NFT）的法律属性，2025 年更提出将加密资产重新归类为 "为公民资产增值的金融资产"，并考虑 放宽税收政策，预示着监管框架将迎来重大调整。 从法律定义来看，日本《支付服务法》明确 "加密资产"（Crypto Asset）并非《金融商品交易法》 （FIEA）所指的 "证券"，而是具备以下特征的数字资产：一是可用于向不特定对象支付商品或服务对 价，且可与不特定对象交易，通过电子数据处理系统转移；二是可与前者进行对等交换，且具备电子转 移属性。简单而言，加密资产是不与法定货币挂钩、可作为不特定对 ...

据悉，英国政府正通过跨大西洋工作组与美国开展合作，共同促进加密资产领域的创新与增长。新规实 施后，行业透明度和监管力度将显著提升，便于监测可疑活动、执行制裁并追究违规企业责任，同时为 全球加密资产监管标准制定提供参考。(完) 来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 英国政府公布新加密资产监管规则 中新社伦敦12月15日电 (欧阳开宇 刘施岑)英国财政部15日宣布推出新加密资产监管框架，计划于2027 年正式生效。该规则旨在为加密资产企业提供明确监管标准，既支持行业创新增长，又强化消费者保 护，助力英国打造全球数字资产核心目的地。 根据新规，加密资产将被纳入与股票等受监管金融产品类似的监管范畴，相关企业需接受英国金融行为 监管局的统一监管，并遵守既定透明度标准。 英国财政部表示，这套"严格且适度"的规则将明确行业监管定位，增强消费者信心，同时为企业提供长 期发展所需的确定性，吸引更多投资并创造高技能就业岗位。 英国财政大臣里夫斯指出，将加密资产纳入监管体系是数字时代巩固英国全球领先金融中心地位的关键 一步，既能防范不良从业者进入市场，又能为企业创新提供清晰指引。 本文为转载内容，授权事宜请联 ...

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]

Core Insights - The article discusses the recent indictment of Chen Zhi, chairman of the Prince Group, by the U.S. Department of Justice for wire fraud and money laundering, highlighting the scale of the operation involving forced labor and cryptocurrency fraud, with losses amounting to billions of dollars [2] - It emphasizes the misconception surrounding Bitcoin's decentralization, illustrating that while Bitcoin operates on a decentralized network, it is still subject to regulatory oversight and can be traced [3][4] - The case serves as a reminder that technology does not eliminate human vulnerabilities, as victims were lured by greed and fear into scams disguised as high-return investments [5] Regulatory Environment - The U.S. government has established a comprehensive enforcement framework for cryptocurrency, including specialized teams within the Department of Justice and the Financial Crimes Enforcement Network (FinCEN) to monitor and regulate exchanges [4] - The article argues that the notion of complete anonymity in cryptocurrency is a myth, as regulatory bodies can trace transactions and enforce compliance through various means [6] Implications for Investors - Investors are urged to reconsider the true extent of "freedom" associated with cryptocurrencies, noting that assets held on exchanges are not truly owned by the investor and can be subject to regulatory actions [6] - The article posits that the Chen Zhi case may mark a turning point in cryptocurrency regulation, demonstrating that authorities can track funds across borders and through blockchain technology [7] - It concludes with lessons for investors, emphasizing the importance of skepticism towards anonymous investment channels and high-return promises, advocating for rational decision-making over technological faith [8]

Core Viewpoint - The Bank of England (BOE) plans to exempt certain institutions from proposed limits on stablecoin holdings, indicating a significant shift in its regulatory stance towards crypto assets [1][2]. Group 1: Regulatory Changes - The BOE intends to allow some institutions, particularly cryptocurrency exchanges, to hold more stablecoins than previously proposed limits [1]. - The BOE's Digital Securities Sandbox will permit the use of stablecoins as settlement assets, reflecting a softening of Governor Bailey's previous stance [1][3]. - The initial proposal included a personal holding limit of £20,000 (approximately $27,000) and a corporate limit of £10 million, which is expected to be formally consulted on by the end of the year [1]. Group 2: Industry Reactions - Market participants view the potential exemption as a fundamental change in the BOE's approach, contrasting with Bailey's earlier warnings about stablecoins undermining trust in the monetary system [2]. - Criticism has emerged regarding the strict regulatory stance, with industry leaders arguing it could stifle innovation and lead to capital and talent outflow from the UK [2]. - The CEO of Greengage highlighted that the US has established a stable regulatory framework, which could attract investment away from London if the UK hesitates [2]. Group 3: Stablecoin Market Context - Stablecoins are cryptocurrencies pegged to fiat currencies, with a projected global annual payment volume exceeding $50 trillion by 2030 [2]. - Currently, only about $580,000 of the $303 billion in global stablecoin circulation is pegged to the British pound, indicating the UK's lag in this sector compared to the euro's $468 million [2]. - The BOE has indicated a willingness to revise its regulatory framework to allow "systemic stablecoins" to be backed by high-quality assets like short-term government bonds [2][3]. Group 4: Future Opportunities - Experts suggest that stablecoins could represent a new economic opportunity for the UK, particularly in light of the need for significant investment and infrastructure spending [4]. - The promotion of a regulated pound stablecoin could foster innovation and create new demand for government debt [4].

Core Viewpoint - The SEC plans to introduce an "innovation exemption" rule by the end of the year, allowing cryptocurrency companies to launch new products without heavy regulatory burdens [1] Group 1: Regulatory Changes - SEC Chairman Paul Atkins announced the development of new regulatory rules for crypto assets [1] - The SEC has withdrawn multiple enforcement cases initiated under former Chairman Gensler's tenure [1] - A special task force has been established to explore new regulatory pathways for the cryptocurrency industry [1] Group 2: Market Impact - Atkins expressed a desire to increase the number of initial public offerings (IPOs) in the United States [1]