Core Viewpoint - The new tax policy on gold, announced by the Ministry of Finance and the State Taxation Administration, aims to refine the existing gold market regulations, particularly regarding the distinction between gold as a commodity and as a financial asset. The policy will exempt value-added tax (VAT) for transactions conducted through designated exchanges, effective from November 1, 2025, to December 31, 2027 [2][10]. Group 1: Tax Policy Changes - The new regulation states that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from VAT for sellers, while non-exchange sales will still incur VAT as per existing regulations [2][10]. - The policy is designed to encourage on-exchange trading and reduce off-exchange transactions, which are subject to higher tax burdens [8][10]. Group 2: Impact on Financial Institutions - Industrial and Commercial Bank of China (ICBC) announced a suspension of certain gold accumulation services starting November 3, 2025, due to macroeconomic policy impacts, although existing plans for current customers remain unaffected [4][5]. - Similarly, China Construction Bank (CCB) will halt various gold-related services, including real-time purchases and physical gold exchanges, while existing investment plans will continue [6]. Group 3: Market Reactions - Following the announcement, there was a surge in demand for physical gold bars, leading to rapid sellouts at various banks [4][6]. - Despite the heightened activity in the physical gold market, the A-share gold sector has experienced a downturn, with significant declines in stock prices for several gold-related companies [6]. Group 4: Expert Insights - Experts suggest that the new tax regulations may lead to a price increase for gold jewelry, while the impact on investment gold remains uncertain [7][10]. - The policy aims to streamline the gold sales chain and reduce the accumulation of physical gold, potentially shifting investor interest towards paper gold and futures trading [10].

经济观察报记者 郑晨烨 9月15日下午两点，深圳罗湖区，位于田贝四路万山珠宝园6楼的一家名为"君辉"的公司办公室大门紧 闭，工商资料显示这里亦是君豪金业（深圳）有限公司的办公场所，有从业者告诉记者，二者实为同一 家公司。同一时间，位于水贝二路兴龙黄金珠宝大厦6楼的深圳市粤宝鑫贵金属有限公司办公室大门亦 已紧闭。 上述公司紧闭的玻璃门上，都交叉贴着白色的封条，驻守在现场的保安对所有来访者的问题，都只用三 个字回答："不知道。" 写字楼前台工作人员提供的信息要更具体一些："警察两三天前就来了，然后就封了这里。" 几乎就在同时，一场关于"水贝金料商跑路"的讨论，开始在社交媒体上快速发酵：一则"深圳水贝十几 家金料商集体跑路"的消息开始流传，一份包含"君豪""粤宝鑫"在内的"跑路"企业名单被广泛传播，传 闻涉及的资金规模从数千万元到数亿元不等；尽管深圳市黄金珠宝首饰行业协会很快出面澄清，称传 闻"夸大不实"，仅是"个别企业出现问题"，但这并未完全驱散笼罩在市场头顶的疑云。 一个看似简单的问题由此浮现：在金价持续高位运行的背景下，本应顺势盈利的黄金商们，为何反而走 到了被关门查封的境地？ 经济观察报记者在深圳水贝走访后 ...

Group 1 - The core point of the article is the growing interest in stablecoins due to the upcoming implementation of the Hong Kong Stablecoin Regulation and the recent IPO of a stablecoin company in the US, which has seen its stock price rise significantly [1][2][90]. - Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, providing stability in value, which has led to their increased adoption in the cryptocurrency market [49][55][66]. - The emergence of stablecoins was driven by the need for a reliable medium of exchange in the cryptocurrency space, especially after regulatory crackdowns on direct fiat-to-crypto transactions [66][94]. Group 2 - The article discusses the historical context of stablecoins, noting that they gained popularity after 2017 when traditional fiat channels for purchasing cryptocurrencies were restricted [66][94]. - The lack of regulatory oversight initially allowed for rapid expansion of stablecoin issuance, leading to concerns about the adequacy of reserves backing these coins [71][73]. - Recent enforcement actions against stablecoin issuers highlight the need for clearer regulations to ensure compliance and protect investors [82][86]. Group 3 - The article mentions that large institutions are now investing in cryptocurrencies and require stablecoins for transactions, emphasizing the importance of regulatory clarity for their participation [88][90]. - The Hong Kong Stablecoin Regulation is seen as a significant step towards legitimizing stablecoins as a financial service, encouraging more companies to engage in the market [94][97]. - There is speculation that stablecoins could play a role in alleviating the US debt crisis by indirectly supporting the purchase of US Treasury bonds through their backing [99][102].