（来源：吴说） 编辑 | 吴说区块链 本次访谈深入分析了 CARF（加密资产报告框架）的实施背景及其对中国大陆和香港地区用户的影响。 Fintax 创始人 Calix 讲解了 CARF 的基本框架，类似于 CRS（共同报告标准），旨在通过跨国数据交换 加强加密货币的税务监管。特别是香港在 2026 年开始实施 CARF，可能为税务居民带来较大影响。讨 论还涉及了税务居民身份、避税手段的风险、如何规划加密资产的税务合规等内容。此外，Kelly 还解 答了中国大陆用户是否会受影响，以及如何在合规框架下进行税务规划。 FinTax 主要提供加密货币相关的财务和税务解决方案，同时帮助加密行业的跨国公司和高净值个人提 供税务咨询服务。 嘉宾个人观点不代表吴说观点，不构成任何投资建议，请严格遵循当地法律法规。 音频转录由 GPT 完成，可能存在错误，请在小宇宙、YT 等收听完整的播客。 小宇宙： https://www.xiaoyuzhoufm.com/episodes/697cd89b2fc7f49d09128fc3 解释 CARF 的背景与运作机制 吴说 Aki: 首先，请 Calix 帮我们简要介绍一下 CARF ...

Step Finance 发布黑客攻击事件更新，披露旗下数个资金钱包在昨日夜间遭到一名攻击者入侵，初步判 断此次攻击是通过某攻击向量（attack vector）实施，目前已采取补救措施并正与安全专家密切合作， 同时还通知了相关部门，后续将发布攻击事件更新信息。 （来源：吴说） ...

Core Viewpoint - Investors are showing increased interest in Galaxy Digital (NASDAQ: GLXY), driven by factors unrelated to Bitcoin or Ethereum, indicating a shift in market sentiment towards the company [1] Group 1 - Galaxy Digital's shares are experiencing a rise, attributed to recent developments rather than cryptocurrency market trends [1]

OSL Group Conference Call Summary Company Overview - OSL Group has acquired Banzaa, obtaining licenses in 36 states in the US and the UK, as well as the European MiCA license, laying the foundation for global business expansion [2][4] - Banzaa focuses on enterprise client payment infrastructure and compliance systems, providing fiat and cryptocurrency conversion services, which synergizes with OSL's compliance and global expansion efforts [2][6] Key Financial Insights - Banzaa is expected to significantly contribute to OSL's overall revenue, with Banzaa's revenue projected at approximately HKD 54 million for the first half of 2025, compared to OSL's revenue of HKD 195 million during the same period [7] - OSL's payment-related revenue is expected to increase from nearly 30% in the first half of 2025 to over 40%-50% by 2026, reducing reliance on cryptocurrency price fluctuations [2][9] Product Developments - OSL launched the USD Go stablecoin, compliant with the US Genius Act, aimed at simplifying customer choices and providing value-added services for cross-border payments [2][10] - The initial deployment of USD Go is on the Solana blockchain, with high market demand noted, although details on issuance and redemption fees are still unclear [10][11] Strategic Focus Areas - In 2025, OSL's main revenue sources are expected to be from Hong Kong OTC business and European inflow/outflow operations [12] - For 2026, OSL plans to expand its BizPay payment service provider network, enhance its exchange business in Europe, and focus on the Indonesian market, aiming for a 50% growth in existing business lines and double-digit growth from new ventures [12] Competitive Landscape - The recent listing of Hashkey is seen as a positive signal for the industry, with a focus on revenue scale rather than trading volume. Hashkey's projected total revenue for 2024 is approximately HKD 540 million, compared to OSL's HKD 375 million [5][14] - OSL is expected to meet the entry standards for the Hong Kong market, with announcements anticipated on February 20, 2026, and effective from March 9, 2026 [17] Regulatory Environment - The issuance of stablecoin licenses in Hong Kong may favor banks, but if used outside the system, OSL may seek partnership opportunities. Clarified policies are expected to enhance cross-border payment penetration [18] - Current regulations are strict for retail investors but less so for professional investors and institutions, indicating a potential shift in the regulatory landscape that needs ongoing monitoring [19][20] Conclusion - The acquisition of Banzaa and the launch of USD Go are pivotal for OSL's growth strategy, with a strong focus on compliance and expanding its service offerings in the payment sector. The company is well-positioned to leverage its new licenses and partnerships to enhance its market presence and financial performance in the coming years [2][4][12]

Core Viewpoint - Hut 8 has announced an extension of its Bitcoin collateralized credit facility with Coinbase, increasing the maximum loan amount to $200 million, with an additional $70 million drawn from the facility [1] Group 1: Credit Facility Details - The amended credit agreement raises the maximum loan limit by $70 million, bringing the total to $200 million, with all newly added funds already withdrawn [1] - The credit agreement was signed on December 22, 2025, and the loans are secured by Bitcoin held in custody by Coinbase Custody Trust Company [1] - Coinbase's recourse is limited to the pledged collateral [1] Group 2: Financial Metrics - As of the third quarter, Hut 8 disclosed an outstanding loan amount of $130 million under the Coinbase credit facility, with an annual interest rate of approximately 9% [1]

Group 1 - The company expects to incur a net loss of no more than 10 million HKD for the fiscal year ending September 30, 2025, compared to a net profit of approximately 56.3 million HKD for the fiscal year ending September 30, 2024 [1] - The anticipated loss is primarily attributed to a significant acquisition that is expected to generate a bargain purchase gain of approximately 60.9 million HKD and a net loss from the financial performance of the consolidated acquisition of about 58.6 million HKD [1] - The transition from net profit in the previous year to net loss in the current period is also due to the absence of a one-time reversal of impairment provisions related to FTX deposits amounting to approximately 85.9 million HKD, a one-time reversal of impairment provisions for other receivables of about 10.3 million HKD, and the net impact of fluctuations in the fair value of cryptocurrencies leading to a decrease in revenue compared to the same period last year [1]

Group 1 - HashKey Holdings Limited is undergoing a listing hearing on the Hong Kong Stock Exchange [1] - The company is being jointly sponsored by JPMorgan, Cathay Securities, and Guotai Junan International [1]

Core Insights - Bitcoin has experienced a significant drop, with a decline of up to $11,000 within 24 hours, leading to over 390,000 liquidations in the market [1][2] - The overall cryptocurrency market has seen a total market cap reduction of over $1 trillion, indicating a severe downturn in investor sentiment [1][2] Market Performance - Bitcoin reached a low of $81,111, marking its lowest point since April 7 [1] - Major cryptocurrencies such as Ethereum and SOL also saw declines of 10.8% and 11.7% respectively, contributing to a broader market downturn [2] Liquidation Events - In the past 24 hours, the total liquidation in the cryptocurrency market amounted to $1.914 billion, with 392,000 traders affected [2] - Long positions accounted for $1.78 billion of the liquidations, while short positions contributed $130 million [2] Macro Factors - The expectation of a Federal Reserve interest rate cut has significantly diminished, leading to increased selling pressure on Bitcoin and other risk assets [2] - Morgan Stanley no longer anticipates a rate cut in December, with current futures indicating only a 40% chance of such an event [2] Institutional Movements - Bitcoin ETFs have seen substantial outflows, with a record outflow of $866.7 million on November 13, followed by a total outflow of nearly $2.5 billion for the week [3][5] - Whale investors have sold over $20 billion in assets since September, contributing to the current market conditions [6] Market Sentiment - The fear index has reached extreme levels, indicating a rare low in market sentiment not seen in nearly a decade [7] - Despite the prevailing fear, some analysts suggest that the current situation may lead to a "panic bottom" and risk clearance [7] Diverging Institutional Views - Morgan Stanley's investment strategist suggests that Bitcoin is in a "fall" phase of its four-year cycle, advising investors to prepare for a potential crypto winter [8][9] - Conversely, Standard Chartered's digital asset research head believes the recent adjustments may have ended, indicating that Bitcoin could have reached its bottom [10] Long-Term Investor Behavior - Long-term holders have increased their Bitcoin holdings significantly, from 159,000 BTC to 345,000 BTC since October 6, indicating a potential accumulation phase amidst market pessimism [11] - Predictions suggest that Bitcoin could drop to $75,000 by year-end, although a rebound is expected shortly thereafter [11][12]

Group 1 - Bitcoin price has dropped below $81,000, experiencing a nearly 10% decline in a single day, reaching a new intraday low [1] - Matrixport's market analysis indicates that Bitcoin is currently in an extreme fear zone, with market pessimism at a level rarely seen in the past decade [1] - The prevailing sentiment suggests a potential illusion of "panic bottom and risk clearance," despite ongoing macro pressures that have not eased [1] Group 2 - The upcoming weeks will be crucial in determining whether Bitcoin stabilizes or enters a deeper phase of correction [1]

Core Viewpoint - The global financial markets are experiencing a significant downturn, driven by rising risk aversion and a decline in U.S. interest rate cut expectations, leading to widespread asset sell-offs [1][4]. Market Performance - Asian markets saw substantial declines, with the MSCI Asia Emerging Markets Index dropping 2.78%, and major indices in South Korea and Japan falling by 3.79% and 2.4% respectively [2]. - The A-share market also faced turbulence, with the Shanghai Composite Index down 2.45% and the Shenzhen Component Index down 3.41% [2]. - European markets opened lower, with major indices like the Euro Stoxx 50, FTSE 100, CAC 40, and DAX 30 all declining over 1% [1]. - Cryptocurrency markets were heavily impacted, with Bitcoin dropping over 9% at one point, falling below $82,000 [1][2]. Economic Indicators - The U.S. labor market showed stronger-than-expected growth, with non-farm payrolls increasing by 119,000 in September, surpassing the forecast of 50,000 [3]. - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased to 35.1%, with a 64.9% chance of maintaining current rates [3][4]. Investment Outlook - Vanguard predicts that the ongoing investment in AI infrastructure will bolster U.S. economic growth, leading to fewer rate cuts than the market anticipates [4][5]. - The firm expects the U.S. GDP growth to rise from 1.9% this year to 2.25% by 2026 due to sustained AI spending [5]. - Concerns have been raised about potential vulnerabilities in private credit asset valuations and their implications for the financial system [5]. Market Sentiment - High volatility and risk aversion have led investors to adopt a protective stance, focusing on hedging against market risks [5][6]. - Goldman Sachs predicts that regardless of market movements, CTA funds will act as net sellers, with significant programmatic selling likely if the S&P 500 index falls below 6457 points [6].