On October 27, 2025, Pan Gongsheng, Governor of the People's Bank of China, reiterated at the Financial Street Forum that policies regarding the prevention and disposal of virtual currency trading speculation have remained effective since 2017 and will continue to crack down on virtual currency-related business activities to safeguard the economic and financial order. This statement has drawn an insurmountable red line for our country's virtual currency regulation policies.
However, on the other end of reality, a stark paradox is unfolding in judicial practice: many overseas Web3 projects and virtual currency exchanges that are not recognized by law or are explicitly prohibited, when internal disputes occur—especially when accusing employees of "occupational embezzlement"—frequently seek and obtain protection from domestic criminal law enforcement. Some prosecuting agencies, by expanding the interpretation of the concept of "unit" and forcibly connecting jurisdiction, have extended the protections of criminal law for the crime of occupational embezzlement to these entities that should be strictly regulated and severely punished.
This has triggered a

Author: Ashrith Rao; Translation: Blockchain in Plain Language
Bhutan is taking a significant step into the cryptocurrency space, announcing a allocation of up to 10,000 Bitcoin (BTC) (approximately $1 billion USD) to fund the "Gleup Mindfulness City" initiative.
For years, Bhutan's government investment arm, Druk Holding & Investments (DHI), has been mining Bitcoin using renewable energy. Currently, the country has become one of the leading Bitcoin holders globally, with reserves exceeding 11,000 BTC.
To achieve sustainable development, the government plans to support the GMC's development through methods such as collateral loans and revenue generation, rather than directly selling Bitcoin. This special administrative region will attract enterprises from sectors such as finance, tourism, green energy, and technology.
Core Plan
Gleup plans to collaborate with

Recently, Forbes published an in-depth article on the latest developments in the US stablecoin regulatory framework, primarily citing the "2025 Skynet US Digital Asset Policy Report" released by CertiK.
The report references CertiK's analysis, which indicates that as key policies such as the "GENIUS Act" continue to advance, the US digital asset industry is transitioning from broad principles to a new stage centered on specific requirements, enforceable regulations, and institutional-level compliance expectations. CertiK co-founder and CEO Ronghui Gu stated that future standout issuers will be those that have established mature, institutional-grade operational systems in reserve management, transparency, and infrastructure. The industry as a whole is also shifting towards a "security-first" approach.
Additionally, Forbes cited CertiK's report, pointing out that the divergence in regulatory paths between the US and Europe is reshaping the global liquidity landscape for stablecoins: the US considers dollar stablecoins as strategic assets, while the European Union

The Prince Group case reveals the underlying issue of cryptocurrencies becoming a core tool for transnational crime. The article explores the relationship between cryptocurrencies and crime, as well as how U.S. law enforcement actions against the Prince Group may impact international law and individual rights, emphasizing that future cryptocurrency development must follow a compliant and transparent path.

Author: Xiao Bing Deep Tide TechFlow
In the winter of 2025, the sea breeze in Boca Chica, Texas remains salty and fierce, but the air on Wall Street is unusually hot.
On December 13, a piece of news shot to the top of financial headlines like a heavy Falcon rocket: SpaceX's latest round of internal stock issuance has valued the company at $800 billion.
According to memos, SpaceX is actively preparing for an IPO in 2026, planning to raise over $30 billion. Musk hopes the company's overall valuation can reach $1.5 trillion. If successful, this would bring SpaceX's market cap close to the record level set by Saudi Aramco's 2019 IPO.
For Musk, this is an extremely magical moment.
As the world's richest person, his personal wealth will grow along with SpaceX, this "super rocket."