Hong Kong has released a new policy declaration for the development of digital assets, actively promoting Web3 innovation.
The Hong Kong Special Administrative Region Government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, clearly stating its commitment to making Hong Kong a global leader in the digital asset space. This declaration aims to create a risk-controlled environment that fosters innovation and brings substantial benefits to the real economy and financial markets.
At the same time, Singapore is implementing stricter policies to expel unlicensed institutions. Industry experts believe that Singapore's influence on the Web3 industry will gradually weaken over the next 2-3 years. Currently, there are only 33 licensed companies in Singapore, about half of which have weak competitiveness in markets outside Singapore. Some analysts predict that Hong Kong is likely to regain its status as the global center for Web3 due to this policy adjustment.
The Hong Kong government has proposed a series of strategic policy directions aimed at creating a

The Integration of NFT and Mystery Box Economy: From Pop Mart to Digital Collectibles
Wang Ning's Pop Mart has been listed on the Hong Kong Stock Exchange again, with its value soaring 21 times, becoming the true "mystery box king." From 2017 to 2019, Pop Mart's revenue and net profit showed explosive growth, with net profit increasing 289 times over three years.
This success stems from the "addictive" economic model created by Pop Mart. The Molly dolls inside the mystery boxes attract consumers by creating a sense of "surprise" when unboxing and a sense of "achievement" in collecting hidden variants. As a representative of the new consumption sector, Pop Mart's success is enlightening for emerging digital collectibles like NFTs.
The evolution of TCG cards, digital collectibles, and NFTs
The mystery box model has a long history. The Pokémon TCG cards launched in 1996 adopted a random unpacking method, which was loved by collectors. According to statistics, by 2019, Pokémon...

Since the launch of the Runes protocol in 2023, it has become the new standard for Bitcoin's alternative tokens, featuring more efficient and streamlined characteristics, making it more popular than BRC-20. DOG, as the leader in the rune sector, has a strong volume and market capitalization, but its chip structure is dispersed, and it still needs time to accumulate for greater breakthroughs.

The WCS·2025 RWA Industry Conference will be held on June 25, focusing on the digitization of real-world assets, bringing together top leaders from government, business, and academia to discuss technological innovation and industry integration, with the expectation of promoting the deep integration of Web3 and the traditional economy, becoming a benchmark event in the RWA field.

Silicon Valley Billionaires' Crypto Assets Layout: From Bitcoin to Ethereum
In July 2025, a regulatory document caused a huge uproar in the crypto assets circle: a well-known investor quietly acquired 9.1% of the shares of BitMine Immersion Technologies through its affiliated entity, becoming the largest investor in this Ethereum-holding company. Once this news was announced, BitMine's stock price surged, reaching a maximum intraday increase of 29.3%.
A heated discussion erupted on social media: has this investment mogul shifted from Bitcoin to Ethereum? Is he planning to follow in MicroStrategy's footsteps?
The market's agitation is not without reason. Just a year ago, this investor openly questioned the prospects of Bitcoin: "We already have an ETF, I don't know who else will come to buy." When institutional investors have already entered the market on a large scale,

The significance and limitations of using Merkle Tree to prove reserves in a Centralized Exchange.
Recently, the cryptocurrency market has suffered a heavy blow, as the collapse of a well-known exchange has triggered a trust crisis within the industry. In order to regain user confidence, multiple Centralized Exchanges have announced or have publicly disclosed reserve proofs based on Merkle Trees. This initiative aims to enhance the transparency of asset reserves and prove that the exchange has not misappropriated or improperly handled user funds.
A Merkle Tree is a widely used data structure in blockchain technologies such as Bitcoin and Ethereum. It can compress a large amount of data into a single hash while retaining the ability to verify the existence of individual data. Through the Merkle Tree, the account and balance information of exchange users can be encoded into a root hash value. Users can verify whether their data is correctly recorded in the Merkle Tree by providing their account information and a series of hash values, without needing to know the information of other users.
This kind of

Frequent Cases of Stablecoin Cross-Border Exchange Currency: How Regulatory Policies Respond to New Financial Instruments
Recently, the People's Court of Pudong New District in Shanghai announced a major case involving 6.5 billion yuan related to cross-border illegal Exchange Currency. This case utilized stablecoins such as USDT as a medium to achieve large-scale cross-border fund transfers. The frequent occurrence of such cases highlights the challenges faced by the existing regulatory system in dealing with new financial instruments.
Stablecoins, due to their technical characteristics, can overcome many limitations of traditional Exchange Currency, such as limit restrictions, liquidity pool pressure, and transaction timeliness. This has made them a favored tool in the black and gray industries. However, relying solely on policy suppression is insufficient to fundamentally solve the problem.
From the perspective of law enforcement practice, the current crackdown strategy has some limitations:
1. Often only fringe figures can be captured, making it difficult to reach the core of the criminal network.
2. The main suspects often flee abroad, making cross-border law enforcement challenging.
3. The assets involved are mostly virtual currency.

New Exploration of Real World Assets: Analysis of Real Estate RWA Projects
The concept of Real World Assets (RWA) has a long history in the cryptocurrency market, dating back at least to 2018. The asset tokenization and Security Token Offerings (STOs) of that time share many similarities with today's RWA concept. However, due to an imperfect regulatory framework and a lack of clear potential return advantages, these early attempts failed to develop into a mature market scale.
In 2022, as the U.S. interest rates continued to rise, the yield on U.S. Treasury bonds significantly exceeded the borrowing rates of stablecoins in the crypto industry. As a result, tokenizing U.S. Treasury bonds as RWA assets has become increasingly attractive to the crypto industry. Some mature DeFi projects, as well as traditional financial institutions, have begun to explore the RWA space.
In the past two years, a small number of real estate RWA projects have emerged in the market. These projects aim to expand the real estate investment market in various ways and enrich housing.

AO Network: A Decentralization computing platform for AI Agents
Decentralization networks have been committed to realizing the vision of a "world computer", which executes arbitrary code without trust and is open for use by the entire world. After Ethereum, many infrastructure projects have made attempts in this direction, and Arweave's upcoming AO network is one of them.
From a macro perspective, the "World Computer" can be divided into three main parts: data computation, access, and storage. Arweave has traditionally played the role of the "World Hard Drive," while the AO Network (Actor Oriented) introduces general computing capabilities and provides smart contract functionality.
AO: A General Computing Network Based on the Actor Model
Current mainstream decentralized computing platforms can be divided into two categories: smart contract platforms and general computing platforms. Smart contract platforms are represented by Ethereum.

The formulation of a trading plan is a complex issue, with no one-size-fits-all answer. The unpredictability of financial markets means that any trading strategy has its limitations. Therefore, investors need to think deeply and find a trading plan or investment strategy that is most suitable for themselves.
Many people have inadvertently formed certain trading patterns, such as following the operations of a mentor or trading based on specific indicators. However, these methods often struggle to bring sustained and stable profits. Buying and selling based on market news, trusting others' advice, and chasing highs and cutting losses can all be considered a trading plan, but the results are often unsatisfactory.
Experienced professional traders often practice various trading strategies in the market and filter out the most suitable ones. They continuously optimize these strategies to improve their accuracy, thereby increasing the probability of making a profit. In contrast, ordinary investors lack the professional knowledge and

Private sale equity tokenization provides new opportunities for investors by using blockchain technology to drop market access barriers. However, it still faces challenges such as legal uncertainty, company control risks, and technical complexity. Future development needs to follow regulatory and technological breakthroughs.

Global Layer 1: The foundational layer of the financial network
Introduction
The Global First Layer ( GL1) initiative aims to explore the development of a multifunctional shared ledger infrastructure based on Distributed Ledger Technology ( DLT ), which will be developed by regulated financial institutions for the financial industry. Our vision is to enable regulated financial institutions to utilize this shared ledger infrastructure to deploy inherently interoperable digital asset applications across different jurisdictions, managed by common asset standards, smart contracts, and digital identity technology. Creating a shared ledger infrastructure will unlock liquidity dispersed across multiple locations, allowing financial institutions to collaborate more effectively. Financial institutions can expand the services offered to customers while reducing the costs of building their own infrastructure.
The focus of GL1 is to provide a shared ledger infrastructure for financial institutions to develop, deploy, and use applications suitable for the value chain of the financial industry, such as issuance, distribution, and settlement.

Decentralized Finance赛道估值重构，zone轮动显现｜Frontier Lab crypto market周报
Market Overview
Main trends in the market
- The market sentiment index has dropped from 91% to 53%, still in the greed zone, but BTC maintains high volatility while Altcoins are generally under pressure, leading to increased market divergence.
- The market capitalization of USDT and USDC has both increased (by +2.91% and +3.23% respectively), and the total TVL of DeFi continues to rise to 54.1 billion USD, with the overall market still attracting new funds.
-

The Ethereum treasury company has once again significantly increased its holdings of ETH, with a total holding of 345,000 coins.
A certain Ethereum treasury strategy company announced on August 4 that it has increased its holdings by 10,605 ETH, bringing its total Ethereum holdings to 345,362 ETH, valued at approximately $1.27 billion. This is the company's second large-scale increase in less than half a month since its listing.
As a company focused on Ethereum investment, the institution announced in July that it would be listed on Nasdaq, with an initial plan to hold 400,000 ETH, valued at nearly 1.6 billion dollars. By the end of July, the company had already conducted an increase of 15,000 ETH.
The company's aggressive expansion comes at a critical time when many publicly listed companies are competing to purchase ETH. As the regulatory framework becomes increasingly clear, more and more publicly listed companies are starting to incorporate ETH into their asset allocation.
1.6 billion USD in funds entering the market, the Ethereum treasury competition is heating up.
The Ethereum treasury track has become a battleground for institutions.

Regulatory Trends and Overview of the Crypto Assets Market News
Regulatory Trends
The Central Bank of Nigeria has imposed a total ban on Bitcoin and other digital assets, requiring local banks to immediately close related customer accounts. This move may be related to the EndSARS protests in 2020, during which protesters primarily relied on Bitcoin donations to support the movement.
The Estonian Ministry of Finance is tightening regulation on encryption licenses. Under the new regulations, the Financial Supervisory Authority Finantsinspektsioon will take over the regulatory responsibilities for crypto businesses. The existing 381 licensed companies will need to reapply for operational licenses, and it is expected that only 50-100 of them will be able to meet the new requirements.
The Indian government has clarified its position on Crypto Assets and the digital rupee, stating that it will not consider Crypto Assets as legal tender but will actively explore the application of blockchain technology. The government is focusing on combating the illegal use of Crypto Assets rather than imposing a complete ban.
The South African Revenue Service has added to the new audit requirements.

Central Bank Digital Money New Progress
The Central Bank Digital Money experiment in Saudi Arabia and the UAE was successful.
The central banks of Saudi Arabia and the UAE recently announced the success of their joint pilot project for the Central Bank Digital Money ( CBDC ). This project, named "Aber," was launched in January 2019, aiming to explore the settlement of cross-border transactions between the commercial banks of the two countries using Distributed Ledger Technology ( DLT ). The results of the project indicate that this technical solution is feasible in practical applications.
The success of this experiment lays a foundation for future cooperation between the two countries in the field of financial technology and provides valuable references for other countries developing Central Bank Digital Money. With the rise of the global digital currency research and development boom, this attempt by Saudi Arabia and the UAE undoubtedly holds significant importance.
New progress in the Suzhou Digital Currency Red Packet pilot project
The development of China's digital renminbi is also progressing steadily. Recently, Suzhou will conduct a trial of its digital renminbi red packets.