Gate Research Institute: November 2024 encryption policies and macro reports

Abstract

Paxos and DBS Bank launch Singapore compliant stablecoin USDG
Cryptocurrency management company 21Shares applies for XRP ETF
On November 7, the Federal Reserve cut interest rates by 25 basis points
Trump's social platform Truth Social under X may have a merger
Bitcoin national reserve proposed for the first time to be legislated
November 19 IBIT options trading officially launched
Trump's company is in deep negotiations to acquire Bakkt
SEC Chairman Gary Gensler announced his resignation on January 20th.
CBOE will launch the first spot Bitcoin ETF options index on December 2.
The global ETF provider WisdomTree has registered the XRP ETF in Delaware, USA

Timeline

Figure 1: Timeline of Cryptocurrency Policies

Key Events to Watch

11/1

Paxos and DBS Bank collaborate to launch USDG, a USD-backed stablecoin Paxos has launched the Singapore-compliant stablecoin USDG, which is managed by DBS Bank and has been approved by the Monetary Authority of Singapore (MAS) in accordance with its stablecoin regulatory framework. USDG is backed by a 1:1 USD reserve and is currently running on the Ethereum blockchain, with future expansion to other public chains. This marks further development in the compliance and globalization of stablecoin products. [1]

11/2

UBS launches tokenized fund, incorporating Ethereum into traditional financial core UBS launched 'uMINT' on November 1st, which is a tokenized currency market fund based on the Ethereum blockchain. It aims to provide investors with a more efficient asset management method by improving liquidity and reducing operating costs. Recently, several financial institutions, including Franklin Templeton and BlackRock, have launched tokenized funds, demonstrating the widespread acceptance of blockchain technology in traditional finance. This move by UBS is not only an important milestone for the mainstream financial industry embracing blockchain technology but also provides a clear direction for the future development of tokenized assets, marking the accelerated arrival of the digital economy era.

21Shares submits S-1 form to the U.S. Securities and Exchange Commission to apply for a spot XRP ETF According to the official website of the US SEC, 21Shares has submitted the S-1 form to the SEC, applying to launch the XRP ETF (21Shares Core XRP Trust). The ETF will track the price of XRP and is planned to be listed on the Cboe BZX exchange. The ETF does not involve leverage or derivatives, but rather reflects the dollar performance of XRP through the CME CF Ripple-Dollar Reference Rate (New York version). Coinbase Custody will act as the custodian of the XRP for the ETF, responsible for safeguarding all assets. This application indicates that as the regulatory environment gradually normalizes, cryptocurrencies are accelerating their entry into the mainstream financial markets.【3】

11/3

Has Russia really 'legalized' cryptocurrency mining? Russia's comprehensive cryptocurrency mining regulations officially took effect on November 1st, imposing strict energy limits, mandatory registration, and rigorous supervision to reform the industry. The law establishes mining as a legal activity, sets safety and operational requirements for miners, and establishes a framework for trading digital financial assets on specially approved platforms. According to the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. At the same time, the regulations require miners to report the total amount of mined cryptocurrencies to the Federal Tax Service (FTS), and provide address identifiers for each transaction.【4】

11/5

The UK's first pension fund invests in Bitcoin With the assistance of consulting firm Cartwright, the UK's first pension fund has directly invested 3% of its assets in Bitcoin, rather than indirectly through ETFs. This decision, made after in-depth discussions with the fund trustees, focused on evaluating environmental, social, and governance (ESG) factors and asset security, with the private keys jointly managed by five independent institutions. In addition, Cartwright plans to introduce a Bitcoin employee welfare program, allowing companies to directly pay Bitcoin into employee wallets, with several companies already showing strong interest in this initiative. [5]

The global new stablecoin is launched and supported by encryption giants such as Robinhood, Kraken, Paxos, etc. Paxos launched the compliant stablecoin USDG in Singapore and has gained support from multiple crypto companies such as Robinhood, Kraken, and Galaxy Digital. USDG complies with the stablecoin framework that Singapore is about to implement, and the reserve asset income will be distributed to partners based on their contributions to promote its application and ecosystem development. Partners like Anchorage will provide USDG services in all 50 states of the US, and DBS Bank is responsible for managing and custodizing the reserve funds. [6]

11/7

Outlook for the Post-election Market of Trump's Victory The analysis of the Nordic Union Bank suggests that with Trump winning the US election and the Republicans possibly controlling both houses of Congress, the market should expect most of his campaign promises to be fulfilled. The Fed may cut interest rates by 25 basis points on November 7 and December 18, respectively, as it believes that the current level of interest rates is inhibitory. However, if the current strong economic momentum continues and is compounded by the impact of Trump's policies, the Fed may have doubts about the necessity of these preventative rate cuts. The specific impact of Trump's policies on inflation will take time to show in CPI data, but it is expected that more recruitment and lower immigration will be observed early next year. Although there is uncertainty about when the Fed's rate cut cycle will end, analysis suggests that there may be another 25 basis point rate cut in March 2025, with a high probability of pausing the rate cut in 2025.

The UK House of Lords supports the Digital Asset Property Act Members of the House of Lords in the UK widely support the Digital Assets Property Bill in the second debate, believing that the bill will provide more clarity for the legal status of cryptocurrencies. The bill, drafted by the Law Commission, was proposed in September 2024 and introduces a new category of 'property' to help address legal disputes related to cryptocurrencies, such as fraud, cryptocurrency theft resulting from hacking attacks, and division of marital property. Members of Parliament believe that the bill will help ensure the UK's leading position in the global legal framework for digital assets and provide a flexible legal basis for dealing with the dynamics of digital assets and emerging technologies. Lord Ponsonby pointed out that the implementation of the bill will not only support the judiciary in handling criminal cases related to cryptocurrencies but also provide assistance in areas such as division of marital property. Although the content of the bill is brief, Lord Holmes believes that its impact could be profound. The House of Lords also called on the new Labour government to provide more policy clarity for the crypto industry and assess the effectiveness of existing promotion rules. The Treasury and the Financial Conduct Authority are working together to develop an appropriate regulatory framework for crypto assets, and it is expected that the government will soon announce its crypto asset policy plan.

11/11

Russia approves cryptocurrency tax framework The Russian government's Legislative Activities Committee proposed a bill on November 11 to impose taxes on cryptocurrency mining operations through corporate profit tax and personal income tax. This legislation is a supplement to the new mining regulations implemented on November 1, explicitly classifying cryptocurrencies as property and setting detailed tax and compliance requirements for individual and corporate miners.

New framework regulations:

Tax structure: Individuals are taxed at progressive tax rates of 13%-22%, and the corporate tax rate will rise to 25% by 2025. Companies reduce the tax base by recording operating costs such as electricity, equipment purchases, and maintenance.
Phased Taxation: Companies need to pay initial taxes when cryptocurrency enters the wallet, and pay additional taxes when sold. The minimum taxable value is 80% of the market price.
Compliance requirements: Mining infrastructure operators need to report service data to the tax authorities, and failure to submit on time will result in fines.

In addition, the new regulations exempt value-added tax (VAT), but there is still controversy over the timing of corresponding revenue recognition. Industry representatives believe that recognizing revenue at the time of sale is more in line with reality and avoids damaging investment attractiveness.

The decentralized nature of Bitcoin has brought cross-border economic benefits. For example, Bhutan has created $750 million in revenue by mining with green energy, El Salvador has used it as a tool to solve national debt, and the United States is considering establishing a strategic Bitcoin reserve.

The new tax framework in Russia, while focusing on fiscal revenue generation, is only a part of global cryptocurrency regulation. Countries that are leading the way in driving the monetization of Bitcoin may occupy advantageous positions in the future transformation of the financial system. [9]

11/12

Crypto AML expert Notabene completes $14.5 million financing Notabene, which provides Anti-Money Laundering (AML) services to cryptocurrency companies, has announced the completion of a $14.5 million Series B financing round. The round was led by DRW Venture Capital, with participation from Apollo, Nextblock, ParaFi Capital, Wintermute, CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator. This financing will help Notabene promote its compliance solutions and assist the cryptocurrency industry in meeting increasingly stringent regulatory requirements, particularly in the growing areas of global anti-money laundering and transaction tracking.

11/13

The U.S. October Consumer Price Index (CPI) data met market expectations.

CPI year-on-year: up 2.6%, in line with the expected value of 2.6%, with a previous value of 2.4%.
CPI MoM: Up 0.2%, consistent with the estimated value of 0.2%, same as the previous value of 0.2%.
Core CPI YoY: rose by 3.3%, in line with the estimated value of 3.3%, consistent with the previous value.
Core CPI month-on-month: up 0.3%, consistent with the estimated value of 0.3%, the previous value was also 0.3%.

The data shows that the US inflation rate remains stable, in line with market expectations. This indicates that the Fed's interest rate policy may continue at the current pace, and the market's expectations for future interest rate paths may remain unchanged. [11]

Cryptocurrency ETF provider Bitwise acquires Ethereum staking service Attestant Cryptocurrency exchange-traded fund issuer Bitwise Asset Management has announced the acquisition of Ethereum staking service provider Attestant, marking a further expansion of its business from core ETF issuance. It is reported that after the completion of the transaction, Bitwise's assets under management will reach $10 billion. The specific terms of this cash and stock transaction have not yet been disclosed. This acquisition not only strengthens Bitwise's layout in the Ethereum staking field, but also demonstrates its strategic intention to expand its business scope through mergers and acquisitions, providing more diversified cryptocurrency investment solutions for institutions and individual investors. This move may open up new growth opportunities for Bitwise while promoting the popularization and development of Ethereum staking services.

11/14

Franklin Templeton expands its $410 million money market fund to the Ethereum blockchain Franklin Templeton has expanded its $4.1 billion OnChain US government money market fund (FOBXX) to the Ethereum blockchain, one of the most favored blockchains by traditional asset token issuers, processing over $16 billion in tokenized assets. FOBXX, launched in 2021, became the first money market fund to utilize public blockchains to record transactions and ownership, ranking third in tokenized money market funds, behind BlackRock's USD Institutional Digital Liquidity Fund and Ondo's U.S. Dollar Yield. The fund has supported multiple blockchains, including Base, Aptos, and Avalanche, with Stellar remaining its primary public blockchain. As the second largest blockchain by market capitalization, Ethereum continues to attract the attention of asset issuers, and its decentralized and trusted neutrality make it the best candidate for the global platform of tokenized assets. According to data from rwa.xyz, Ethereum leads in asset processing volume, with over $1.6 billion, ahead of Stellar and Solana. At the same time, competitors of Franklin Templeton, such as BlackRock and Ondo, are also rapidly expanding their market share of tokenized assets. In a report in April this year, Grayscale emphasized that Ethereum's advantages in decentralization and neutrality enable it to dominate in smart contracts, making it more likely to benefit from the wave of asset tokenization. With the integration of traditional finance and blockchain technology, Ethereum is becoming the preferred platform for major asset management companies to drive innovation. Franklin Dutton's strategic layout highlights the leadership position of Ethereum as the infrastructure for tokenized assets and reflects the increasing influence of blockchain technology in the financial market. This trend may drive more traditional assets to migrate to the blockchain, further consolidating Ethereum's core position in the global financial ecosystem.

Both Trump and Musk have social media platforms, X and Truth Social may form an alliance Trump's social platform Truth Social may merge with Elon Musk's X platform (formerly Twitter). Data shows that Truth Social had a revenue of only $2.6 million in Q3 2023, with approximately 698,000 monthly active users on mobile and 11.3 million website visits per month. In contrast, X platform is expected to have an annual advertising revenue of up to $2 billion, with 70.4 million monthly active users and over 1 billion website visits per month. Erik Nisbet, director of the Northwestern University Center for Communication and Public Policy, pointed out that after Musk took over the X platform, its content style gradually approached Truth Social. Both platforms are marketed with 'freedom of speech' as their selling point, targeting mainly conservative audiences. Data shows that 57% of Truth Social users consider it as a daily news source, compared to 59% for the X platform. Industry insiders believe that this potential merger is more commercially valuable to Trump and may be part of his cash-out exit strategy. Currently, Trump's stake in Truth Social is valued at about $3.3 billion. If the merger is successful, this strategy will benefit Trump and also provide an opportunity for X platform to further expand its market. [14]

11/15

Tether Launches Real-World Asset Tokenization Platform called "Hadron" Tether announced the launch of a new asset tokenization platform, Hadron by Tether, aimed at opening up new ways for a wide range of users such as institutions, fund managers, governments, and private companies to issue and manage assets. Hadron by Tether supports the full lifecycle management of digitized assets, with core features including modular design, high security, stability, and seamless user experience. In addition, the platform provides a comprehensive suite of compliance tools, including KYC, anti-money laundering (AML), risk management, and monitoring of the secondary market ecosystem, to help users meet various regulatory requirements.【15】

Pennsylvania House Bill Proposing Establishment of Bitcoin Strategic Reserve Pennsylvania proposed the Bitcoin Strategic Reserve Act on November 15, planning to invest 10% of the state's funds in Bitcoin to combat inflation and achieve investment diversification. This is the first such bill in the United States, marking the important position of Bitcoin in state-level economic strategies. If passed, the state will become the first to directly hold Bitcoin, setting an example of incorporating digital assets into government investments. Since Trump was elected, the price of Bitcoin has soared to a record high, with a market value exceeding $1.8 trillion. [16]

11/16

ZetaChain has been approved by the Dubai Financial Services Authority Dubai Financial Services Authority (DFSA) announced that ZetaChain (ZETA) has been approved under its GEN Rule 3A.3.4. As a universal blockchain, ZetaChain supports native access to multiple blockchains, including Bitcoin. ZetaChain is a foundational public blockchain that enables full-chain, universal smart contracts, and messaging between any blockchains. ZetaChain envisions and supports a truly interoperable multi-chain encrypted ecosystem. These 'full-chain' smart contracts can send data and value between connected blockchains, including Bitcoin, Ethereum, Polygon, and planned support for non-smart contract chains like Bitcoin and Dogecoin. ZetaChain is built on Cosmos SDK and Tendermint consensus.[17]

11/19

Donald Trump nominated Lutnick, who supports cryptocurrency, as Secretary of Commerce US President-elect Donald Trump has nominated Cantor Fitzgerald CEO Howard Lutnick to serve as Secretary of Commerce. Lutnick is known for his support of cryptocurrency and long-term partnership with stablecoin issuer Tether, further strengthening the Trump administration's friendly attitude towards the crypto industry. As Secretary of Commerce, Litanic will be responsible for promoting the domestic and international business development of the United States. He is currently the co-leader of the Trump transition team and a leading candidate for key cabinet positions. He has long supported the operation of Tether, and the Cantor Fitzgerald, led by him, manages Tether's portfolio of tens of billions of US dollars in government bonds and bonds, and promotes the financial audit process. He has expressed confidence in the financial health of Tether on numerous occasions in public, while showing great enthusiasm for Bitcoin. At the Bitcoin 2024 conference, Lutnick announced that Cantor Fitzgerald is about to launch a $2 billion Bitcoin financing plan, demonstrating its support for the Bitcoin ecosystem. He also criticized the U.S. regulatory agencies for being behind in digital and cryptocurrency regulation. Lutenik's appointment is expected to further promote the development of the cryptocurrency industry and strengthen the position of digital assets such as Bitcoin in the U.S. economy. He will replace current Secretary of Commerce Gina Raimondo as an important figure in the Trump administration's push for the crypto industry. [18]

OCC confirms that IBIT options will be listed for trading on Tuesday, November 19th The Options Clearing Corporation (OCC) announced that IBIT options will officially start trading on November 19th. This move comes after the approval of 11 Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January, and major companies actively promoting the listing of Bitcoin ETF derivatives. On September 20th this year, the SEC approved the listing application of iShares Bitcoin Trust (symbol IBIT) options, which paved the way for the launch of the first batch of Bitcoin ETF options. [19]

Donald Trump's social media group is in talks to acquire a cryptocurrency trading platform The Trump Media and Technology Group is in deep negotiations over the acquisition of Bakkt, a cryptocurrency trading platform under the Intercontinental Exchange, with plans to complete the transaction in full stock form. According to informed sources, the two parties are close to reaching an agreement, but the specific valuation has not been disclosed. Currently, Bakkt is valued at approximately 150 million US dollars, and this acquisition is seen as an important strategic move for the Trump Media to expand its business beyond its online conversation platform.

Grayscale completes the reverse split of Bitcoin and Ethereum ETF Grayscale Investments announced that its Grayscale Bitcoin Trust ETF and Ethereum Trust ETF will implement a reverse stock split on November 19. Specifically, the Bitcoin fund will undergo a 1-for-5 split, and the Ethereum fund will undergo a 1-for-10 split. The move aims to optimize the unit price of the funds, enhance market liquidity, and attract more investors to participate.

11/20

"I will step down as SEC Chairman on January 20, 2025" - Gary Gensler Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said, "The SEC is an amazing agency, with its staff and commission members always mission-driven, focused on protecting investors, promoting capital formation, and ensuring that the market serves investors and issuers. They are true public servants. It is my lifelong honor to be able to represent ordinary Americans to serve them and ensure that our capital markets remain world-leading." Gensler thanked President Biden for his trust in his work and said, 'Thank you, President Biden, for giving me this important task. The SEC has always been committed to fulfilling its mission and fearlessly enforcing the law.' [22]

South Korea plans to implement a 20% cryptocurrency tax by 2025 and raise the tax-free threshold The ruling party of South Korea plans to begin taxing cryptocurrency profits on January 1, 2025, rejecting suggestions for further delay. The initial tax plan called for a 20% tax rate (including local taxes of 22%) on cryptocurrency profits exceeding 2.5 million South Korean won (approximately 1795 US dollars), but due to opposition from investors and the industry, the policy has been postponed twice. [23]

11/21

Japan promises to carry out cryptocurrency tax reform through stimulus economic package The Japanese government has announced a new economic stimulus package, which is expected to be approved by the end of 2024. Plans include changing the tax rate on cryptocurrency earnings from the current "miscellaneous tax" of up to 55% to a flat rate of 20% to attract more investors to the crypto market. In addition, the proposal also involves increasing the personal tax exemption limit to about $11,345, reducing fuel taxes and sales taxes to boost economic growth and improve the job market. Prime Minister Shigeru Ishiba said he would work with all parties to ensure the smooth progress of relevant legislation.【24】

11/22

The cryptocurrency industry vies for seats on the advisory committee promised by Trump According to Reuters, many well-known cryptocurrency companies, including Circle, Ripple, Kraken, Coinbase, a16z, and Paradigm, are actively vying for seats on the cryptocurrency advisory committee promised by President Donald Trump, aiming to exert influence on his planned policy reforms in the United States. Trump promised at a Bitcoin conference in July to establish the committee as one of his initiatives to promote a crypto-friendly government. Insiders revealed that his transition team is discussing the organizational structure and member selection of the committee to ensure the inclusion of key industry representatives. [25]

Cboe launches Bitcoin Cash options Cboe Global Markets, as a leading derivatives exchange, announced the launch of the first cash-settled index options linked to a spot Bitcoin ETF price on December 2, 2024. These options, regulated by the U.S. Securities and Exchange Commission (SEC), will exclusively trade on the Cboe Options Exchange, based on the newly developed Cboe Bitcoin US ETF Index (CBTX). The index tracks the performance of a basket of spot Bitcoin ETFs listed on U.S. exchanges, providing investors with exposure to changes in spot Bitcoin prices.

Cash Settlement and European Exercise: All positions are settled in cash at expiration, avoiding the complexity of physical delivery. European exercise only allows trading to be executed on the expiration date, reducing the risk of early delivery. Standard and Mini Options: Mini options (code: MBTX) are denominated in 1/10th the value of standard options, meeting the needs of different scale investment portfolios and providing more flexibility and precision management. FLEX Options: Investors can customize key contract terms, such as exercise price, expiration date, and exercise method, to support more flexible trading strategies and larger scale position management.

This plan is an important development in the field of Bitcoin derivatives, serving the needs of institutional and retail investors, providing them with new opportunities for hedging, risk management, and speculative trading without the need to directly hold Bitcoin or ETFs.

This move complements Cboe's existing digital asset derivatives business, including cash-settled bitcoin and ethereum futures. These products are expected to transition to Cboe Futures Exchange in the first half of 2025 (subject to regulatory approval). Cboe also dominates the U.S. crypto ETF market, with listings for most spot bitcoin and ethereum ETFs.

Cboe's Global Head of Product Innovation, Rob Hocking, said, "Cash settlement and a variety of index scales provide investors with more efficient tools for capturing Bitcoin price fluctuations. These index options can not only meet institutional investors, but also attract retail traders."

The new product launched by Cboe consolidates its leading position in the digital asset derivatives market, providing diverse options for hedging and capturing Bitcoin price fluctuations, further narrowing the gap between traditional finance and the crypto market.[26]

11/25

Tether is in talks to support Cantor Fitzgerald's planned Bitcoin lending program Cantor Fitzgerald plans to collaborate with Tether to launch a USD lending service collateralized by Bitcoin, with an initial scale of $2 billion and plans to expand to several tens of billions of dollars. Cantor Fitzgerald has maintained a long-term and deep cooperation with Tether, including holding its backed stablecoin treasury bonds, and acquired about 5% of Tether's shares last year. In addition, Howard Lutnick, CEO of Cantor Fitzgerald, has been nominated as the U.S. Secretary of Commerce, potentially providing crucial political support for Tether to address controversies regarding its reserve adequacy and compliance.

11/26

Global ETF provider WisdomTree has registered XRP ETF in Delaware, USA Global ETF provider WisdomTree has registered an XRP ETF in Delaware, USA. The company has confirmed that the registration is legal. It is worth noting that WisdomTree manages assets totaling over 100 billion US dollars. [28]

Morocco plans to re-legalize cryptocurrency Morocco plans to re-legalize cryptocurrency, after imposing a comprehensive ban on cryptocurrency transactions since 2017. Morocco was the first country in North Africa to ban the use of cryptocurrencies at that time, and the plan to re-legalize indicates the changes and progress of the cryptocurrency industry in just a few years.[29]

11/27

Brazilian Congress Introduces Bitcoin Reserve Bill A Brazilian congressman proposed to use 5% of the $370 billion in the treasury to establish a strategic reserve of about $18.5 billion. The bill needs to be passed by the House of Representatives and submitted to the Federal Senate for deliberation. If supported, it will be submitted to the president for approval to become law. This proposal shows that Brazil is actively exploring the potential of Bitcoin as a national reserve asset. [30]

NYSE Arca submits 19b-4 document for Bitwise Bitcoin and Ethereum ETP Bitwise, a cryptocurrency asset management company with $11 billion in client assets under management, announced that it has submitted an application to the New York Stock Exchange Arca to launch a market capitalization-weighted dual-asset ETP. This ETP will directly hold Bitcoin and Ethereum assets and can only be listed after approval of the 19b-4 document and effectiveness of the S-1 registration statement.

Market Background: Bitcoin and Ethereum account for 70% of the total market capitalization of the global cryptocurrency market, reaching a staggering $2.25 trillion. Bitcoin is seen as a digital store of value, while Ethereum supports key applications on its blockchain such as stablecoins, DeFi, NFTs, and asset tokenization. Investment Attraction: Bitwise's Chief Investment Officer, Matt Hougan, stated that Bitcoin and Ethereum complement each other, similar to the relationship between gold and technology stocks. The ETP is dedicated to providing investors with a balanced solution for cryptocurrency asset investments. 2024 Achievements: Bitwise's spot Bitcoin and Ethereum ETPs launched this year have attracted $4.2 billion in assets, completed the acquisitions of ETC Group and Attestant, and submitted applications for XRP and Solana ETPs.

The proposal for this dual-asset ETP demonstrates Bitwise's continued innovation in cryptocurrency investment products and its commitment to bringing digital assets to the market. [31]

11/29

21Shares launches four new European crypto ETPs 21Shares has launched four new ETPs in Europe, covering price oracles, asset tokenization, decentralized computing, and artificial intelligence, allowing NEAR staking rewards to be reinvested in ETPs to enhance performance. These new products will be listed and traded in multiple cities, including Amsterdam and Paris. Previously, 21Shares called on European regulatory agencies to establish unified rules for ETFs and ETPs to fill the current regulatory framework gaps. At the same time, the company has also launched an Ethereum core staking ETP, further leveraging Europe's flexible staking policies to optimize product returns. [32]

Summary

In November 2024, policy updates in the cryptocurrency field have shown a significant increase in global acceptance of digital assets and the gradual improvement of regulatory frameworks. Singapore has approved Paxos to issue compliant stablecoin USDG, marking progress in the globalization and compliance of stablecoins. Russia has passed cryptocurrency mining regulations and proposed taxing mining income, clarifying mining as a legal activity and strengthening regulation. The UK's first pension fund directly invested in Bitcoin and supported the Digital Assets Property Act, providing more clarity on the legal status of cryptocurrencies. 21Shares in the US has applied to launch an XRP ETF, while Cboe plans to launch cash-settled options on a spot Bitcoin ETF, indicating that crypto assets are rapidly entering the mainstream financial market. Brazilian lawmakers have proposed establishing a Bitcoin strategic reserve to explore the potential of digital assets as national reserves. Japan plans to unify the cryptocurrency income tax rate at 20%, attracting more investors to participate in the market. Dubai, on the other hand, recognizes the ZetaChain blockchain and provides support for the cross-chain interoperability of blockchain technology. US President-elect Trump nominated Luttinik, who supports cryptocurrencies, as Secretary of Commerce, further demonstrating the new government's friendly attitude towards the crypto industry. These policies and market dynamics are driving the global development of digital assets and indicating that countries are exploring the potential of cryptocurrencies in their economic systems in different ways.

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