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</div><p style="margin-left:0px;">In early 2024, the cryptocurrency market continued to be lively, with the price of Bitcoin approaching $46,000. However, while the public's attention was focused on investing in cryptocurrencies, the Hong Kong government released a public consultation paper on December 27th, proposing legislative recommendations for regulating stablecoin issuers and seeking opinions. Some people pointed out that these measures could be aimed at restricting the activities of trading stablecoins such as USDT, which can still be traded over-the-counter. The consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins.</p><p style="margin-left:0px;">Based on the author's reading of the legislative proposals, the main content can be divided into three aspects: firstly, the introduction of new regulations to implement an issuance system, requiring qualified fiat-backed stablecoin issuers to obtain a license issued by the Commissioner of Financial Management; secondly, stipulating that only specific licensed institutions can provide services for purchasing fiat-backed stablecoins, including licensed exchanges and licensed banks, which undoubtedly impacts unlicensed over-the-counter exchanges; finally, even licensed institutions can only sell fiat-backed stablecoins registered in Hong Kong to professional investors.</p><p style="margin-left:0px;">Clearly, the last point mentioned above indicates that unless Tether, the company behind USDT, successfully applies for a license, only professional investors with over 8 million HKD in liquid capital can purchase USDT on licensed exchanges in Hong Kong. This clearly implies that the Hong Kong government aims to weaken the position of USDT in the cryptocurrency market.</p><p style="margin-left:0px;">Furthermore, the government consultation paper also mentioned that in the future, only licensed institutions, including licensed banks, would be able to purchase stablecoins. These two measures lead the author to speculate that while the consultation paper is nominally about the issuance of fiat-backed stablecoins, it may actually be preparing for the introduction of a digital Hong Kong dollar or even planning to sell digital Renminbi within Hong Kong banks, to curtail the liquidity of USDT.</p><p style="margin-left:0px;">Frankly speaking, if the Hong Kong government ultimately implements regulatory measures based on the consultation paper, it will definitely hinder the development of cryptocurrencies in Hong Kong. On the surface, the participation of licensed institutions can provide more protection for investors, but in reality, it is a monopolistic means to restrict other companies from developing their own products that are not recognized by the market. It should be noted that cryptocurrency investors rely heavily on USDT because of its liquidity status in various investment areas, including centralized and decentralized exchanges, which cannot be replaced by legislation and regulation.</p><p style="margin-left:0px;">Regardless of whether the Hong Kong government's intention is to target unlicensed exchanges or to specifically target USDT, the author hopes that the government will listen to industry opinions and not act unilaterally. Otherwise, blindly pursuing regulatory actions may cause fiat-backed stablecoins to lose their original effectiveness and ultimately become a laughingstock in the cryptocurrency community, ending up as a crypto-monstrosity.</p>

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</div><p>2024 年初，加密货币市场继续热络，比特币价格逼近 46,000 美元。然而，在大众关注投资加密货币的同时，香港政府于 12 月 27 日发表了一份公众咨询文件，对监管稳定币发行人提出了立法建议，并征求意见。一些人指出，这些措施可能是为了限制目前仍然可以在场外交易 USDT 等稳定币的活动。该咨询文件中还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。</p><p><br>根据笔者对立法建议的细阅，主要内容可分为三个方面：首先，引入新的法规，实施发牌制度，要求符合条件的法币稳定币发行人获得金融管理专员发出的牌照；其次，规定只有特定的持牌机构，才能提供购买法币稳定币的服务，这些持牌机构包括持牌交易所和持牌银行，这无疑对无牌场外交易所造成了打击；最后，即使是持牌机构，只有在港注册的法币稳定币，才能销售给专业投资者。</p><p><br>明显地，以上提及的最后一点表明，除非 USDT 的发行公司泰达公司成功申请牌照，否则在香港，只有拥有超过 800 万港币流动资金的专业投资者，才能在持牌交易所购买 USDT。这显然意味着香港政府希望削弱 USDT 在加密货币市场的地位。</p><p><br>此外，政府咨询文件还提到，未来只有持牌机构，包括持牌银行，才能购买稳定币。这两项措施让笔者猜测，这份咨询文件的名义是关于法币稳定币发行的，但实际上可能是在为引入数码港元做准备，甚至可能计划在香港银行中销售数码人民币，以制度骑劫USDT 的流动性。</p><p><br>坦白说，如果香港政府最终按照咨询文件推出监管措施，那绝对会阻碍加密货币在香港的发展。表面上，持牌机构的参与可以为投资者提供更多保护，但实际上这是一种垄断手段，以限制其他公司发展自己未被市场认可的产品。需要知道的是，加密货币投资者大量使用 USDT，是因为它在中心化和去中心化交易所等各个投资领域的流动性地位，这是立法和监管无法取代的。</p><p><br>不管港府目的为打击无牌交易所，或有意打击USDT 也好，笔者希望港府能多听从业界意见，不要一意孤行，否则只盲目追求监管行动，却令法币稳定币失去其原有功效，最终只会雷声大雨点小，搞不好变成加密怪胎，成为币圈笑话。</p>

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</div><p>2024 年初，加密貨幣市場繼續熱絡，比特幣價格逼近 46,000 美元。然而，在大眾關注投資加密貨幣的同時，香港政府於 12 月 27 日發表了一份公眾諮詢文件，對監管穩定幣發行人提出了立法建議，並徵求意見。一些人指出，這些措施可能是為了限制目前仍然可以在場外交易 USDT 等穩定幣的活動。該諮詢文件中還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。</p><p><br>根據筆者對立法建議的細閱，主要內容可分為三個方面：首先，引入新的法規，實施發牌制度，要求符合條件的法幣穩定幣發行人獲得金融管理專員發出的牌照；其次，規定只有特定的持牌機構，才能提供購買法幣穩定幣的服務，這些持牌機構包括持牌交易所和持牌銀行，這無疑對無牌場外交易所造成了打擊；最後，即使是持牌機構，只有在港註冊的法幣穩定幣，才能銷售給專業投資者。</p><p><br>明顯地，以上提及的最後一點表明，除非 USDT 的發行公司泰達公司成功申請牌照，否則在香港，只有擁有超過 800 萬港幣流動資金的專業投資者，才能在持牌交易所購買 USDT。這顯然意味著香港政府希望削弱 USDT 在加密貨幣市場的地位。</p><p><br>此外，政府諮詢文件還提到，未來只有持牌機構，包括持牌銀行，才能購買穩定幣。這兩項措施讓筆者猜測，這份諮詢文件的名義是關於法幣穩定幣發行的，但實際上可能是在為引入數碼港元做準備，甚至可能計劃在香港銀行中銷售數碼人民幣，以制度騎刧 USDT 的流動性。</p><p><br>坦白說，如果香港政府最終按照諮詢文件推出監管措施，那絕對會阻礙加密貨幣在香港的發展。表面上，持牌機構的參與可以為投資者提供更多保護，但實際上這是一種壟斷手段，以限制其他公司發展自己未被市場認可的產品。需要知道的是，加密貨幣投資者大量使用 USDT，是因為它在中心化和去中心化交易所等各個投資領域的流動性地位，這是立法和監管無法取代的。</p><p><br>不管港府目的為打擊無牌交易所，或有意打擊 USDT 也好，筆者希望港府能多聽從業界意見，不要一意孤行，否則只盲目追求監管行動，卻令法幣穩定幣失去其原有功效，最終只會雷聲大雨點小，搞不好變成加密怪胎，成為幣圈笑話。</p><p>&nbsp;</p>

Are OTC exchanges desperate?

港府終出手監管穩定幣　場外交易所走投無路？

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</div><p>&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">Binance, the world's largest cryptocurrency exchange, has reached an unprecedented settlement agreement with the U.S. Department of Justice, and its founder &nbsp;CZ has announced his resignation as CEO. This significant decision has drawn market attention to the entire cryptocurrency ecosystem and sparked speculation of a "black swan" event within the industry.</span></p><ad-banner-1></ad-banner-1><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">The author holds an optimistic view towards this settlement. Although Binance will face substantial fines, it is better than prolonged litigation and confrontation. This settlement allows Binance to resolve its legal risks and ease the tense relationship with the U.S. Department of Justice. For the entire cryptocurrency market, this development is definitely more advantageous than detrimental.</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">This settlement will also set a precedent for the cryptocurrency industry, establishing what kind of KYC procedures can be considered compliant in the eyes of law enforcement agencies. The author believes that many exchanges in the industry are facing similar legal challenges, and this case can serve as a reference. The entire industry may experience increased regulatory certainty, thereby attracting more institutional investors to participate.</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">The author believes that the U.S. Department of Justice will soon establish guidelines for anti-money laundering measures and audit methods for exchanges. As a result, exchanges will move towards stable and steady development, rather than facing sudden closures due to regulatory crackdowns.</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">This settlement is considered a significant victory for the U.S. Department of Justice in the cryptocurrency industry, and CZ’s proactive approach to reaching a settlement also provides a morale boost for the industry. Since he is willing to make significant sacrifices for Binance, it seems that the risk of sudden collapse and failure for Binance has been somewhat reduced. It is indeed a rare win-win situation in the midst of this legal turmoil in the cryptocurrency industry.</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:13.5pt;">While CZ awaits sentencing in the United States, Binance is facing a series of challenges internally. However, there are always more solutions than difficulties, and as long as the team remains determined and with Binance's current leadership position in the cryptocurrency market, there is a good chance that it will emerge stronger and shine in the next bull market.</span></p><p>&nbsp;</p>

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</div><p>&nbsp;</p><p>全球最大的加密交易所币安，与美国司法部达成史无前例的和解协议，并宣布创办人赵长鹏（CZ）辞去执行长职位。这项重大决定引发了市场对整个加密货币生态系的关注，并在业界引发了一场「黑天鹅」的猜测。</p><ad-banner-1></ad-banner-1><p><br>笔者对此次和解倒是持乐观态度，所谓丑妇终须见家翁，虽然币安要面临巨额罚款，但总比没完没了的提告和对峙来得干净俐落，这次和解算是为币安的法律风险上作个了结，同时亦缓和与美国司法部紧张的关系，对于整个加密货币市场来说，肯定是利多于弊。</p><p><br>此次和解亦将为加密货币行业定下案例，到底在执法部门，怎样的 KYC 程序方称得上合规。笔者相信，行内多间交易所均面临类似的法律挑战，这次案例可以作借镜，整个行业在法规层面可能迎来更多的确定性，从而吸引更多的机构投资者参与。</p><p><br>笔者相信，美国司法部很快会为交易所的反洗钱措施及审计方法定下守则，交易所会因而走向稳定平稳发展，而不会因为监管铁拳而一夜倒闭。</p><p><br>这次和解对美国司法部来说，算是在加密货币行业中打了漂亮的一场胜仗，对市场来说，赵长鹏主动和解的行为，亦为行业打了强心针，既然他能为币安作出莫大牺牲，那似乎币安突然倒闭崩溃的风险，算是稍微降低，实在是此次加密行业法律风波中，罕见的多赢局面。</p><p><br>在赵长鹏在美国等候判刑期间，币安内部正乱作一团，面临一系列挑战。然而，办法总比困难多，只要目标清晰，笔者相信只要其团队咬紧牙关，以币安目前在加密市场的龙头地位，很大机会能先死而后生，在下一个牛市上发光发亮。</p>

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</div><p>&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">全球最大的加密交易所幣安，與美國司法部達成史無前例的和解協議，並宣布創辦人趙長鵬（CZ）辭去執行長職位。這項重大決定引發了市場對整個加密貨幣生態系的關注，並在業界引發了一場「黑天鵝」的猜測。</span></p><ad-banner-1></ad-banner-1><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">筆者對此次和解倒是持樂觀態度，所謂醜婦終須見家翁，雖然幣安要面臨巨額罰款，但總比沒完沒了的提告和對峙來得乾淨俐落，這次和解算是為幣安的法律風險上作個了結，同時亦緩和與美國司法部緊張的關係，對於整個加密貨幣市場來說，肯定是利多於弊。</span></p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">此次和解亦將為加密貨幣行業定下案例，到底在執法部門，怎樣的 KYC&nbsp;程序方稱得上合規。筆者相信，行內多間交易所均面臨類似的法律挑戰，這次案例可以作借鏡，整個行業在法規層面可能迎來更多的確定性，從而吸引更多的機構投資者參與。</span></p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">筆者相信，美國司法部很快會為交易所的反洗錢措施及審計方法定下守則，交易所會因而走向穩定平穩發展，而不會因為監管鐵拳而一夜倒閉。</span></p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">這次和解對美國司法部來說，算是在加密貨幣行業中打了漂亮的一場勝仗，對市場來說，趙長鵬主動和解的行為，亦為行業打了強心針，既然他能為幣安作出莫大犧牲，那似乎幣安突然倒閉崩潰的風險，算是稍微降低，實在是此次加密行業法律風波中，罕見的多贏局面。</span></p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">在趙長鵬在美國等候判刑期間，幣安內部正亂作一團，面臨一系列挑戰。然而，辦法總比困難多，只要目標清晰，筆者相信只要其團隊咬緊牙關，以幣安目前在加密市場的龍頭地位，很大機會能先死而後生，在下一個牛市上發光發亮。</span></p><p>&nbsp;</p>

Will Binance die first and survive later?

赵长鹏认罪下台　是否能换来币安先死而后生？

趙長鵬認罪下台　是否能換來幣安先死而後生？

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</div><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">As early as two weeks ago, investors were closely watching whether the U.S. Securities and Exchange Commission (SEC) would approve a Bitcoin ETF. At the same time, the emergence of fake news brought hope to the market, only to be followed by disappointment and renewed hope. The price of the cryptocurrency fluctuated greatly between $27,000 and $35,000, leaving speculators feeling like they were on a roller coaster. The author even suspects that these fake news stories were orchestrated to facilitate market manipulation by market makers.</p><ad-banner-1></ad-banner-1><p style="margin-left:0px;">As a Bitcoin investor, the author has always been closely monitoring the market's reaction to the potential approval of a Bitcoin ETF by the SEC. Although this news initially gave me hope for a revival of the Bitcoin bull market, I am increasingly skeptical about whether the launch of a spot ETF alone can reverse the market trend.</p><p style="margin-left:0px;"><strong>Market's Overreliance on ETF as a "Savior"</strong></p><p style="margin-left:0px;">Like two weeks ago, the drastic price fluctuations driven by news about fake ETFs like BlackRock highlight the market's fragility and its overreliance on ETFs as a "savior." Currently, most of my acquaintances hope that ETFs can push prices back to new highs. However, I believe that ETFs are just one of many factors at play. Even if a Bitcoin spot ETF brings convenience to investors, it may not necessarily attract a large influx of capital in the short term, especially if interest rates remain high and the situation remains uncertain, causing investors to adopt a conservative investment approach and hold a cautious attitude toward risk assets.</p><p style="margin-left:0px;"><strong>Short-Term Bitcoin Volatility Persists</strong></p><p style="margin-left:0px;">I believe that in the short term, Bitcoin's volatility will continue for some time, especially around SEC decisions and fake news. As investors, we need to remain vigilant, avoid blindly chasing highs, and not fully believe every headline.</p><p style="margin-left:0px;">Rather than placing our hopes solely on ETFs, I recommend focusing on the long-term value of Bitcoin, establishing positions through regular investments, and learning to distinguish short-term speculative noise. By conducting thorough research and adhering to our investment arguments with discipline, we should not overly rely on these news stories or engage in hearsay. DYOR (Do Your Own Research).</p>

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</div><p>早在两周前就在投资者紧盯SEC（美国证券交易委员会）是否批准比特币ETF 的同时，假新闻的出现也给市场带来希望，失望又再重燃希望，币价在27,000 至35,000美元之间大上大落，一众投机者似在过山车上，笔者甚至怀疑这些假新闻是配合庄家洗盘。</p><ad-banner-1></ad-banner-1><p><br>作为比特币投资人，笔者一直都密切关注市场对 SEC 可能批准比特币 ETF 的反应。虽然这个消息最初让我对比特币牛市复苏抱有希望，但我越来越怀疑单凭现货 ETF 的推出，是否能扭转市场走势。</p><p><strong>市场过度依赖ETF「救世主」</strong><br>像两周前，受到像 BlackRock 这种假 ETF 通过消息驱动的剧烈价格波动，突显出市场脆弱以及过度依赖 ETF 「救世主」的现象。<br>目前大部分好友都希望 ETF 能够推动价格重新创高，现在笔者认为，它只是众多因素中的一个。如果利息持续高企加上局势不稳，投资人倾向保守投资，纷纷对风险资产持观望态度，即使比特币现货 ETF 能为投资人带来方便，也不见得短期能吸引大量资金入圈。</p><p><br><strong>比特币短期持续波动</strong><br>笔者相信，短期内比特币波动性仍会持续一段时间，尤其是在 SEC 决策和假消息周围。作为投资人，我们需要保持警觉，不要盲目追高，也不要全盘相信每个头条。<br>与其把希望寄托在ETF 上，笔者建议各位专注在比特币的长期价值，并透过定期定额建立仓位，以及学习分辨短期投机噪音，透过审慎研究和纪律坚持自己的投资论点，不要过分依赖这些消息，更不要道听途说，DYOR。</p>

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</div><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">早在兩周前就在投資者緊盯 SEC（美國證券交易委員會）是否批准比特幣 ETF&nbsp;的同時，假新聞的出現也給市場帶來希望，失望又再重燃希望，幣價在 27,000&nbsp;至 35,000&nbsp;美元之間大上大落，一眾投機者似在過山車上，筆者甚至懷疑這些假新聞是配合莊家洗盤。</span></p><ad-banner-1></ad-banner-1><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">作為比特幣投資人，筆者一直都密切關注市場對</span><a href="https://www.sec.gov/"><span style="color:black;font-size:10.5pt;">&nbsp;SEC</span></a><span style="color:black;font-size:10.5pt;">&nbsp;可能批准比特幣 ETF&nbsp;的反應。雖然這個消息最初讓我對比特幣牛市復甦抱有希望，但我越來越懷疑單憑現貨 ETF&nbsp;的推出，是否能扭轉市場走勢。</span></p><p style="margin-left:0cm;">&nbsp;</p><p><strong>市場過度依賴ETF「救世主」</strong></p><p><span style="color:black;font-size:10.5pt;">像兩周前，受到像 BlackRock&nbsp;這種假 ETF&nbsp;通過消息驅動的劇烈價格波動，突顯出市場脆弱以及過度依賴 ETF&nbsp;「救世主」的現象。</span></p><p><span style="color:black;font-size:10.5pt;">目前大部分好友都希望 ETF&nbsp;能夠推動價格重新創高，現在筆者認為，它只是眾多因素中的一個。如果利息持續高企加上局勢不穩，投資人傾向保守投資，紛紛對風險資產持觀望態度，即使比特幣現貨 ETF&nbsp;能為投資人帶來方便，也不見得短期能吸引大量資金入圈。</span></p><p>&nbsp;</p><p><strong>比特幣短期持續波動</strong></p><p><span style="color:black;font-size:10.5pt;">筆者相信，短期內比特幣波動性仍會持續一段時間，尤其是在 SEC&nbsp;決策和假消息周圍。作為投資人，我們需要保持警覺，不要盲目追高，也不要全盤相信每個頭條。</span></p><p><span style="color:black;font-size:10.5pt;">與其把希望寄託在 ETF&nbsp;上，筆者建議各位專注在比特幣的長期價值，並透過定期定額建立倉位，以及學習分辨短期投機噪音，透過審慎研究和紀律堅持自己的投資論點，不要過分依賴這些消息，更不要道聽途說，DYOR。</span></p>

Is Bitcoin spot ETF the key to a bull market?

比特币现货ETF是否开启牛市之锁匙？

比特幣現貨ETF是否開啟牛市之鎖匙？

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</div><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">After the SFC named JPEX in its statement last Wednesday, investors reported being unable to withdraw funds from the platform in the early hours of the same day. It was not until Thursday that the SFC referred the case to the police.&nbsp;</p><ad-banner-1></ad-banner-1><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">Despite the high-profile actions taken by the police, including the arrest of several individuals, some of whom are well-known Key Opinion Leaders (KOLs), these actions did not prevent losses for investors. On-chain data showed significant transfers from JPEX's commonly used hot wallets, with the virtual assets' balance dropping from over $20 million last week to less than $2 million at the time of writing.</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">According to the police, there have been thousands of reports filed by Hong Kong citizens, involving a total amount of HKD 1.2 billion. This is a substantial sum of money. Prior to the SFC's statement, it seemed that JPEX could still process withdrawals (although some users had already reported difficulties). In comparison to the current situation where no user can successfully withdraw funds, is there more proactive action the government can take to protect its citizens?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">For example, the reporting individuals should have provided JPEX's wallet addresses. Can the government apply for a temporary asset freezing order from the court to prevent the transfer of assets associated with those wallet addresses? Or can they freeze the USDT assets related to JPEX through Tether?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">In fact, the SFC had already classified JPEX as a suspicious exchange back in July 2022. So why wasn't the issue with JPEX explicitly addressed at that time? Would the outcome have been different if action had been taken then? Alternatively, if the SFC had not issued a statement but instead handed the case directly to the police for investigation and arrests, could it have caught the individuals off guard?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">What puzzles me is whether the allegations made by the SFC when they named JPEX on September 13, 2023, are sufficient for prosecution. If not, what was the purpose of that statement? Was it intended to alert retail investors, or was there a deliberate plan to trigger JPEX? I believe the SFC has the intention to protect Hong Kong citizens, but while triggering JPEX, have they considered the plight of JPEX users who might not have had a chance to react?</p><p style="margin-left:0px;">&nbsp;</p><p style="margin-left:0px;">I hope that the police have secretly contacted Tether and local banks to freeze a portion of JPEX's assets, so that JPEX users can avoid losing everything.</p>

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</div><p>证监会在上周三发出声明点名 JPEX 后，同日凌晨投资者已表示无法在平台提取资金，而周四证监会才将个案转交警方。虽然警方已高调处理，拘捕多名涉案人，当中不少为知名KOL。</p><p>&nbsp;</p><ad-banner-1></ad-banner-1><p>然而，高调的行动并未阻止投资者的损失，链上数据显示JPEX 的常用热钱包发生大额转移，由上周拥有2,000 多万美元的虚拟资产，到截稿前结余已不到200 万美元。</p><p><br>据警方指出，目前有上千名香港市民报案，涉及的金额高达12 亿港元，这是一笔巨额资金，而在SFC 发表声明前，JPEX 似乎还能正常提币（虽然当时已有网民表示提币困难），对比起目前无一用户能成功提币的困境，政府是否有更多积极保护市民的措施可做？</p><p><br>举个例子，报案人应该有提供 JPEX 的钱包地址，政府是否可以向法庭申请临时资产冻结令，阻止有关钱包地址转移资产，或者可以向 Tether 冻结涉及 JPEX 的 USDT 资产。</p><p><br>事实上，证监会早在 2022 年 7 月，将 JPEX 列为可疑交易所。那么，为什么当时不明确指出 JPEX 的问题呢？如果当时采取行动，结果会否不同？又或者，如果 SFC 先不发出声明，而是交由警方调查及采取拘捕行动，是否可以杀涉案人士一个措手不及？</p><p><br>令笔者费解的是，证监在 2023 年 9 月 13 日点名 JPEX ，当中的指控是否已够料起诉？如否，这份声明的目的到底是提醒散户，还是有计划地引爆 JPEX？笔者相信 SFC 有意保障香港市民，只是引爆 JPEX 的同时，可有想过走避不及的 JPEX 用户？<br>笔者希望警方暗中已经联络 Tether 及本地银行，冻结 JPEX 部分资产，让 JPEX 的用户们，不至于一铺清袋。</p>

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</div><p><span style="background-color:white;color:black;font-size:10.5pt;">證監會在上周三發出聲明點名 JPEX&nbsp;後，同日凌晨投資者已表示無法在平台提取資金，而周四證監會才將個案轉交警方。雖然警方已高調處理，拘捕多名涉案人，當中不少為知名 KOL。</span></p><p>&nbsp;</p><ad-banner-1></ad-banner-1><p><span style="background-color:white;color:black;font-size:10.5pt;">然而，高調的行動並未阻止投資者的損失，鏈上數據顯示 JPEX&nbsp;的常用熱錢包發生大額轉移，由上周擁有 2,000&nbsp;多萬美元的虛擬資產，到截稿前結餘已不到 200&nbsp;萬美元。</span></p><p>&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">據警方指出，目前有上千名香港市民報案，涉及的金額高達 12&nbsp;億港元，這是一筆巨額資金，而在&nbsp;</span><a href="https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=23PR101"><span style="color:black;font-size:10.5pt;">SFC&nbsp;發表聲明前</span></a><span style="color:black;font-size:10.5pt;">，JPEX&nbsp;似乎還能正常提幣（雖然當時已有網民表示提幣困難），對比起目前無一用戶能成功提幣的困境，政府是否有更多積極保護市民的措施可做？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">舉個例子，報案人應該有提供 JPEX&nbsp;的錢包地址，政府是否可以向法庭申請臨時資產凍結令，阻止有關錢包地址轉移資產，或者可以向 Tether&nbsp;凍結涉及 JPEX&nbsp;的 USDT&nbsp;資產。</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">事實上，證監會早在 2022&nbsp;年 7&nbsp;月，將 JPEX&nbsp;列為可疑交易所。那麼，為什麼當時不明確指出 JPEX&nbsp;的問題呢？如果當時採取行動，結果會否不同？又或者，如果 SFC&nbsp;先不發出聲明，而是交由警方調查及採取拘捕行動，是否可以殺涉案人士一個措手不及？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">令筆者費解的是，證監在 2023&nbsp;年 9&nbsp;月 13&nbsp;日點名 JPEX&nbsp;，當中的指控是否已夠料起訴？如否，這份聲明的目的到底是提醒散戶，還是有計劃地引爆 JPEX？筆者相信 SFC&nbsp;有意保障香港市民，只是引爆 JPEX&nbsp;的同時，可有想過走避不及的 JPEX&nbsp;用戶？</span></p><p style="margin-left:0cm;">&nbsp;</p><p style="margin-left:0cm;"><span style="color:black;font-size:10.5pt;">筆者希望警方暗中已經聯絡 Tether&nbsp;及本地銀行，凍結 JPEX&nbsp;部分資產，讓 JPEX&nbsp;的用戶們，不至於一鋪清袋。</span></p><p>&nbsp;</p><p><br>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p>

Did the SFC trigger JPEX and leave the users to bear the losses?

证监引爆JPEX　用户埋单？

證監引爆JPEX　用戶埋單？

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</div><p>Last night, the Bitcoin market experienced a 6% surge within minutes, and investors seemed excited about Grayscale's victory in the lawsuit with the U.S. Securities and Exchange Commission (SEC). However, this win for Grayscale does not imply an immediate conversion of GBTC into an ETF, and the launch of a Bitcoin spot ETF still faces many challenges.</p><p style="margin-left:0px;">In June of last year, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale's application to convert GBTC into a Bitcoin spot ETF, citing concerns related to "preventing fraud and manipulative practices." Subsequently, Grayscale filed a lawsuit against the SEC. Even though the SEC lost the lawsuit, the court did not order the SEC to approve Grayscale's ETF proposal but rather stated that the SEC's analysis of fraud and manipulation issues was flawed, thus requiring a reevaluation of Grayscale's application.</p><ad-banner-1></ad-banner-1><p style="margin-left:0px;">According to the court's decision, the SEC has three options: to delay the decision and provide new reasons for rejection, to acknowledge and approve Grayscale's ETF, or to appeal the case. The next steps involve a series of lengthy procedures, including a 45-day appeal period, and if the SEC decides to take action, they can also request a full hearing.</p><p style="margin-left:0px;">So, what actions can the SEC take? Assuming the SEC intends to hinder the process, they can arbitrarily choose another different reason to reject Grayscale's proposal, which would force Grayscale into a longer and more expensive legal battle. Another possibility is that the SEC could use the court's decision as an excuse to withdraw its opposition to the ETF. "We disagree, but we follow the law" would be the most reasonable defense in a failed battle and the most desired outcome for cryptocurrency investors worldwide.</p><p style="margin-left:0px;">While the cryptocurrency community views the SEC as an adversary, the author is concerned that the liquidity of the cryptocurrency market itself poses another challenge for a spot ETF. Currently, the liquidity in the Bitcoin market is poor, and launching a spot ETF at this stage could result in a significant price discrepancy between the ETF and the spot market. This would affect the willingness of traditional investors to enter the market, and the worst-case scenario would be a scenario where the spot ETF fails to attract new funds. In that case, the anticipated positive news would be shattered, leading to more negative impacts on the cryptocurrency market.</p><p style="margin-left:0px;">The author believes that this legal victory has indeed brought positive news to the market, but we should not be overly optimistic. Bitcoin spot ETFs face numerous variables and challenges, and there is still a long way to go.</p>

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</div><p>&nbsp;</p><p>昨晚，比特币市场在数分钟内出现了 6% 的飙升，投资者似乎对灰度（Grayscale）在美国证券交易委员会 SEC 的诉讼中取得的胜利感到兴奋。然而，这次灰度的胜诉并不意味着 GBTC 立即转换为 ETF，比特币现货 ETF 要问世，还是面临着许多困难。</p><ad-banner-1></ad-banner-1><p>去年 6 月，SEC 以「旨在防止欺诈和操纵行为和做法」的理由，拒绝了灰度将 GBTC 转换为比特币现货 ETF 的申请，随后灰度向法院提起了诉讼。即使 SEC 在这次诉讼中败诉，法院并没有命令 SEC 批准灰度的 ETF 提案，而是表示 SEC 对于「欺诈和操纵」问题的分析是错误的，因此需要重新审查灰度的申请。</p><p>根据法庭判决，SEC 有三个选择：推迟决定并提出新的拒绝理由；承认并批准灰度的 ETF；对案件进行上诉。接下来双方还需要经过一系列漫长的程序，包括 45 天的上诉期限，而且如果 SEC 决定采取行动，他们还可以要求举行全体听证会。</p><p>那么 SEC 可以采取什么行动呢？假设 SEC 有意阻挠，他们可以随意选择另一个不同的理由来拒绝灰度的提案，这将迫使灰度进行更长、更昂贵的诉讼。另一种可能是，SEC 将法院的判决作为退出反对 ETF 立场的借口。 「我们不同意，但我们遵循法律」，这可是在一场失败的战斗中最合理的辩解，亦是全球加密货币投资者最希望发生的局面。</p><p>当加密货币社群将 SEC 视为假想敌时，笔者担心，加密货币市场本身的流动性也是现货 ETF 面临的另一个挑战。目前比特币市场的流动性非常差，现阶段推出现货 ETF，可能会导致 ETF 价格与现货之间存在巨大差距。这将影响到传统投资者的进场意愿，最怕是推出来时雷声大雨点小，假如现货ETF 也没法吸引新资金进场，那么幻想出来的利好消息破灭，对加密货币市场可能会有更多负面影响。</p><p>笔者认为，这次胜诉确实对市场带来了利好消息，但我们不能因此而充满过度乐观，比特币现货 ETF 面临着许多变数和挑战，仍然有很长的路要走。</p>

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</div><p>昨晚，比特幣市場在數分鐘內出現了 6% 的飆升，投資者似乎對灰度（Grayscale）在美國證券交易委員會 SEC 的訴訟中取得的勝利感到興奮。然而，這次灰度的勝訴並不意味著 GBTC 立即轉換為 ETF，比特幣現貨 ETF 要問世，還是面臨著許多困難。</p><p>去年 6 月，SEC 以「旨在防止欺詐和操縱行為和做法」的理由，拒絕了灰度將 GBTC 轉換為比特幣現貨 ETF 的申請，隨後灰度向法院提起了訴訟。即使 SEC 在這次訴訟中敗訴，法院並沒有命令 SEC 批准灰度的 ETF 提案，而是表示 SEC 對於「欺詐和操縱」問題的分析是錯誤的，因此需要重新審查灰度的申請。</p><ad-banner-1></ad-banner-1><p>根據法庭判決，SEC 有三個選擇：推遲決定並提出新的拒絕理由；承認並批准灰度的 ETF；對案件進行上訴。接下來雙方還需要經過一系列漫長的程序，包括 45 天的上訴期限，而且如果 SEC 決定採取行動，他們還可以要求舉行全體聽證會。</p><p>那麼 SEC 可以採取什麼行動呢？假設 SEC 有意阻撓，他們可以隨意選擇另一個不同的理由來拒絕灰度的提案，這將迫使灰度進行更長、更昂貴的訴訟。另一種可能是，SEC 將法院的判決作為退出反對 ETF 立場的藉口。「我們不同意，但我們遵循法律」，這可是在一場失敗的戰鬥中最合理的辯解，亦是全球加密貨幣投資者最希望發生的局面。</p><p>當加密貨幣社群將 SEC 視為假想敵時，筆者擔心，加密貨幣市場本身的流動性也是現貨 ETF 面臨的另一個挑戰。目前比特幣市場的流動性非常差，現階段推出現貨 ETF，可能會導致 ETF 價格與現貨之間存在巨大差距。這將影響到傳統投資者的進場意願，最怕是推出來時雷聲大雨點小，假如現貨 ETF 也沒法吸引新資金進場，那麽幻想出來的利好消息破滅，對加密貨幣市場可能會有更多負面影響。</p><p>筆者認為，這次勝訴確實對市場帶來了利好消息，但我們不能因此而充滿過度樂觀，比特幣現貨 ETF 面臨著許多變數和挑戰，仍然有很長的路要走。</p>

Grayscale's victory brings benefits, but challenges remain

灰度胜诉带来利好　挑战仍不绝

灰度勝訴帶來利好　挑戰仍不絕

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</div><p style="margin-left:0px;">Sam Altman's cryptocurrency project, Worldcoin, immediately sparked conversation upon its launch. With Altman's reputation and influence as CEO of OpenAI, he was able to attract a lot of attention and investment for the project, and successfully transform the hype into actual funding.</p><p style="margin-left:0px;">Altman's role as CEO of OpenAI has given him significant influence in the AI and tech investment fields. Although he is not the founder of ChatGPT and is technically just a senior employee, ChatGPT's fame and influence undoubtedly facilitated Altman's promotion of the Worldcoin project and increased investor acceptance compared to a typical project.</p><ad-banner-1></ad-banner-1><p style="margin-left:0px;">Worldcoin's goal is to establish an identity and financial network connecting billions of people in the AI era. This vision aligns well with Altman's work philosophy at OpenAI and demonstrates his ambitious desire to create a new financial system.</p><p style="margin-left:0px;">Worldcoin's "sticker effect" from ChatGPT is one attraction, and its unique distribution method is another. Users can receive 25 $WLD airdrops simply by undergoing iris scan authentication. This innovative approach not only enables Worldcoin to quickly attract a large number of users, but also opens up a new user market.</p><p style="margin-left:0px;">According to data from the on-chain analysis platform Dune Analytics, the number of $WLD claimed has exceeded 64.9 million, with 257,205 participating addresses. In addition, the number of registrations for the WorldApp wallet has rapidly climbed to nearly one million.</p><p style="margin-left:0px;">The speed at which Worldcoin was listed on major exchanges is also remarkable, and this is due to the skilled market-making team that was able to capture the project's global launch moment and drive up the price before airdrop recipients could cash out.</p><p style="margin-left:0px;">It is worth noting that Worldcoin's market capitalization was once on par with that of OpenAI, but its fully diluted valuation has now reached $24 billion while the current price is $2.28. Whether this market capitalization can be sustained remains to be seen.</p><p style="margin-left:0px;">Overall, Sam Altman was able to successfully launch the Worldcoin cryptocurrency project with the help of his reputation at OpenAI and transform the hype into funding. However, the project's technology seems to have little connection to OpenAI, so further observation and validation are needed to determine whether it can continue to grow in the future.</p><p style="margin-left:0px;">&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 执行长 Sam Altman 的加密货币项目 Worldcoin 世界币，在上线之后立即引爆话题。在 Sam Altman 的名声与影响力的推动下，该项目成功吸引了大量的关注与投资，并且顺利地将这股热潮转化为实实在在的资金。</p><p>Sam Altman 在 OpenAI 担任 CEO 的身分，使他在 AI 和科技投资领域中具有重要的影响力。虽然 ChatGPT 他并不是始创人，理论上他只是高级员工一名，然而 ChatGPT 的名气和影响力，无疑为 Sam 在推广 Worldcoin 项目时带来许多便利，投资人对其接受度，亦比一般项目高很多。</p><ad-banner-1></ad-banner-1><p>Worldcoin 的目标是在 AI 时代，建立一个连接数十亿人的身分和金融网路。这个愿景非常符合 Sam 在 OpenAI 的工作理念，也显示了他对于开创新型金融系统的雄心壮志。</p><p>Worldcoin 有来自 ChatGPT 的贴金效应，另一吸引力还在于其独特的发行方式。用户只要进行虹膜扫描认证，就可以获得 25 枚的 $WLD 空投，这种创新的方式，不仅使得 Worldcoin 能够迅速吸引大量的使用者，也为其打开了一个全新的使用者市场。</p><p>根据链上分析平台 Dune Analytics 的数据，目前已申领 $WLD 数量已突破 649 万枚，参与申领地址为 257,205 个。另外，WorldApp 钱包的注册数量，也迅速攀升至接近 100 万。</p><p>Worldcoin 上架各大交易所的速度亦令人侧目，这点笔者觉得不得不赞叹其造市团队，能捕捉项目在全球触目的时间点上架，趁拿空投的人未来得及到交易所套现先炒上一波，手法纯熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度与 OpenAI 相当，但其完全稀释估值已高达 240 亿美金，而目前的价格为 2.28 美元。这个市值是否能够持续，仍然有待时间证明。</p><p>总的来说，Sam Altman 借助他在 OpenAI 的名声，成功推出了 Worldcoin 这个加密货币项目，并成功地将这股热潮转化为资金。然而，这个项目技术上似乎跟 OpenAI 未有太大关联，未来是否能够持续成长，仍然需要进一步的观察与验证。</p><p>&nbsp;</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>OpenAI 執行長 Sam Altman 的加密貨幣項目 Worldcoin 世界幣，在上線之後立即引爆話題。在 Sam Altman 的名聲與影響力的推動下，該項目成功吸引了大量的關注與投資，並且順利地將這股熱潮轉化為實實在在的資金。</p><p>Sam Altman 在 OpenAI 擔任 CEO 的身分，使他在 AI 和科技投資領域中具有重要的影響力。雖然 ChatGPT 他並不是始創人，理論上他只是高級員工一名，然而 ChatGPT 的名氣和影響力，無疑為 Sam 在推廣 Worldcoin 項目時帶來許多便利，投資人對其接受度，亦比一般項目高很多。</p><ad-banner-1></ad-banner-1><p>Worldcoin 的目標是在 AI 時代，建立一個連接數十億人的身分和金融網路。這個願景非常符合 Sam 在 OpenAI 的工作理念，也顯示了他對於開創新型金融系統的雄心壯志。</p><p>Worldcoin 有來自 ChatGPT 的貼金效應，另一吸引力還在於其獨特的發行方式。用戶只要進行虹膜掃描認證，就可以獲得 25 枚的 $WLD 空投，這種創新的方式，不僅使得 Worldcoin 能夠迅速吸引大量的使用者，也為其打開了一個全新的使用者市場。</p><p>根據鏈上分析平台 Dune Analytics 的數據，目前已申領 $WLD 數量已突破 649 萬枚，參與申領地址為 257,205 個。另外，WorldApp 錢包的註冊數量，也迅速攀升至接近 100 萬。</p><p>Worldcoin 上架各大交易所的速度亦令人側目，這點筆者覺得不得不讚嘆其造市團隊，能捕捉項目在全球觸目的時間點上架，趁拿空投的人未來得及到交易所套現先炒上一波，手法純熟。</p><p>值得注意的是，目前 Worldcoin 的市值一度與 OpenAI 相當，但其完全稀釋估值已高達 240 億美金，而目前的價格為 2.28 美元。這個市值是否能夠持續，仍然有待時間證明。</p><p>總的來說，Sam Altman 借助他在 OpenAI 的名聲，成功推出了 Worldcoin 這個加密貨幣項目，並成功地將這股熱潮轉化為資金。然而，這個項目技術上似乎跟 OpenAI 未有太大關聯，未來是否能夠持續成長，仍然需要進一步的觀察與驗證。</p><p>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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OpenAI CEO uses ChatGPT fame to push his own project WorldCoin

OpenAI CEO借ChatGPT名气推自家项目WorldCoin　成功将掌声折现

OpenAI CEO借ChatGPT名氣推自家項目WorldCoin　成功將掌聲折現

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</div><p>The Captainz NFT series, promoted by Memeland and available on OpenSea, sold out within 12 minutes when it was launched earlier this year. The project earned a significant profit of 9999 ETH for the 9gag team. After a six-month wait, the project finally unveiled its offerings, which resulted in dissatisfaction among supporters and triggered a panic sell-off. The floor price dropped from 9 ETH to approximately 6.2 ETH at the time of writing. So why did the project experience such a significant drop? Surprisingly, the reason was attributed to the team's unconventional approach.</p><p>Captainz is positioned as a Profile Picture (PFP) project, intended for use as avatars. However, many supporters expressed disappointment after the unveiling, stating that the NFT image designs were too simplistic and highly repetitive, resulting in instances of "image collision." This means that multiple individuals ended up with the same NFT, lacking uniqueness for use as avatars.</p><ad-banner-1></ad-banner-1><p>The project team, on the other hand, stated that Captainz NFTs are different from traditional PFPs as they belong to an intelligent series of PFPs. They possess innovative interchangeability, allowing NFTs of the same category to exchange traits, and the base images can be modified through tasks like collateralization. Therefore, the occurrence of duplicates upon unveiling was not an error but part of a planned implementation of various functionalities. The team even compared holding Captainz NFTs to owning franchise rights, highlighting its distinctiveness from regular PFPs.</p><p>From a personal standpoint, the author is grateful for the team's bold innovation. In reality, the lifespan of simple PFP avatar NFT projects has been progressively short, with most participants solely driven by speculative trading rather than genuine use of avatars. It is rare to see a team making new breakthroughs, even though the functionalities have yet to be fully realized. Nonetheless, it can be seen as opening Pandora's box.</p><p>Regarding the strong reaction from supporters, the author believes that this incident reflects the prevalence of speculative traders rather than faithful believers in the current NFT market. The uncertainty surrounding a project can easily trigger panic emotions.</p><p>Despite multiple clarifications from the Captainz team to alleviate market sentiment, they have been unable to stabilize the hearts of their supporters. After all, in the NFT world, "what you see is what you get." It's disheartening to see one's NFT being exactly the same as a much less rare one. It appears that Captainz needs to regain the confidence of its supporters by accelerating the deployment of the intelligent aspects of their NFTs and introducing new functionalities to restore the project's prospects.</p><p>Overall, although the innovative design of Captainz NFTs has caused a rattling effect, there are still many shortcomings that need to be addressed. If the project can utilize this opportunity to upgrade and improve, there is still a chance to regain favor in the market. Otherwise, it may become a cautionary tale in the NFT industry.</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船长&nbsp;Captainz NFT&nbsp;系列，年初开售 12 分钟即售罄，项目方 9gag 大赚 9999 eth，等了足足半年，近日终于解盲，却引起支持者不满，出现大量恐慌行情，地板价由 9 颗以太币，大跌至执笔时约 6.2 颗以太币。到底项目为何大跌？原因竟然是团队太新潮！</p><p>Captainz 的定位是 PFP ，理论上用作头像，然后不少支持者表示解盲后发现 NFT 图像设计过于简单，且高重复率，直白说就是出现「撞图」，我跟你跟隔离小王都拿同一款 NFT，没有差异性，不能用作头像。</p><ad-banner-1></ad-banner-1><p>项目方则表示，Captainz NFT 跟过往 PFP 不同，是智能系列的 PFP， 具有创新的互换性质，同一品类的 NFT 可以互换特质，基础图片亦可通过做抵押等任务改变图像，因此解盲即出现重复并非错误，而是为了有计划在未来实现各项功能。团队更以特许经营权作比喻，表示持有 Captainz 等同持有特许经营权，与一般 PFP 截然不同。</p><p>站在个人立场，笔者对于团队勇于创新感恩惠。事实上，单纯的 PFP 头像系列 NFT，项目生命周期愈来愈短，大家都纯粹为炒卖心态，多于真心使用头像，难得有团队作出新突破，虽然功能尚未兑现，但总算是打开了潘朵拉的盒子。</p><p>对于支持者的强烈反应，笔者认为此事反映出，目前 NFT 市场炒卖者多于信仰支持者，因为对于项目出现不确定性，即引发恐慌情绪。</p><p>即使 Captainz 团队为缓和市场情绪作出多次澄清，还是未能稳住支持者的心，始终 NFT 世界「所见即所得」，眼见自己的 NFT 跟比我稀有度低很多的一张是一模一样，心里很不是味儿。看来 Captainz 需要在恢复支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回项目前景。</p><p>总体而言，Captainz NFT 创新设计虽带来 rattling effect，但仍存在诸多短板需要修复。项目如果能借此进行升级改善，仍有机会重新获得市场青睐，否则很可能成为 NFT 行业的一个警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>由&nbsp;Memeland&nbsp;推的船長&nbsp;Captainz NFT&nbsp;系列，年初開售 12 分鐘即售罄，項目方 9gag 大賺 9999 eth，等了足足半年，近日終於解盲，卻引起支持者不滿，出現大量恐慌行情，地板價由 9 顆以太幣，大跌至執筆時約 6.2 顆以太幣。到底項目為何大跌？原因竟然是團隊太新潮！</p><p>Captainz 的定位是 PFP ，理論上用作頭像，然後不少支持者表示解盲後發現 NFT 圖像設計過於簡單，且高重複率，直白說就是出現「撞圖」，我跟你跟隔離小王都拿同一款 NFT，沒有差異性，不能用作頭像。</p><ad-banner-1></ad-banner-1><p>項目方則表示，Captainz NFT 跟過往 PFP 不同，是智能系列的 PFP， 具有創新的互換性質，同一品類的 NFT 可以互換特質，基礎圖片亦可通過做抵押等任務改變圖像，因此解盲即出現重複並非錯誤，而是為了有計劃在未來實現各項功能。團隊更以特許經營權作比喻，表示持有 Captainz 等同持有特許經營權，與一般 PFP 截然不同。</p><p>站在個人立場，筆者對於團隊勇於創新感恩惠。事實上，單純的 PFP 頭像系列 NFT，項目生命周期愈來愈短，大家都純粹為炒賣心態，多於真心使用頭像，難得有團隊作出新突破，雖然功能尚未兌現，但總算是打開了潘朵拉的盒子。</p><p>對於支持者的強烈反應，筆者認為此事反映出，目前 NFT 市場炒賣者多於信仰支持者，因為對於項目出現不確定性，即引發恐慌情緒。</p><p>即使 Captainz 團隊為緩和市場情緒作出多次澄清，還是未能穩住支持者的心，始終 NFT 世界「所見即所得」，眼見自己的 NFT 跟比我稀有度低很多的一張是一模一樣，心裡很不是味兒。看來 Captainz 需要在恢復支持者信心，要加速部署其 NFT 的智能部分方面，以全新功能挽回項目前景。</p><p>總體而言，Captainz NFT 創新設計雖帶來 rattling effect，但仍存在諸多短板需要修復。項目如果能藉此進行升級改善，仍有機會重新獲得市場青睞，否則很可能成為 NFT 行業的一個警世例子。</p><div class="raw-html-embed"><div style="text-align: center;">
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NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies. | CEO Insights | UD Blockchain

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清 | CEO 专栏 | UD Blockchain

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清 | CEO 專欄 | UD Blockchain

NFT blue-chip project Captainz's innovation causes panic, team urgently clarifies.

NFT蓝筹项目Captainz创新惹恐慌　团队急澄清

NFT藍籌項目Captainz創新惹恐慌　團隊急澄清

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</div><p>The Hong Kong Monetary Authority (HKMA) has recently exerted pressure on three major issuing banks in Hong Kong, namely HSBC, Standard Chartered, and Bank of China (Hong Kong), to open their banking services to accommodate clients from the rapidly growing cryptocurrency industry.</p><p>The Hong Kong government has been actively promoting the development of the cryptocurrency sector. The HKMA recently sent inquiries to these three banks, questioning why they do not accept cryptocurrency-related businesses as clients. The HKMA encouraged the banks to conduct due diligence on potential customers without imposing "unnecessary burdens" on them, especially those "seeking opportunities to establish offices in Hong Kong."</p><ad-banner-1></ad-banner-1><p>Historically, these three banks have avoided conducting business with cryptocurrency exchanges due to concerns that if the exchange platforms are used for money laundering or other illegal activities, the banks themselves could face significant risks, including hefty fines, if their procedures are found to be faulty.</p><p>I have a friend who informed me that he simply transferred tens of thousands of Hong Kong dollars to a personal bank account in Hong Kong for stablecoin transactions, only to have his account canceled by the bank. He was left in despair. Recently, there have been rumors that the HKMA is encouraging these banks not to fear the cryptocurrency industry, which is considered significant support for the sector.</p><h2>Indirectly encouraging cryptocurrency firms to establish a presence in Hong Kong</h2><p>As I mentioned earlier, earlier this month, the U.S. Securities and Exchange Commission (SEC) filed lawsuits accusing two major global cryptocurrency exchanges, Binance and Coinbase, of violating U.S. securities laws. However, with a Hong Kong Legislative Council member inviting Coinbase and other exchanges to open offices in Hong Kong after the lawsuits, it shows a sign of enthusiasm for the cryptocurrency industry in Hong Kong.</p><p>Regarding the pressure from the HKMA, Standard Chartered responded to the reports by stating that they "regularly engage in dialogue with regulatory bodies on various topics." HSBC, on the other hand, stated that they are "closely monitoring the cryptocurrency market and related regulatory developments." Bank of China (Hong Kong) did not comment on the matter.</p><p>The HKMA's positive stance could have a significant impact on Hong Kong's cryptocurrency industry and indirectly encourage more cryptocurrency firms to establish their bases in the city. It can be seen as a morale boost for the cryptocurrency industry in Hong Kong!</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向汇丰、渣打和中银香港这三间香港最大的发钞银行施压，要求它们开放银行服务，以迎合正处于蓬勃发展阶段的加密资产公司客户。</p><p>近日港府大力推动加密行业落地，金管局更去信质询这三间银行，为何不接受加密行业作为客户，并鼓励银行对潜在客户进行的尽职调查不应对客户造成「不必要的负担」，特别是那些「正在为在香港设立办事处寻找机会的人」。</p><ad-banner-1></ad-banner-1><p>一直以来，这三间银行避免与加密货币交易所建立业务往来，担心如果交易所平台被用于洗钱或其他非法活动，银行亦会遭到火烧连环船，更可能因程序出错，而面临高额罚款的风险。</p><p>笔者有位友人告知，他只是单纯转出港币数万元，到一个本港个人银行户口交易稳定币，却惨遭银行取消户口，欲哭无泪。而近来有传金管局出面鼓励这些银行不要害怕加密货币行业，对行业来说算是极大的支持。</p><h2>间接鼓励加密资产公司在港设基地</h2><p>笔者早前亦提及，本月早些时候，美国证券交易委员会（SEC）提起诉讼，指控全球两大加密货币交易所币安和 Coinbase 违反美国证券法。然而，有香港立法会议员邀请 Coinbase 和其他交易所在提起诉讼后，来香港开设办事处，显示出对香港加密货币行业充满热情的迹象。</p><p>对于金管局的施压，渣打银行回应报道时表示，「定期就不同的议题与监管机构进行对话」。汇丰银行则表示，「密切关注加密货币市场和相关监管发展」。中银香港未对此事置评。</p><p>金管局的正面态度可能对香港的加密货币行业产生重大影响，间接鼓励更多加密资产公司在港建设基地，算是为本港加密行业打了一支强心针！</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>香港金融管理局（金管局）近期向滙豐、渣打和中銀香港這三間香港最大的發鈔銀行施壓，要求它們開放銀行服務，以迎合正處於蓬勃發展階段的加密資產公司客戶。</p><p>近日港府大力推動加密行業落地，金管局更去信質詢這三間銀行，為何不接受加密行業作為客戶，並鼓勵銀行對潛在客戶進行的盡職調查不應對客戶造成「不必要的負擔」，特別是那些「正在為在香港設立辦事處尋找機會的人」。</p><ad-banner-1></ad-banner-1><p>一直以來，這三間銀行避免與加密貨幣交易所建立業務往來，擔心如果交易所平台被用於洗錢或其他非法活動，銀行亦會遭到火燒連環船，更可能因程序出錯，而面臨高額罰款的風險。</p><p>筆者有位友人告知，他只是單純轉出港幣數萬元，到一個本港個人銀行戶口交易穩定幣，卻慘遭銀行取消戶口，欲哭無淚。而近來有傳金管局出面鼓勵這些銀行不要害怕加密貨幣行業，對行業來說算是極大的支持。</p><h2>間接鼓勵加密資產公司在港設基地</h2><p>筆者早前亦提及，本月早些時候，美國證券交易委員會（SEC）提起訴訟，指控全球兩大加密貨幣交易所幣安和 Coinbase 違反美國證券法。然而，有香港立法會議員邀請 Coinbase 和其他交易所在提起訴訟後，來香港開設辦事處，顯示出對香港加密貨幣行業充滿熱情的跡象。</p><p>對於金管局的施壓，渣打銀行回應報道時表示，「定期就不同的議題與監管機構進行對話」。滙豐銀行則表示，「密切關注加密貨幣市場和相關監管發展」。中銀香港未對此事置評。</p><p>金管局的正面態度可能對香港的加密貨幣行業產生重大影響，間接鼓勵更多加密資產公司在港建設基地，算是為本港加密行業打了一支強心針！</p><div class="raw-html-embed"><div style="text-align: center;">
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Hong Kong banks be "ordered" to support the cryptocurrency industry | CEO Insights | UD Blockchain

香港银行「奉旨」支持加密产业 | CEO 专栏 | UD Blockchain

香港銀行「奉旨」支持加密產業 | CEO 專欄 | UD Blockchain

Hong Kong banks be "ordered" to support the cryptocurrency industry

香港银行「奉旨」支持加密产业

香港銀行「奉旨」支持加密產業

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</div><p>The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against cryptocurrency exchanges Binance and Coinbase for two consecutive days, causing shockwaves in the global cryptocurrency industry. The SEC's actions indicate an increase in regulatory scrutiny on the cryptocurrency industry and may also accelerate the industry's move towards standardization and compliance.</p><p>In fact, the SEC's lawsuits have sparked significant controversy in the market, especially regarding the classification of cryptocurrencies as securities. Popular tokens such as BNB, BUSD, SOL, ADA, MATIC, which are widely recognized in the industry as utility tokens, are disputed by the SEC's classification as securities. This categorization has had a significant short-term impact on the market, as other exchanges have had to decide whether to delist these tokens classified as securities.</p><ad-banner-1></ad-banner-1><h2><strong>Hearings may bring clarity to the industry</strong></h2><p>However, it is believed that while the SEC's actions have caused short-term market volatility, they are unlikely to have a long-term impact on the prices of the mentioned tokens. Instead, project teams may seek redefinition through court hearings, which could bring clarity to the industry.</p><p>Furthermore, the SEC has criticized Binance and Coinbase for offering a mix of exchange, brokerage, and clearing functions and has demanded that they register these corresponding businesses separately according to the law. This may indicate that the U.S. government intends to require cryptocurrency exchanges to gradually separate and standardize their operations and complete individual registrations to meet regulatory requirements.</p><p>Moreover, the SEC has accused Binance and Coinbase of depriving investors of protection and aims to encourage cryptocurrency exchanges to strengthen risk controls and information disclosure.</p><p>It is believed that although the SEC's actions may seem aggressive, compared to an ambiguous stance, taking legal action against exchanges may not necessarily be a bad thing. Through the litigation process, the industry can gain clearer guidance and promote the compliance of the cryptocurrency industry. While there may be some short-term volatility, in the long run, compliance will benefit the healthy development of the cryptocurrency industry.<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美国证券交易委员会（SEC）连续两日对加密货币交易所币安和 Coinbase 提起诉讼，引起全球加密货币行业的震惊。SEC 的行动显示其正在加大对加密行业的监管力度，同时也可能推动行业加速迈向标准化和合规化。</p><p>事实上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的诉讼在市场上引起极大争议，尤其是对于被列为证券的加密代币的定义，例如 BNB、BUSD、SOL、ADA、MATIC 等在业界普通认同其具功能性，不应算是证券的热门代币。SEC 将以上代币分类为证券，短期内对市场产生巨大影响，其他交易所或不得不决定是否下架这些被归为证券的代币。</p><ad-banner-1></ad-banner-1><h2><strong>听证或为业界带来清晰指引</strong></h2><p>然而，笔者认为 SEC 的行动虽然为市场带来短期震荡，但不会对上述代币价格产生长期影响，反而项目方或能通过法庭听证争取为代币重新定义，亦为业界带来清晰指引。</p><p>另外，SEC 也批评<a href="https://www.binance.com/zh-CN">币安</a>和 <a href="https://www.coinbase.com/">Coinbase</a> 混合提供交易所、经纪和清算等功能，要求其依法分开注册相应业务。这可能意味着，美国政府有意要求加密交易所逐步拆分和标准化其业务，逐一完成注册，以达到监管要求。</p><p>此外，SEC 也指责币安和 Coinbase 剥夺了投资者的保护，旨在推动加密交易所加强风险控制和信息披露。</p><p>笔者认为，SEC 此次行动虽然看似荒蛮，但相比起无棱两可的态度，粗暴对交易所提诉未必是坏事，业界可随着诉讼过程，为行业带来更清晰的指引，亦促使加密行业推进合规化。虽然短期内可能会面临一定的波动，但长远而言，合规化将有利于加密行业的健康发展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p>美國證券交易委員會（SEC）連續兩日對加密貨幣交易所幣安和 Coinbase 提起訴訟，引起全球加密貨幣行業的震驚。SEC 的行動顯示其正在加大對加密行業的監管力度，同時也可能推動行業加速邁向標準化和合規化。</p><p>事實上，<a href="https://www.sec.gov/">SEC</a>&nbsp;的訴訟在市場上引起極大爭議，尤其是對於被列為證券的加密代幣的定義，例如 BNB、BUSD、SOL、ADA、MATIC 等在業界普通認同其具功能性，不應算是證券的熱門代幣。SEC 將以上代幣分類為證券，短期內對市場產生巨大影響，其他交易所或不得不決定是否下架這些被歸為證券的代幣。</p><ad-banner-1></ad-banner-1><h2><strong>聆訊或為業界帶來清晰指引</strong></h2><p>然而，筆者認為 SEC 的行動雖然為市場帶來短期震盪，但不會對上述代幣價格產生長期影響，反而項目方或能通過法庭聆訊爭取為代幣重新定義，亦為業界帶來清晰指引。</p><p>另外，SEC 也批評<a href="https://www.binance.com/zh-TC">幣安</a>和&nbsp;<a href="https://www.coinbase.com/">Coinbase</a>&nbsp;混合提供交易所、經紀和清算等功能，要求其依法分開註冊相應業務。這可能意味著，美國政府有意要求加密交易所逐步拆分和標準化其業務，逐一完成註冊，以達到監管要求。</p><p>此外，SEC 也指責幣安和 Coinbase 剝奪了投資者的保護，旨在推動加密交易所加強風險控制和信息披露。</p><p>筆者認為，SEC 此次行動雖然看似荒蠻，但相比起無棱兩可的態度，粗暴對交易所提訴未必是壞事，業界可隨著訴訟過程，為行業帶來更清晰的指引，亦促使加密行業推進合規化。雖然短期內可能會面臨一定的波動，但長遠而言，合規化將有利於加密行業的健康發展。<br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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SEC settles the score! It has filed lawsuits against Binance and Coinbase. | CEO Insights | UD Blockchain

美国证监秋后算帐！　起诉币安与Coinbase | CEO 专栏 | UD Blockchain

美國證監秋後算帳！　起訴幣安與Coinbase | CEO 專欄 | UD Blockchain

SEC settles the score! It has filed lawsuits against Binance and Coinbase.

美国证监秋后算帐！　起诉币安与Coinbase

美國證監秋後算帳！　起訴幣安與Coinbase

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</div><p><span style="background-color:transparent;color:#000000;font-size:11pt;">The article titled "Data: BRC-20 token Ordi broke through $10 in a short-term, and its market value exceeded $200 million" has been circulating in various communities, as if everyone is celebrating the success story of this BRC-20 token. However, upon closer examination of liquidity and transaction records, it is not difficult to notice that these token holders are only wealthy on the blockchain, and creating a myth is not that easy. Let's set aside the dream of getting rich for now and take a look at what opportunities BRC-20 has brought to the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Often referred to as “digital gold”, Bitcoin has a unique and irreplaceable position in the cryptocurrency market. However, with the introduction of Ethereum’s ERC-20 protocol, which allowed anyone to create tokens, and the global phenomenon of non-fungible tokens (NFTs), the Bitcoin network started to seem somewhat outdated. In reality, Bitcoin's innovation has been progressing slowly but steadily, as seen in the introduction of layers such as the&nbsp; Lightning Network, Stacks, and the Ordinals protocol. With the two upgrades SegWit and Taproot, Bitcoin has finally achieved the ability to record arbitrary data on the blockchain.</span></p><ad-banner-1></ad-banner-1><p><span style="background-color:transparent;color:#000000;font-size:11pt;">BRC-20 is an experimental standard for issuing fungible tokens on the Bitcoin network, created by Twitter user @domodata on March 8th of this year using the Ordinals protocol. Bitcoin can finally have its own token standard, just like Ethereum!</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">However, due to the lack of support for smart contracts on the Bitcoin network, BRC-20 can only utilize the Ordinals protocol for token contracts, minting, and transfers. Nevertheless, a method has been found to enable Bitcoin to play with fungible tokens, marking a new milestone on the Bitcoin network.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Recently, the daily transaction volume on the Bitcoin chain has reached new heights, with nearly 670,000 transactions in a single day, and over 60% of these transactions linked to the Ordinals protocol. Transaction fees and block rewards have also skyrocketed, making miners the biggest beneficiaries of this innovation.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Although many opportunities have been created by the recent BRC-20 hype, I’m still more concerned about the regulatory risks this entails. It should be noted that the reason Bitcoin has not attracted the attention of the SEC is due to its "inherent limitations," and BRC-20 attempts to remove said limitations. Technically, it has not yet surpassed Ethereum, but it could potentially become an unregistered securities market in the eyes of the SEC, just like Ethereum, which could be a blessing or a curse that cannot be avoided.</span></p><p><span style="background-color:transparent;color:#000000;font-size:11pt;">Without a doubt, BRC-20 adds some fun to the Bitcoin network, but the associated risks should not be ignored. Investors should not blindly follow the trend due to FOMO (fear of missing out) and always remember to DYOR (do your own research). After all, in the world of cryptocurrency, opportunities and risks always go hand in hand.</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p><span style="font-size:15px;">「BRC20 代币 Ordi 价格突破 10 美元，市值突破 2 亿美元」的文章，在各大社群流传，仿佛大家都在歌颂这个 BRC20 代币的成功故事。然后，细心看看流动性与交易记录，不难发现这些代币持有人，只是链上富贵，神话恐怕没有那么容易创造。我们暂且放下创富梦，先看看 BRC-20 究竟对比特币网路带来了什么机遇。</span></p><p><span style="font-size:15px;">比特币在加密货币市场的地位无可取替，有「加密黄金」之美称。然而，当以太坊在玩转智能合约时，创造出人人皆可发币的 ERC20 协议，以及风靡全球的非同质化代币 NFT，比特币网路似乎显得有些落伍。</span></p><ad-banner-1></ad-banner-1><p><span style="font-size:15px;">事实上，比特币的创新也在缓慢前进，比如闪电网路、Stacks，以及 Ordinals 协议，经过 Segwit 和 Taproot 两次升级，比特币终于实现了在区块链上记录任意数据的功能。</span></p><p><span style="font-size:15px;">而 BRC20 是比特币网路上发行同质化代币的实验性格式标准，由 Twitter 用户 @domodata 于本年 3 月 8 日以 Ordinal 协议创建。终于，比特币也能像以太坊一样，拥有自己的铸币标准！</span></p><p><span style="font-size:15px;">不过，因为比特币网路不支持智能合约，所以 BRC-20 只能利用 Ordinal 协议来实现代币合约、铸造和转移。不管怎样，总算是找到了一个让比特币玩起同质化代币的办法，为比特币网路上创造出一个新的里程碑。</span></p><p><span style="font-size:15px;">近日比特币链上日交易量屡创新高，单日交易量达到近 67万笔，而当中超过 60% 的交易量，均与 Ordinals 协议相关，手续费和区块奖励也大幅飙升，矿工可谓此次创新的最大得益者。</span></p><p><span style="font-size:15px;">对于近日 BRC-20 的热潮，除了机遇外，笔者更关注是当中引伸的监管风险。要知道，比特币之所以没被 SEC 盯上，是因为它的「先天不足」，而 BRC-20 去补救了其「先天不足」，技术上目前未看到超越以太坊之处，却可能如以太坊一样，变成 SEC 眼中的一个未注册证券市场，那就真的是福不是祸，是祸挡不过了。</span></p><p><span style="font-size:15px;">BRC-20 无疑令比特币网路多了几分趣味，然而其引伸的风险也不容忽视。投资者别因为一时的 FOMO 而盲目跟风，时刻紧记 DYOR，毕竟在加密产业的世界中，机遇与风险总是相伴而行。</span><br><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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</div><p style="margin-left:0px;"><span style="font-size:15px;">「BRC20 代幣 Ordi 價格突破 10 美元，市值突破 2 億美元」的</span><a href="https://news.cnyes.com/news/id/5167338"><span style="font-size:15px;">文章</span></a><span style="font-size:15px;">，在各大社群流傳，仿佛大家都在歌頌這個 BRC20 代幣的成功故事。然後，細心看看流動性與交易記錄，不難發現這些代幣持有人，只是鏈上富貴，神話恐怕沒有那麼容易創造。我們暫且放下創富夢，先看看 BRC-20 究竟對比特幣網絡帶來了什麼機遇。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">比特幣在加密貨幣市場的地位無可取替，有「加密黃金」之美稱。然而，當以太坊在玩轉智能合約時，創造出人人皆可發幣的 ERC20 協議，以及風靡全球的非同質化代幣 NFT，比特幣網絡似乎顯得有些落伍。</span></p><ad-banner-1></ad-banner-1><p style="margin-left:0px;"><span style="font-size:15px;">事實上，比特幣的創新也在緩慢前進，比如閃電網絡、Stacks，以及 Ordinals 協議，經過 Segwit 和 Taproot 兩次升級，比特幣終於實現了在區塊鏈上記錄任意數據的功能。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">而 BRC20 是比特幣網絡上發行同質化代幣的實驗性格式標準，由 Twitter 用戶 </span><a href="https://twitter.com/domodata"><span style="font-size:15px;">@domodata</span></a><span style="font-size:15px;"> 於本年 3 月 8 日以 Ordinal 協議創建。終於，比特幣也能像以太坊一樣，擁有自己的鑄幣標準！</span></p><p style="margin-left:0px;"><span style="font-size:15px;">不過，因為比特幣網絡不支持智能合約，所以 BRC-20 只能利用 Ordinal 協議來實現代幣合約、鑄造和轉移。不管怎樣，總算是找到了一個讓比特幣玩起同質化代幣的辦法，為比特幣網絡上創造出一個新的里程碑。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">近日比特幣鏈上日交易量屢創新高，單日交易量達到近 67萬筆，而當中超過 60% 的交易量，均與 Ordinals 協議相關，手續費和區塊獎勵也大幅飆升，礦工可謂此次創新的最大得益者。</span><br><br><span style="font-size:15px;">對於近日 BRC-20 的熱潮，除了機遇外，筆者更關注是當中引伸的監管風險。要知道，比特幣之所以沒被 </span><a href="https://www.sec.gov/"><span style="font-size:15px;">SEC </span></a><span style="font-size:15px;">盯上，是因為它的「先天不足」，而 BRC-20 去補救了其「先天不足」，技術上目前未看到超越以太坊之處，卻可能如以太坊一樣，變成 SEC 眼中的一個未註冊證券市場，那就真的是福不是禍，是禍擋不過了。</span></p><p style="margin-left:0px;"><span style="font-size:15px;">BRC-20 無疑令比特幣網絡多了幾分趣味，然而其引伸的風險也不容忽視。投資者別因為一時的 FOMO 而盲目跟風，時刻緊記 DYOR，畢竟在加密產業的世界中，機遇與風險總是相伴而行。</span><br>&nbsp;</p><div class="raw-html-embed"><div style="text-align: center;">
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