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According to a report by Reuters, influenced by multiple factors such as the tense Sino-U.S. relations, China's push for domestic software alternatives, and U.S. export controls, Microsoft has closed at least 15 branches and joint ventures in China over the past five years, executing a strategic contraction. In 2023, the company internally considered exiting the Chinese market, as some executives believed that "the geopolitical risks outweighed the limited economic returns," but ultimately did not proceed with the exit. Microsoft disclosed in 2024 that its business in China accounted for only about 1.5% of its global revenue.The report states that Microsoft's final decision to remain in China was primarily due to the establishment of a profitable path—providing Azure cloud and AI services to Chinese companies like ByteDance and Shein, helping them operate compliantly in overseas markets. Additionally, the company believes that retaining its business in China remains strategically significant for acquiring engineering talent. However, analysts question the sustainability of this AI business model: the service relies on third-party models like OpenAI, and Chinese companies are increasingly adopting domestic alternatives like Kimi, which offer comparable performance at lower costs.Microsoft's research and development presence in China is also contracting. Its predecessor, Microsoft Research Asia, has successively established new labs in Vancouver, Singapore, and Tokyo. In 2024, the company offered job opportunities to 1,000 top engineers to relocate to the U.S. and three other countries, but only about one-third accepted, with most senior engineers moving to domestic universities and tech companies. A Microsoft spokesperson responded that the company will continue to commit to the Chinese market but did not comment on specific decision details. ByteDance and Shein did not respond to related inquiries.

After the overseas CEX Apps like Bybit and OKX were removed from the local Google Play in South Korea, the country is further tightening the process of transferring crypto assets to overseas platforms. According to the latest amendment to the Enforcement Decree of the Specific Financial Information Act, South Korean trading platforms will need to determine whether to allow transfers based on the risk level of the overseas platforms; when transferring to certain overseas trading platforms or personal wallets, users may be required to prove that the account belongs to them and explain the purpose of the transaction and the source of funds. If the information is insufficient, the transfer may be delayed or refused.Transactions reaching 10 million Korean won or more will also be included in the suspicious transaction monitoring system established by the exchanges, and the relevant regulations will be implemented six months after their announcement.

Grayscale Research Director Zach Pandl stated that even if the Clarity Act does not pass, the main blockchain operations, the demand for Bitcoin as a store of value, and the growth of stablecoin payments will not be immediately affected, and regulators will fill the regulatory gaps through rule-making.Zach Pandl pointed out that the lack of comprehensive market structure legislation may suppress new investment activities in the U.S., prompting participants in the crypto industry and startups to turn to overseas jurisdictions with clear regulatory frameworks. The U.S. government will continue to support the development of the crypto ecosystem. Strategy co-founder and Executive Chairman Michael Saylor previously stated that regardless of whether the Clarity Act passes, Bitcoin will continue to evolve, but the U.S. needs clarity in digital asset regulation. Senator Bernie Moreno stated that Senate Democrats and Republicans have concluded relevant negotiations and will proceed to a vote.

The South African National Treasury and the South African Reserve Bank (SARB) have released a draft regulation for cross-border transfers of crypto assets. Farzam Ehsani, co-founder and CEO of the crypto asset trading platform VALR, stated that unless key terms are significantly modified, the relevant framework could harm the domestic digital asset industry and drive funds overseas.The draft allows individual residents to transfer crypto assets abroad within the existing foreign exchange limits but restricts companies from engaging in cross-border crypto asset transactions and categorizes some deposits from private non-custodial wallets as unacceptable transfers for local crypto asset service providers (CASP). Ehsani believes this could prompt businesses and retail investors to turn to overseas platforms.Ehsani pointed out that prohibiting regulated entities from processing legitimate business transactions, especially cross-border stablecoin payments, could push transactions underground or abroad, thereby undermining the visibility and monitoring capabilities that regulators hope to achieve. The South African National Treasury and SARB have opened a public consultation, with the feedback deadline set for September 30.

According to South Korean media NATE, the Korea Regulatory Reform Committee has proposed amendments to the enforcement decree of the Specific Financial Transaction Information Act, excluding minor violations from the qualification restrictions for major shareholders of Virtual Asset Service Providers (VASP).This move has sparked discussions in the market regarding exchange mergers and acquisitions, the entry of new businesses, and the fairness of regulation. The proposal to relax restrictions also involves issues related to the boundaries of the enforcement decree's authority.

The State Taxation Administration of China responded to the recent discussions on taxing insurance income in Hong Kong, stating that Chinese tax residents are required to fulfill their tax obligations on global income according to the law, and that overseas insurance income also falls within the scope of taxable income. This is not a new policy and is not specifically aimed at the Hong Kong insurance market. The tax authority indicated that residents must declare and pay taxes on overseas insurance income and other investment income in accordance with the law, and the relevant rules treat overseas income from different countries and regions equally.Yesterday, Caixin reported that with the normalization of CRS information exchange, Chinese tax authorities can now fully obtain data on dividends and cash value from overseas insurance policies, gradually filling the gaps in tax administration. Currently, the taxation of insurance income from overseas sources has been initiated.

According to Bloomberg, informed sources revealed that the U.S. government department responsible for investigating violations of chip export controls is currently conducting a systematic review of how Chinese AI companies obtain advanced chips from Nvidia through legal means, focusing on their behavior of renting computing power in third countries. This move stems from recent technological breakthroughs achieved by Chinese AI companies, indicating that they still have the capability to acquire and use top-tier hardware despite U.S. export restrictions on chips to China. Analysts believe that this review may prompt the U.S. to further tighten regulatory rules on computing power leasing in third countries to close existing loopholes in the export control system.

According to Caixin, as the CRS information exchange becomes normalized, tax authorities can fully obtain data on dividends and cash value from overseas insurance policies, gradually filling the gaps in tax administration. The taxation of insurance benefits from overseas income has now been initiated.In addition, the CRS, as the "eye in the sky" of the global tax system, is also being upgraded according to schedule, with CRS 2.0 approaching. Key changes include incorporating crypto assets, central bank digital currencies (CBDC), and specific electronic currency products into the definition of financial assets, aligning with the trend of digital assets gradually merging with the mainstream financial world. Overall, from multiple dimensions such as overseas stock trading, overseas insurance, and offshore trusts, the iteration of CRS 2.0 and the tightening of overseas income tax collection mechanisms resonate with each other, mutually supporting and enhancing the effectiveness of cross-border tax source regulatory constraints.

According to South Korean media MK, the annual tax reform plan previously announced by the South Korean government does not include a proposal to further postpone the taxation of virtual assets (cryptocurrencies), which means that the current legal schedule for taxation in 2027 is likely to remain.According to the current South Korean Income Tax Act, starting in 2027, income from the transfer and lending of virtual assets will be classified as "other income," and investors will enjoy a tax-free allowance of 2.5 million Korean won per year. Any amount exceeding this will be subject to a 20% income tax, along with an additional 10% local income tax, resulting in a combined tax rate of 22%.

According to CNN, U.S. Democratic Senators Elizabeth Warren and Richard Blumenthal have requested the U.S. Securities and Exchange Commission (SEC) to investigate the Meme coin TRUMP issued by Trump, to confirm whether the project involves fraud or improper profit-making. In a letter to SEC Chairman Paul Atkins, the two stated that the Trump Meme coin project "may constitute an illegal scam" and urged the regulatory agency to investigate whether the token involves "illegal fraudulent activities or facilitates improper profit acquisition."Reports indicate that Trump launched his personal Meme coin TRUMP just days before his inauguration in 2025. After the token went live, its price surged, reaching a market value peak of approximately $9 billion on January 19, 2025, but then plummeted significantly. Currently, the market value of the token has fallen to less than $400 million, a decline of over 95% from its peak. According to data from the cryptocurrency data platform CoinMarketCap, investors who bought at the high are currently facing about a 97% loss. Blockchain analytics firm Nansen previously cited data showing that by the end of June, nearly 1 million investors had incurred losses due to this Meme coin, with total losses amounting to approximately $3.8 billion. About 80% of the supply of the Trump Meme coin is held by entities related to the Trump Organization. Trump has previously stated that he complies with the law and allows his family to manage personal financial matters.Elizabeth Warren and Richard Blumenthal emphasized in their letter whether the project is similar to a Rug Pull in the cryptocurrency industry. They believe that even if it is not a traditional sudden withdrawal scam, it may still fall under a "soft pull" that leads to investor losses through a gradual withdrawal of market support. The SEC has not yet commented on this matter.

According to reports from Huxiu Technology, Jieyue Xingchen is advancing along two strategic lines: one centered around large models, and the other focused on intelligent terminal devices. The mobile phone business has been placed under the independent company "Zhiyue Xingchen," operated by a team with backgrounds in Huawei and Honor, led by terminal president Ni Jiayue. Jieyue's first intelligent terminal phone STEPX Neo was unveiled during WAIC, but the price and mass production schedule have not been announced. Huxiu has learned that Jieyue is building an overseas commercialization team, planning to sell large model APIs (primarily voice models) overseas, and mobile phones will also be included in the overseas sales plan.Jieyue Xingchen's chairman Yin Qi previously attempted the "AI + car" path at Qianli Technology (formerly Lifan Technology), and this time, using mobile phones as the first piece of the terminal strategy aims to establish a closed-loop system of "model---operating system---terminal." The phone is equipped with the Step AOS intelligent terminal operating system, positioned as a carrier for intelligent terminal services, with the business model ultimately returning to Token consumption. Jieyue also maintains model collaborations with 60% of top domestic mobile phone brands, with existing installations exceeding 42 million units, but the potential competitive relationship with its own mobile phone business remains unclear. As of the time of publication, Jieyue Xingchen has not commented.

According to the Korea Herald, in June this year, the five major cryptocurrency exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) had a stablecoin outflow to overseas exchanges amounting to 27.625 trillion won, while inflows from overseas reached 22.022 trillion won during the same period, resulting in a net outflow of 5.603 trillion won, which is equivalent to 77.6% of the net overseas stock purchases by South Korean investors (approximately 7.22 trillion won) during the same period. At the beginning of last year, this ratio was only around 20%.The report states that stablecoins have been in a net outflow state for 18 consecutive months from the beginning of last year to June this year, contrasting with some months of net selling in overseas stocks. In the second quarter of this year alone, the net outflow of stablecoins was 16.872 trillion won, while overseas stocks experienced a net selling of 16.185 trillion won. These outflowing stablecoins are believed to be primarily used for derivatives trading not offered by domestic exchanges. Recently, overseas exchanges have launched spot and futures products for major South Korean stocks such as Samsung Electronics, SK Hynix, and Hyundai Motor, in addition to cryptocurrency futures, with some high-leverage products allowing for tens of times leverage on indices or individual stocks.

According to The Block, South Korean media and financial regulatory agencies have begun reviewing measures aimed at effectively preventing unregistered overseas cryptocurrency exchanges from providing services to domestic traders.

According to TNW, the Cyberspace Administration of China has released a draft of regulations for combating cyberbullying and is seeking public feedback. The draft requires platforms to establish classifiers for detecting and categorizing online violence content, provide users with a "one-click protection" feature, and implement blacklist management and regular reporting mechanisms for violating accounts.Notably, the draft explicitly includes AI-generated deepfake images and synthetic harassment texts within the scope of regulation. The Q&A platform Zhihu has already responded by restricting the use of anonymous accounts.

Uniswap founder Hayden Adams posted on the X platform in response to the controversy over the v4 fee switch, clarifying that "the reduction of LP fees" is a misunderstanding; the protocol fees are additive rather than deductive, and LPs still earn 30 basis points per transaction.Regarding the claim that "the protocol takes 25% of LP profits," he stated that on a 30 basis point pool, the protocol fee is 5 basis points, accounting for about 14% of the total transaction fees, and LPs have not lost any of their earnings. Hayden Adams also pointed out that centralized exchanges charge 100 to 200 basis points per transaction, making Uniswap's 5 basis point fee at the 30 basis point level 20 to 40 times cheaper. He also criticized some forked projects that charge 100% transaction fees but use uneven inflation set by token voting to "compensate" LPs.

According to Caixin, Zhao Yao, a special researcher at the Payment and Clearing Research Center of the Financial Research Institute of the Chinese Academy of Social Sciences, stated that recent offshore digital asset platforms have launched on-chain trading products around Chinese technology companies such as Changxin Technology. This indicates that global digital financial platforms are creating trading exposure around high-quality Chinese technology assets, organizing price expectations, trading liquidity, and cross-border capital entry in advance. Although these products do not correspond to A-share equity, they are synthetic perpetual contracts or pre-market perpetual contracts settled in stablecoins such as USDC and USDT. However, if offshore platforms take the lead in forming a continuous trading market for technology assets, it may weaken the pricing dominance of domestic capital markets over technology assets.Zhao Yao suggested accelerating the construction of digital financial infrastructure for the renminbi, promoting the coordinated development of tokenized deposits by commercial banks, wholesale CBDC, and tokenization of technology assets, and exploring pilot projects for technology asset tokenization in Hong Kong to enhance the capital organization capability and international pricing power of the renminbi in global technology financial competition.

According to the official page, Gate has launched the CXMTUSDT perpetual contract, supporting 1-50 times leverage, providing global users with trading tools related to Changxin Storage (CXMT). This contract references the price of Changxin Storage-related stock assets, allowing investors to participate in related market trading through the digital asset trading platform.It is reported that Changxin Storage has today listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with the opening price surging over 470% at one point. As the listing process of domestic semiconductor leading enterprises advances, market attention towards related assets continues to rise.In addition, Gate will launch the CXMT (Changxin Storage) contract hot coin airdrop event from July 27 at 11:00 to August 5 at 11:00 (UTC+8), with a total prize pool of 50,000 USDT. The event features triple benefits, with a maximum of 240 USDT available for a single participant.

According to a chart released by independent analyst Markus Thielen, there is a clear divergence signal between Bitcoin's price and the Relative Strength Index (RSI). The RSI recently fell to the 30% oversold range, then rebounded to about 50%, while the BTC price also rose from near its low to about $64,645.It is noteworthy that the purple downward trend line in the chart indicates that since the peak in June 2025 (around $125,000), BTC has been in a downward channel, and the current price is still under pressure from this resistance line. Whether it can effectively break through will be key to judging the subsequent trend.

The South Korean media Digital Asset conducted a survey of the top 50 overseas derivatives exchanges ranked by CoinMarketCap and found that at least 29 of them have been removed from the Korean Google Play Store, including OKX, Bybit, MEXC, KuCoin, BingX, Gemini, BitMEX, Backpack Exchange, and others.