MancunBlockchainLegal

In practice, many people will have such a cognitive misunderstanding: the act of exchanging or introducing foreign currency may be illegal, but it definitely does not constitute a criminal offense; His private exchange behavior is very hidden, and it is easy not to be detected by the judicial authorities; Helping others exchange currency and not making a profit, so it certainly does not constitute an administrative offense or criminal offense; It should not be illegal to sell foreign exchange such as US dollars to others to earn exchange rate differences; I don't care if my family and friends are making money through currency exchange, I just give them my bank card number for free, and I haven't done anything illegal; The customer asked me to help introduce the exchange channel, I happened to know people, so I introduced them to know, and I didn't collect money from it, so there should be no risk; So, are there any legal risks associated with the above behaviors? If it is illegal, how should it be characterized? Is it an administrative offense or a criminal offense? Where is the boundary between the act of exchanging foreign currency and constituting an administrative offense or a criminal offense? On May 8, 2025, the Supreme People's Procuratorate and the State Administration of Foreign Exchange

OTC traders, as core participants in the virtual asset market, focus on providing block trading platforms for high-net-worth clients, institutional investors, and exchanges. Through customized trading mechanisms, OTC traders can ensure that large-scale transactions are completed smoothly without disrupting market prices, while providing clients with higher privacy, transaction security, and liquidity guarantees.
Relevant data shows that in 2024, OTC trading volume will increase by 106% year-on-year, reflecting a significant rise in market activity and industry demand for OTC. Among these, stablecoins dominate—accounting for about 95% of the trading volume, with an annual trading volume growth of 147%. Additionally, in terms of market distribution, Europe dominates institutional OTC trading, with a demand share of 38.5%, followed by North America, Asia, and the Middle East, each accounting for 15.4%.
However, with the expansion of the market, OTC traders are facing a series of compliance challenges.
OTC Business Compliance

On April 25, 2025, the event "How Traditional Payment Transforms into Web3.0: Innovation Path and Compliance Practices" was held in Qianhai, Shenzhen, covering payment innovation, compliance challenges, and "payment + Web3" integration scenarios. Keynote speakers discussed on-chain payments, global regulatory trends, and PayFi practices, highlighting technological changes, compliance requirements, and business opportunities. The event deeply analyzed the future development of Web3 payment and industry hotspots, and built a high-quality communication platform.

In the past few days, discussions on Web3 Chinese social media regarding "some CEXs offering contract experience funds to college students" have continued to escalate. The incident originated from a leaked post published on the X platform, which involved sensitive keywords such as "CEX," "college students," and "gamblers," sparking a large amount of attention and discussion.
Lawyer Mankun found that the mainstream opinion in the comments under the post generally opposed this promotional method, believing that college students have not yet established mature values and risk awareness, and should not be targeted for promotion. For example, the media BlockBeats published an article titled "All trading platforms should immediately stop promoting contract experience funds to college students," directly pointing out that such behavior is essentially "gambling inducement disguised as financial enlightenment"; Yu Sen from Slow Fog Technology also shared in support, advocating for a complete boycott.
However, there are also some voices that express "nothing strange" about this. Some say they encountered similar promotions during their university years, while others believe that college students are adults and have civil rights.

The RWA projects in Mainland China are shifting towards the "local life" sector, such as Malu grapes, airport VIP lounges, and distilleries. The projects adopt a model that integrates consumer rights with industry while exploring the combination of Blockchain and the real economy. However, the projects face issues such as regulatory gray areas and data privacy risks. Compared to foreign projects, Mainland projects need to optimize asset selection logic, technical standards, and regulatory collaboration to achieve sustainable development. It is recommended to address these challenges through a classified regulatory framework, a combination of technical standards with judicial evidence, and exploring compliance pathways.

In the wave of the digital economy, virtual money trading has become a global phenomenon, turning into a new hotbed for investors chasing wealth. In this digital gold rush, China's legal positioning on virtual money is ambiguous and trading regulation is strict, making tax issues even more complex. Understanding related obligations not only pertains to legal compliance risks but may also directly affect investment decisions and returns. This article will focus on individual virtual money trading, exploring the possibilities and pathways for Web3 compliance and taxation under the existing regulatory framework in China, providing references for building a healthy and sustainable Web3 ecosystem.
What is Virtual Money?
To clarify whether virtual money is taxable, one must first understand what virtual money is and whether buying and selling is allowed.
Cryptocurrency is any form of money that exists and is used in a digital or virtual way, using cryptographic techniques to secure transactions. Cryptocurrencies do not have a central issuing or regulatory authority, but instead use a decentralized system to record transactions and issue new units.

Web3 businesses face legal, tax, and operational challenges as they expand internationally. Choosing the right global structure is crucial to the global competition and operational efficiency of enterprises. Hong Kong, Singapore, the BVI and other places are popular places for Web3 companies to choose for tax optimization. With a single-entity or multi-entity structure, businesses can reduce tax burdens, protect information, and increase international competitiveness. Choosing the right architecture design is crucial to the global development of Web3 enterprises.

On April 10, 2025, the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance issued a heavyweight policy document: "Offerings and Registrations of Securities in the Crypto Asset.

For decades, the global dominance of the US dollar has relied on the evolutionary mechanism of the "Bretton Woods System - petrodollar - US Treasury bonds + Swift system". However, entering the Web3 era, decentralized finance technology is gradually shaking the traditional clearing and payment paths, and stablecoins pegged to the US dollar are quietly becoming a new tool for "dollar offshore".
In this context, the significance of stablecoins has long transcended the compliance of a single cryptocurrency asset; it may well be the digital vehicle for the continuation of "dollar hegemony" in the Web3 era.
On March 26, 2025, the U.S. Congress officially proposed the "STABLE Act" (Stablecoin Transparency and Accountability for a Better Ledger Economy.

If money is understood as a form of energy, every innovation of payment mediums and tools is accompanied by leaps in social efficiency and the reshaping of power structures—from shells to gold and silver, paper money, and then to mobile payments, this has always been the case. The emergence of Crypto Assets marks another leap in this process, and a revolution driven by PayFi (payment finance) is quietly rising, redefining the underlying logic of global value exchange with Wallets as the entry point.
PayFi, as the name suggests, is a combination of Pay + DeFi, integrating the concepts of payment (Pay) and decentralized finance (DeFi). It aims to achieve the efficient application of Crypto Assets in payment scenarios through blockchain technology, while optimizing the time value of funds. People evaluate that in the world ultimately pointed to by PayFi, there are no dormant deposits, only perpetual value...
In PayFi's vision, the "Pay" (payment) part is particularly crucial, as it involves cross-border collection of Crypto Assets.