Lawyer Liu Honglin pointed out that the document from the seven associations is the first to explicitly mention RWA (Real World Asset Tokenization) and provide a qualitative opinion. In the full text, RWA is listed alongside stablecoins, air coins, and mining as one of the main forms of “illegal activities related to virtual currencies.” This wording itself is a strong signal: RWA is no longer a “new technology” pending regulatory clarification, but is directly included in the regulatory crackdown list as a “risky business model.” This also means that the entire Web3 service chain built around

The US reported a 2.8% year-over-year increase in core PCE for September, down from the previous value of 2.9% and marking a three-month low. Market expectations were for a third consecutive month at 2.9%.

U.S. prosecutors say Terraform Labs co-founder Do Kwon should be sentenced to 12 years in prison for the TerraUSD stablecoin fraud case, which caused a collapse of around $40 billion in 2022. In documents submitted to the federal court in New York, prosecutors stated that the fraud was “massive in scale” and triggered a chain reaction. Do Kwon will be sentenced by Judge Paul Engelmayer on December 11. (Bloomberg)

Wu Blockchain has learned that on December 4, the Paraguayan Chamber of Deputies passed two resolutions requiring government departments to submit official information on domestic crypto mining activities to strengthen regulation and transparency. The Ministry of Industry and Commerce is required to disclose the current number of individuals and companies registered and authorized to engage in virtual asset mining, along with relevant information. The National Electricity Administration is required to publish the number of electricity connections specifically approved for crypto mining, the re

According to Bloomberg, the lower house of the Polish parliament failed to secure a majority vote and was unable to overturn President Karol Nawrocki's veto of the crypto asset regulation bill. The bill was originally intended to implement EU crypto industry regulatory standards and was regarded by Prime Minister Donald Tusk as a matter of national security. This veto means that Poland's efforts to advance crypto regulation have suffered another setback.

Meng Yan’s Reflections on a Study Tour in New York: The Irreversible Trend of the US Embracing the Crypto Economy
During his academic visit in New York, Meng Yan observed that the US economy, driven by AI, is experiencing a “K-shaped” divergence, with both interest rate cuts and inflationary pressures coexisting. Although AI investments are questioned as being in a bubble, their long-term impact is still viewed positively. In the crypto sector, while Wall Street’s attitude has not completely shifted, there is now a political consensus that “offending young people is unacceptable,” making it di

India’s Directorate of Revenue Intelligence (DRI) stated in its latest report that smuggling syndicates are increasingly using stablecoins instead of the traditional “hawala” system for cross-border settlements in drug and gold smuggling. In a case involving 108 kilograms of gold, approximately $12.7 million was layered and transferred to China, using multiple wallets and encrypted communication tools to evade tracking. The DRI noted that significant regulatory gaps remain and called for strengthened anti-money laundering measures for crypto assets and improved on-chain forensic capabilities,

Wu Blockchain has learned that BitFuFu released its November 2025 operational data, producing 231 BTC for the month and selling 205 BTC at an average price of $107,000 to pay vendors and manage risk. As of the end of the month, it held 1,764 BTC. BitFuFu stated that it slowed third-party hashrate procurement during periods of BTC price pressure.

"Conversation with Zama CEO: FHE Will Reshape Blockchain Privacy"
Zama CEO Rand Hindi introduced the role of Fully Homomorphic Encryption (FHE) in blockchain privacy, and how it can provide native encryption capabilities for public blockchains such as Ethereum and Solana, enabling confidential stablecoins, confidential DeFi, and composable privacy applications. He explained the technical differences between FHE, ZK, and MPC, and shared Zama's latest progress in performance, hardware acceleration, and multi-chain integration, including the upcoming mainnet launch and confidential token auction.

The European Commission has proposed transferring regulatory authority over crypto companies from individual member states to the EU-level European Securities and Markets Authority (ESMA), aiming to advance financial market integration and reduce differences in MiCA implementation among countries. The Commission stated that the current regulatory approaches across the 27 countries vary significantly, resulting in fragmented oversight between crypto and other financial services sectors. Unified supervision by ESMA would be more beneficial for cross-border operations and regulatory efficiency. T

Former Vice President of Bank of China Wang Yongli pointed out in an article that China already holds a global leading advantage in mobile payments and digital RMB. Promoting RMB stablecoins domestically offers no advantage, and internationally, it is unlikely to have much room for growth or influence. He also emphasized that China should not follow the path of USD stablecoins by vigorously promoting both onshore and offshore RMB stablecoin development. If China develops RMB stablecoins by following the USD stablecoin model, it will not only struggle to challenge the international position of

Wu Shuo has learned that seven major industry associations, including the National Internet Finance Association of China, the China Banking Association, and the China Securities Association, jointly issued a risk warning today, once again emphasizing that any form of virtual currency and RWA token issuance, trading, and financing is prohibited domestically. Relevant institutions are not allowed to engage in businesses related to virtual currencies or real-world asset tokens. The public should remain highly vigilant against all types of virtual currency and real-world asset token business activ

Wu said that it has been learned that the Aave DAO has passed a temperature check on the Aave V3 multi-chain strategy. The proposal suggests increasing the Reserve Factor for low-revenue chains such as Polygon, Gnosis, BNB Chain, Optimism, Scroll, Sonic, and Celo. If there is no significant improvement in revenue within 12 months, a delisting assessment will be initiated. At the same time, deployments on zkSync, Metis, and Soneium will be closed. Going forward, all new chain deployments must guarantee at least $2 million in annual revenue.

Wu said it has learned that Turkish exchange Paribu announced the acquisition of CoinMENA, the largest local crypto exchange in the Middle East and North Africa, with the deal valued at up to $240 million. This transaction is the largest fintech deal in Turkey to date. Through this acquisition, Paribu will directly obtain the two licenses that CoinMENA has already secured from Dubai VARA and the Central Bank of Bahrain. CoinMENA was founded in 2020 and has received over $2 billion in funding.

Wu said has learned that Galaxy Digital has announced the acquisition of Alluvial Finance, officially becoming the developer and operator of the enterprise-grade liquid staking protocol Liquid Collective. Galaxy will take over Liquid Collective's technical team and staking management system, and assume responsibility for the development and maintenance of the protocol.

Decentralized AI infrastructure startup DeepNode announced the completion of a total $5 million in funding, including a $2 million seed round at a $25 million valuation and a $3 million strategic round at a $75 million valuation. The seed round was participated in by community members, while strategic round investors included Blockchain Founders Fund, Side Door Ventures, and others. DeepNode is built on Ethereum Layer 2 network Base, adopts the PoWR mechanism, and plans to launch its mainnet at the end of Q1 2026. (Decrypt)

Wu said that according to information received, the USPD protocol posted on Twitter stating that it encountered a severe security vulnerability. Attackers used the "CPIMP (Proxy Middleman Hidden Proxy)" attack method to seize proxy contract administrator rights during the deployment phase, disguised themselves as an audited version, and after lurking for several months, launched an attack, minting approximately 98 million USPD and stealing around 232 stETH. The USPD team stated that this incident was not due to a smart contract logic flaw, and they have reported the relevant addresses to major