Jacky 傑克_JBitLog 幣誌

幣安在 8/10 才被同業列入警示名單的新聞吵得沸沸揚揚，而在 8/20 的調查報告裡，它直接變成台灣人最信任的交易所。
根據中華徵信所（CRIF）在 8 月 20 日發布《台灣民眾虛擬資產產業未來發展及監管機制調查》，訪問了 1,200 位個人投資者與 400 位企業決策者。
而在有虛擬貨幣交易經驗的個人受訪者裡，幣安（Binance）在「最常使用的交易平台」拿到 31.5%，在「最信任的交易平台」拿到 51.5%，兩題都是第一。
這意味著，在有交易經驗的台灣投資人裡，超過一半最信任的是幣安。
而幣安作為境外平台，因為尚未向金管會完成洗錢防制登記，依法不得在台灣境內提供虛擬資產服務。不過同一份調查裡，也有超過八成的個人投資者與企業決策者認為，單靠本土平台無法完全滿足自己的需求。
根據我的觀察，當一個市場的合規名單裡只有本土業者，而使用者要的流動性、幣種數量跟衍生性商品又是大型國際平台才給得起，使用者最後就只能在「合法」跟「好用」之間挑一個。
所以我認為，這份調查真正該被政策端看見的，不是哪一家交易所排第一，而是數據已經明確顯示，使用者希望台灣的規則能跟國際主流作法接軌。
合規化的方向我一直覺得是對的，只是當合法名單裡永遠只有本土平台，那就有點矯枉過正了。
如果今天要你在一間「台灣管得到的平台」跟「全球用戶更多、但台灣管不到的平台」的平台之間選一個放錢，你會怎麼選？
歡迎跟我分享～
⚠️ 以上內容僅供參考，不構成任何投資建議。

On August 18, South Korea’s communications and broadcasting regulatory body issued a ruling ordering network operators within the country to directly block the prediction market platform Polymarket. The reason given was that it violates Article 246 of the South Korean Criminal Act and is considered a venue that offers gambling.
Additional context: Polymarket is a U.S. platform that lets people bet on “future events” using cryptocurrency. You can buy outcomes ranging from who will win an election to the score of a sports match. Before restrictions were rolled out in various countries, more than 100 countries were able to use it.
Polymarket, in its defense, argued that it had already removed the Korean-language interface and does not accept payments in South Korean won, so South Korean law should not apply to it. However, the South Korean authorities rejected this claim, saying that a company cannot evade a country’s laws based on technical characteristics or the way it provides services.

美國財政部在 8 月 17 日發布了一份關於《GENIUS 法案》的規則草案，並在隔天正式刊登在聯邦公報上，公開徵詢意見到 10 月 19 日。而這份草案要處理的是《GENIUS 法案》的第三條核心問題：誰有資格在美國發行、販賣穩定幣。
其中，草案的原文把「在美國發行」界定得很窄，只有兩種情況算數：發行的人本身在美國，或者他把這顆穩定幣發給了美國境內的人。
所以像 Tether（USDT 發行商）這種總部設在薩爾瓦多的外國公司，只要不主動賣給美國人，就不算違規。
財政部甚至在文件裡直說，法案本來就預期美國境內會有次級市場，也就是投資人彼此之間買賣外國發行商發出來的穩定幣。
同時，從 2028 年 7 月 18 日開始，數位資產服務商，也就是交易所、錢包這類幫你買賣的平台，不得向美國境內的人提供或販賣穩定幣，除非那顆穩定幣是由「取得許可」的發行商、或是「符合條件」的外國發行商所發行的。
然而，要成為那顆能夠在美國合法「賣出去」的穩定幣，發行商的資產儲備只能放以下六樣東西：
美國的實體硬幣與紙鈔受保存款機構的活期存款剩餘到期日 93 天以內的美國公債以上面公債為擔保的附買回與附賣回交易只投資上述標的的貨幣市場基金央行準備金存款
在這張清單上，沒有比特幣，也沒有黃金。而就在草案發布的四天前，Tether 才剛宣布完成史上第一次完整年度財務審計，由 KPMG 美國執行，對 2025 年度財報出具「無保留意見」（Unqualified Opinion），也就是會計師五種意見裡最好的一種。
KPMG 在審計過程中，甚至把它持有的每一根金條都實體清點過一遍，結果顯示，Tether 的儲備比負債多出 68.14 億美元。
根據我的觀察，這份審計證明的是 Tether 很誠實，它說有多少儲備證明就真的有多少。只是美國這套新規則要的不是誠實，是「聽話」的公司。
企業手上可以有黃金、比特幣，雖然每一項都經得起會計師點算，但只要那些資產不在美國政府的許可清單上，它們在這套遊戲規則裡就等於是零資產。
或許你會說，台灣的交易所又不歸美國管，那我在 MAX 或幣託買 USDT，到底關我什麼事？
短期內確實不影響。但全球的交易所在決定要不要繼續上架某一顆穩定幣時，看的從來就不只是自己國家的規定，而是「美國市場」的臉色。
當美國把標準訂成「發行商的資產儲備只能是現金和短天期公債」，這套標準就會慢慢變成全世界的「預設標準」。
所以我認為，這套規則真正的目的並不是保護持有者，而是把穩定幣變成美國公債的通路。你有查過手上的穩定幣，背後發行商的儲備資產是放什麼嗎？
歡迎跟我分享～
⚠️ 以上內容僅供參考，不構成任何投資建議。

Strategy (formerly MicroStrategy), the publicly listed company that holds the most Bitcoin globally, filed its latest Form 8-K with the U.S. Securities and Exchange Commission (SEC) on August 17, U.S. time.
In the file, the Bitcoin record only has one line of conclusion: during the week from August 10 to August 16, it bought or sold not a single Bitcoin. However, since its last purchase of 520 Bitcoins on 6/21 up to now, it has been a full eight weeks.
Strategy currently holds 840,447 Bitcoins, with an average cost of $75,385 per coin.
And Bitcoin’s current price is about $64,100. In other words, the company in the world that buys the most Bitcoin is also the one that’s in the deepest loss…

Tether completes its first-ever full financial statement audit. KPMG issues the highest-grade “unmodified opinion.” ​ Issuer of USDT, Tether announced on August 13 that it has completed the first full annual financial audit in its history, conducted by KPMG in the United States—one of the Big Four accounting firms—issuing an “unmodified opinion” (Unqualified Opinion) on its 2025 financial statements.
This is the best type of of the five audit opinions available. It means the financial statements were prepared according to the rules, with no material issues found.
The audit scope covers three financial statements: the balance sheet, the income statement, and the cash flow statement. It also includes transaction records, system controls, and ownership documents. ​ The results show that Tether’s reserve assets exceed its liabilities by $6.814 billion, and excess reserves have reached a new high.

Operating the Trump Media & Technology Group, which runs Truth Social, the Trump media technology group filed its latest quarterly report with the U.S. Securities and Exchange Commission (SEC) on August 10 in U.S. time.
It states that, just in the first half of this year alone, its losses on crypto assets reached $360.6 million, which is equivalent to more than NT$11.5 billion. Most of it has not actually been sold; but as long as the coin price falls, the losses must be recognized on the books right away.
And the same report also reveals that the company’s total revenue for the first half was only $2.54 million.

Have you ever thought about how you would know that something is fake if an investment platform transfers profits into your account every month on time, for three consecutive years?
Yesterday (8/11), the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in the federal district court in Florida. The defendants are a cryptocurrency investment firm called Goliath Ventures, as well as its founder and CEO, Christopher Delgado.
According to the SEC’s complaint, over the three-year period from January 2023 to January 2026, the company raised at least $425 million from more than 1,300 investors, which is about NT$13.7 billion.

Have you ever thought about who would compensate you if, one day, all the coins you have stored on an exchange were completely stolen?
Global trading volume’s third-largest cryptocurrency exchange Bybit has officially announced that it is suing the North Korean government in a U.S. federal court. The defendants are not only hackers, but the entire North Korean state, the Reconnaissance General Bureau under it, and the Lazarus Group—an organization identified by the U.S. government as a North Korean hacking group.
The reason is that, in the February 2025 North Korean cyberattack on Bybit, losses were about $1.5 billion (around NT$48.3 billion), making it one of the largest thefts in the history of cryptocurrencies.

The cryptocurrency hot wallet “MetaMask,” which is the most widely used by people worldwide, officially and fully opened the “Agent Wallet” feature yesterday (8/6). As long as you put your money into the wallet, the AI can monitor markets, make its own decisions, and execute trades on its own—without needing to loop back and confirm with you at any point.
The currently supported AI list includes Claude Code, Codex, Cursor, OpenClaw, Hermes, and OpenCode. And this AI agent has two modes:
▍Guard Mode
The original official wording is “daily spend limits, allowlisted protocols, and human approval via 2FA on anything outside the policy set by each user.”

The Financial Supervisory Commission announced yesterday (8/4) that starting this October, when transferring cryptocurrency through Taiwan-compliant exchanges, for any single transaction exceeding NT$30,000, the transferor must provide their date of birth and home address. The reason is to ensure that the flow of each payment can be traced.
What does NT$30,000 mean in practice? I think this threshold is the amount many retail investors will encounter the first time they buy crypto.
But what really matters isn’t that NT$30,000 limit. Instead, the key point is the regulator’s hardline plan: no matter how much you transfer, your name and the related information for that transfer must be sent together. The “NT$30,000” is only there to require additional details—“birthday and residential address.”

Over the past five weeks, the company that held the most Bitcoin worldwide—Strategy—did not buy a single one. And not only did it not buy; during this period it actually sold 3,588 Bitcoins in reverse. The company’s boss is none other than the Bitcoin guru—Michael Saylor—who has been shouting the slogan “Never sell your Bitcoin” for five years.
According to a report by The Block, last Sunday (8/2), Saylor posted on the X (formerly Twitter) platform the line “Bitcoin Drive engaged,” which the market interpreted as him getting ready to start buying Bitcoin again.

Coinbase, the largest cryptocurrency exchange in the United States, announced its second-quarter earnings yesterday. Net losses for the quarter were about $360 million (approximately NT$11.6 billion), and the stock price dropped 5% that day. In the same quarter, bitcoin’s price fell by about 14% (according to a report by CoinDesk).
On the surface, this looks like a string of bad news for the cryptocurrency market. But if you scroll further down the same earnings report, you’ll find that Coinbase’s market share in this quarter jumped to 10.3%, the highest record since it was founded—and it has been rising for three straight quarters.
Eighty-eight percent of its revenue comes from businesses other than “buying and selling bitcoin.” Just the subscription and services segment brought in $555 million in the quarter alone, accounting for nearly half of total revenue. If you remove asset impairments on the books, the core operations are actually still profitable.

Do you also have stocks in TSMC and the AI supply chain in your hands, or ETFs like 0050 or 00878? If you do, you should have felt the “green lights shining overhead” yesterday…
Because yesterday (7/28), the stock market in neighboring South Korea saw a nearly 11% collapse within a single day.
That day, the South Korean benchmark Kospi closed at 6,023 points, down 10.8% in a single day. During trading, it even briefly fell enough to trigger the circuit breaker mechanism and suspend trading. Leading the decline were two memory-chip leaders: Samsung Electronics fell 13.4%, and SK hynix fell 14.7%.
The fuse was that the market suddenly started to doubt: has the money for this round of AI been burned too much?

Many people often buy a coin. Even if the company hasn’t run into trouble and the overall market hasn’t crashed, one day it suddenly and unexpectedly drops, leaving you bewildered and trapped in a loss.
In reality, more often than not, this kind of situation where it "drops for no reason" is simply because "the time has come"!
For example, one of the most popular recent crypto projects is Hyperliquid (HYPE). Its development team still holds roughly 20% of the coins; to this day, they remain "locked" and have not entered market circulation. This isn’t some insider secret—anyone can look it up on a public unlock data website.
But seasoned veterans in the industry, the moment they see this kind of "unlock date," usually get on high alert right away.

You want to buy some Bitcoin, but you’re always worried, “If an exchange goes under one day, won’t my money disappear along with it?”
And just last week, it seems that concern became reality…
On 7/23, BitMEX, a long-time exchange that was founded 11 years ago and invented “perpetual contracts,” announced that it would completely stop operations on September 23. Three days later (7/26), another exchange, BitMart, which had been in business for 9 years, also announced it was closing down…
Within a week, two long-established exchanges shut down one after another. If your first reaction is, “Oh no, here comes the next FTX collapse!” don’t panic yet.
When BitMEX announced it would stop operating, it proactively published a proof of reserves showing that the assets on its books were enough to fully cover all customers’ funds. Before BitMart stopped trading, its daily trading volume was still $1.6 billion. Both exchanges gave users several months to slowly withdraw their money.

Yesterday (7/22), U.S. Senator Cynthia Lummis released a new 616-page version of a bill: the (Digital Asset Market Clarity Act), also known as the CLARITY Act. It’s a complete substitute version proposed in response to H.R. 3633, which the House passed last year.
If your reaction is, “What are lawmakers in the U.S. arguing about, and what does that have to do with me?”
Then you probably don’t know that there are four bills in here that matter: whether the coin in your hand legally counts as yours or not!
First, let’s talk about what this bill is trying to solve. Over the past few years, the biggest regulatory chaos in the United States has been over the same coin: the SEC (Securities and Exchange Commission) says it’s a security, while the CFTC (Commodity Futures Trading Commission) says it’s a commodity. Each side regulates its own, and platforms don’t know who to listen to.

Many people who just stepped into the crypto world, their first—or only—crypto asset to buy is “Bitcoin.” As for “Ethereum,” the second-largest cryptocurrency by market cap, most people have “heard of it, but always feel that it’s more complex and more dangerous,” so they’ve never really taken it seriously or tried it.
However, according to statistics, from 7/13 to 7/17, Ethereum spot inflows managed to overtake Bitcoin’s at a rare pace. Its ETF recorded about $105 million in net inflows for the week, which is more than the $75.67 million net inflows of the Bitcoin ETF during the same period. The biggest driving force behind this is still the Ethereum fund under BlackRock, the world’s largest asset management company.

When you often see a coin price drop sharply, you might think to yourself, “A pullback is a buying opportunity.” But after you actually enter the market to buy, the price keeps falling—doesn’t that end up trapping you deeper?
Many people feel this way: “Wanting to buy cheap, but ending up buying in the middle of the mountains.”
And yesterday (7/20), Standard Chartered Bank, the most bullish on cryptocurrencies among traditional banks, once again set an optimistic target that Bitcoin could reach as high as $100,000 by year-end. They also added that the recent sell-off from the peak is more like a short-term market sentiment issue; it’s not that Bitcoin’s fundamentals have worsened—it’s just “noise.”

Last Thursday (7/16), the most mysterious market maker behind the U.S. stock market, Citadel Securities, invested $400 million (about NT$12.9 billion) to take a stake in the cryptocurrency exchange “Crypto.com,” causing its valuation to jump to $20 billion (about NT$648 billion) in one go.
This is also the first time since Crypto.com was founded that an outside institution’s funds have been allowed to move in.
If your reaction is: “What do I care? A U.S. company is investing in an exchange.”
Then you need to first understand who Citadel is.
Citadel Securities is one of Wall Street’s biggest market makers. In every trade you make in the U.S. stock market, it is almost always behind the scenes. According to statistics, among orders from U.S. retail investors, about 1 out of every 3 trades is matched through Citadel.

Just yesterday (7/16), Morgan Stanley’s U.S. brokerage, E*TRADE, officially opened up access, allowing retail investors to directly buy, sell, and hold cryptocurrencies like Bitcoin and Ether in the “stock trading account.”
If your reaction is: “What does the matter of U.S. brokerages have to do with me?”
Actually, what it breaks is the first hurdle that most people hit when buying crypto. In Taiwan, if you want to buy Bitcoin, you have to leave your familiar securities account and open a separate crypto exchange account—like MAX, Bitdot, or ZONE Wallet.