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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 Reuters, citing two informed sources, the Trump administration informed leading AI companies on Tuesday that it will not conduct security testing on open-weight AI models. This decision marks a new direction for the U.S. government in its approach to AI regulation. Open-weight models allow developers and users to freely download, modify, and deploy model parameters without relying on closed API access. Previously, organizations such as the American Institute for AI Safety (AISI) had conducted security assessments on cutting-edge models. The White House and relevant departments have not publicly commented on this matter yet.

According to Jinshi reports, since the U.S. Supreme Court ruled that the Trump administration's use of emergency powers to impose tariffs on trade partners was invalid, approximately $100 billion in tariff refunds have been paid. U.S. Customs officials reported to a judge at the U.S. Court of International Trade on Tuesday that this amount accounts for 60% of the total $165 billion collected from the president's "Liberation Day" tariffs.

According to Reuters, citing four informed sources, the Trump administration is drafting a ban on the import of new models of optical modules for data centers from China. The Federal Communications Commission (FCC) is formulating this measure to prohibit the import of new models of optical modules that can transmit data through fiber optic cables within data centers, with officials hoping to release and implement it within this year. The ban aims to prevent Chinese companies from stealing data, implanting malware, or disrupting services at U.S. data centers.The ban may primarily affect Inspur (leading with a 27% share of the global data center optical module market), which was listed in June of this year on the Pentagon's list of companies involved in military activities. U.S. cloud providers (such as AWS) may be forced to turn to alternative suppliers like Coherent and Lumentum, raising costs. The FCC has previously imposed similar restrictions on Chinese drones, routers, robots, and inverters. The Chinese embassy in the U.S. stated that "it will take all necessary measures to respond to any actions that harm China's interests." The draft may still be modified or shelved.

The State Administration of Foreign Exchange held a video conference for the exchange of foreign exchange management work in the second half of 2026, deploying key tasks for foreign exchange management in the second half of 2026.It pointed out the need to strengthen and improve regulation in the foreign exchange sector. Promote the revision of the "Foreign Exchange Management Regulations." Enhance the capacity and level of foreign exchange regulation, utilizing new technologies such as artificial intelligence and big data to empower foreign exchange regulation, strengthen the supervision of foreign exchange market trading behaviors, and crack down on illegal cross-border financial activities. Strengthen the capacity building for the management of foreign exchange reserves and improve the professional level of foreign exchange reserve management. Overall, enhance the level of foreign exchange management work. Promote the construction of the international balance of payments statistical system, deepen the construction of "digital foreign exchange management" and "secure foreign exchange management," and accelerate the exploration and practice of "smart foreign exchange management" application scenarios.

According to Jinshi reports, the National Highway Traffic Safety Administration is investigating the hanging failure of 1.2 million Tesla (TSLA.O) vehicles.

On July 31, the Financial Regulatory Administration, the Central Bank, the Securities Regulatory Commission, and the Ministry of Finance jointly issued the "Implementation Opinions on Improving the Governance of Financial Institutions," proposing 22 measures. It aims to establish a governance mechanism for financial institutions by 2029 that features clear boundaries of responsibilities and powers, compatible incentives and constraints, strict risk management, and standardized and efficient operations. Core measures include: strict control over shareholder access, building a "firewall" between industrial capital and financial capital, penetrating identification of major shareholders and actual controllers, and prohibiting the concealment of control rights and related relationships; strict regulation of shareholder behavior, prohibiting the transfer of benefits to shareholders and related parties; strengthening the responsibilities of directors, senior executives, and other "key minorities," and preventing the "flow of personnel with violations"; implementing lifelong accountability for major illegal and irregular behaviors; early intervention for institutions with significant governance defects; promoting the revision of important laws and regulations in the financial sector, and improving systems related to shareholder equity, corporate governance, and market exit.

Binance founder Zhao Changpeng paid tribute to BitMEX founder Arthur Hayes. It's unfortunate to see BitMEX shut down. Some thoughts:BitMEX was the first to launch 100x cryptocurrency trading back in 2014. Futures contracts had existed before this, making Friday trading exceptionally busy. BitMEX only accepted Bitcoin deposits, supported only one chain, allowed withdrawals once a day, and required multi-signature wallets. These seemingly inconvenient restrictions actually protected them from hacker attacks.After 18 months of struggle, the four founders ultimately admitted to violating the Bank Secrecy Act (BSA) a month before the trial. They were each fined $10 million and placed under house arrest. No one went to prison as a result. However, their business ultimately could not withstand the "cryptocurrency war" initiated by the Biden administration.In the end, the liquidation process of BitMEX appeared orderly, and users were able to withdraw their assets. Tribute to Arthur Hayes.

According to Cointelegraph, Vietnam issued Decree No. 284/2026/NĐ-CP on July 16, officially establishing an administrative penalty framework for cryptocurrency violations, providing a legal basis for the upcoming regulated cryptocurrency market.According to the decree, investors trading on unlicensed platforms face fines of up to 50 million Vietnamese dong (approximately $1,900); unauthorized issuance of crypto assets and serious anti-money laundering (AML) violations can incur fines of up to 200 million Vietnamese dong (approximately $7,700); authorities are also authorized to suspend related activities, revoke licenses, and confiscate assets.The decree will officially take effect on September 1. In terms of background, Vietnam opened applications for domestic cryptocurrency exchange licenses in January this year, and Deputy Minister Nguyen Duc Chi previously stated that the first batch of regulated activities is expected to launch in the third quarter.

U.S. Congressman Bryan Steil expressed optimism on Fox News that the CLARITY Act is expected to pass in the Senate next week, emphasizing that the U.S. needs to establish a regulatory gold standard in the digital asset space. Bryan Steil currently serves as the Chairman of the House Administration Committee and also chairs the Subcommittee on Digital Assets, Financial Technology, and Inclusion within the Financial Services Committee.

According to a report by Reuters, the Cyberspace Administration of China announced on Wednesday (July 15) that Apple's edge-generative AI service "Apple Intelligence" has successfully completed filing in China and is approved for use on iPhone devices in the Chinese market. The official announcement has not yet specified a concrete launch date.According to informed sources, Apple's AI service will integrate the AI model capabilities of Baidu and Alibaba. Alibaba subsequently confirmed in a statement that its "Tongyi Qianwen" (Qwen) large model will be integrated into the Apple Intelligence experience for users in China on iOS, iPadOS, macOS, and visionOS. Apple has not yet responded to this.

According to Caixin, the case involving 60,000 bitcoins belonging to Qian Zhimin held a three-day hearing from July 7 to 9, 2026. Blue Sky Ge Rui Company officially joined the battle for bitcoin rights through the litigation administrator. The bitcoin dispute has transformed from a "two-party confrontation" into a "three-party competition": 1. The UK prosecution (DPP) claims that the assets should be recovered by the state; 2. The Chinese victims assert that they have property rights to the bitcoins that can be traced and have significantly appreciated in value; 3. The litigation administrator representing Blue Sky Ge Rui Company argues that the bitcoins are substitute assets formed after Qian Zhimin misappropriated company funds.It is reported that the estimated value of the bitcoins involved in the case is about 427,000 yuan each as of July this year, a 152-fold increase from the purchase price when Qian Zhimin acquired them in 2014 (2,815 yuan each). If the applicant can successfully assert their property rights to the relevant bitcoin assets, the amount they can recover will not be limited to the original investment loss but can also extend to the appreciation gains of the bitcoins. The litigation administrator representing Blue Sky Ge Rui Company believes that the bitcoins in question are essentially transformed from misappropriated company property, and the company has the right to trace them and assert property rights.Meanwhile, the Director of the UK Crown Prosecution Service (DPP) continues to insist that Chinese law should apply, while the leading law firm representing individual victims has proposed four complementary legal arguments to avoid the victims' claims being entirely dismissed due to any single legal pathway: 1. Bitcoin in the UK should be governed by UK law; 2. The investment contract is a scam, and upon cancellation, the rights revert to the victims; 3. The tracing mechanisms under POCA Sections 305 and 306 should also apply to the victims; 4. A "mixed structure" should break the binary choice between Chinese and UK law.

According to the Financial Times, Apple is lobbying the Trump administration for approval to purchase memory chips from Chinese chipmaker Changxin Storage. Due to multiple factors leading to a rise in memory prices, Apple unusually raised the prices of MacBook and iPad on Thursday, resulting in a market value loss of $263 billion. Apple hopes to alleviate the financial pressure from suppliers by including Changxin Storage in its list of memory suppliers.Changxin Storage and Yangtze Memory Technologies have currently been placed on the U.S. Department of Defense's blacklist of Chinese military companies (the 1260H list). The U.S. Department of Commerce had planned to add Changxin Storage to the entity list last year, but the White House postponed the plan due to ongoing trade negotiations with China at that time. Currently, aside from Chinese companies, the global memory chip industry is mainly dominated by three companies: U.S.-based Micron, and South Korea's Samsung and SK Hynix.

Tiger Brokers announced that on May 22, the Beijing Regulatory Bureau of the China Securities Regulatory Commission imposed administrative penalties on some of the company's subsidiaries and ordered the confiscation of illegal gains, totaling approximately 411 million RMB (about 59.7 million USD).The related penalties stem from some subsidiaries conducting unlicensed cross-border securities business within China, as well as illegal activities involving funds and futures business. The company sincerely accepts the penalties and has confirmed them as a significant matter following the first quarter. Considering the company's overall profitability and cash flow situation, this one-time expenditure will not have a significant adverse impact on the company's operational activities or long-term development.

According to crypto journalist Eleanor Terrett, U.S. Treasury Secretary Scott Bessent reiterated today that a central bank digital currency (CBDC) will not be launched during the Trump administration. However, the House of Representatives has passed the "ROAD to Housing Act," which only includes a temporary ban on the Federal Reserve issuing a CBDC, set to expire in December 2030. The bill has not yet passed in the Senate.Senate Republican leader Thune stated that pushing for a permanent ban may face resistance from Democrats. Some House Republicans believe that the expiration of the ban may reopen the space for the Federal Reserve to explore a CBDC. Fed Chairman Kevin Warsh stated that as long as he has the authority to stop it, he will not allow the Fed to advance a CBDC.

Paul Atkins, the Chairman of the U.S. SEC, stated that the SEC has long been at odds with the development of new technologies and innovations, leading entrepreneurs to turn to overseas markets. He said this phase has ended. Under President Trump’s leadership and with the cooperation of government and congressional colleagues, the SEC is providing what it calls the "much-needed clarity" for the digital asset market.

Echo Protocol announced that its eBTC deployment on Monad experienced unauthorized activity, resulting in abnormal minting and financial losses. Preliminary investigations indicate that the issue stemmed from the compromise of the administrator keys related to the Monad deployment, with approximately $816,000 in assets currently confirmed to be affected.Echo stated that the Monad network itself was not affected and continues to operate normally. The team has regained control of the administrator keys and has destroyed the remaining 955 eBTC held by the attacker. The project further clarified: the current incident appears to be limited to the Monad deployment; there is no evidence to suggest that the Aptos side has been affected; aBTC on Aptos and eBTC on Monad are independent, non-bridgeable assets; the current related risk exposure on Aptos is approximately $71,000.As an additional precaution, Echo has suspended the cross-chain functionality of the Monad deployment and has begun upgrading the related EVM bridging contracts and permission control mechanisms, while reminding users not to interact with any unofficial claims, refund, or recovery pages.

According to an official announcement, the National Credit Union Administration (NCUA) has released a proposed rule outlining the operational and risk management standards for stablecoin issuers permitted under the GENIUS Act. NCUA Chairman Kyle Hauptman stated that the proposed rule aims to ensure that credit unions are not at a disadvantage in terms of standards and aligns with the proposed standards for bank subsidiaries. The proposed rule has been published in the Federal Register, and the comment period will close on July 17, 2026.

Purrlend announced that it encountered a security incident during the deployment of HyperEVM and MegaETH, resulting in a loss of approximately $1.52 million.The attacker breached the team's 2/3 multi-signature wallet, granting permissions such as BRIDGE_ROLE to a malicious EOA, and minted unbacked pUSDm and pUSDC through mintUnbacked, using them as collateral to borrow assets from the pool. Purrlend stated that it has suspended the protocol, revoked related permissions, and is working with security teams, law enforcement, and cross-chain bridge partners to track and attempt to recover the funds.