11.29 AI Daily Report: Global encryption regulation is tightening, and new policies have been introduced consecutively by China, the UK, and Turkey.

1. Headlines

1. The People's Bank of China held a meeting to resolutely combat speculation in virtual currency trading.

Recently, the People's Bank of China held a meeting of the coordination mechanism for combating virtual currency trading speculation. The meeting pointed out that in recent years, various units have seriously implemented the decisions and deployments of the Party Central Committee and the State Council. In accordance with the requirements of the “Notice on Further Preventing and Handling Risks of Virtual Currency Trading Speculation” jointly issued by the People's Bank of China and ten other departments in 2021, they have resolutely cracked down on virtual currency trading speculation and rectified the chaos in virtual currency, achieving significant results.

However, recently, affected by various factors, speculation and hype in virtual currencies have risen, and related illegal activities have occurred from time to time, facing new situations and challenges in risk prevention and control. The meeting emphasized that virtual currencies do not have the same legal status as legal currencies, do not possess legal tender status, and should not and cannot be circulated as currency in the market; activities related to virtual currencies are considered illegal financial activities.

The conference requires all units to adhere to the guidance of Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the previous plenary sessions of the 20th Central Committee, treat risk prevention and control as the eternal theme of financial work, continue to uphold the prohibitive policy towards virtual currencies, and persistently crack down on illegal financial activities related to virtual currencies. All units should deepen collaboration, improve regulatory policies and legal bases, focus on key links such as information flow and capital flow, enhance information sharing, further improve monitoring capabilities, severely combat illegal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.

2. OpenSea executives deny Coinbase leaking news of $150 million token sale

Shiva Rajaraman, the Vice President of Product at OpenSea, denied on social media the news that Coinbase leaked about OpenSea conducting a $150 million token sale in January 2023. Rajaraman stated that this is purely a rumor and that OpenSea currently has no plans for any token sales.

Previously, there were reports that Coinbase accidentally leaked internal information about OpenSea's token sale worth $150 million scheduled for January 2023. As soon as the news broke, it sparked a heated discussion in the crypto community. OpenSea quickly responded, denying the claim.

OpenSea, as the world's largest NFT trading platform, has its token issuance plan under significant scrutiny. If the news is true, it will have a major impact on the cryptocurrency market. However, it currently seems that this news is a misunderstanding caused by rumors. OpenSea emphasized that the company is currently focusing on product innovation and improving user experience, and there is no token issuance plan at this time.

This incident has once again raised people's concerns about the transparency of cryptocurrency information. Analysts say that the lack of regulation and information disclosure mechanisms in the cryptocurrency market can easily lead to rumors and misunderstandings, causing turmoil in the market. Industry insiders are calling for enhanced information disclosure and increased transparency to create a favorable market environment for investors.

3. The UK will require cryptocurrency exchanges to report user transaction records starting in 2026.

The UK's HM Revenue and Customs ( HMRC ) has issued new regulations, effective from January 1, 2026, that require all cryptocurrency exchanges operating in the UK to collect and retain complete transaction records of users, and to report this data to HMRC in full by 2027, for the purpose of cross-referencing tax information and combating tax evasion related to crypto assets.

This new regulation aligns the UK with the OECD Crypto Asset Reporting Framework (CARF), which aims to enhance the transparency of the rapidly growing digital asset market and has already been promoted in countries and regions such as the EU, Canada, Australia, Japan, and South Korea.

Cryptocurrencies have long been viewed as tools for tax evasion, and the UK aims to strengthen regulation to curb such behavior. Exchanges are required to collect detailed information including user identities, transaction amounts, and counterparties, and report it to tax authorities. If discrepancies are found between user declarations and actual circumstances, penalties will be imposed.

This new regulation will bring greater compliance pressure and costs to cryptocurrency exchanges. Industry insiders are concerned that excessive regulation may hinder the development of the cryptocurrency industry. However, on the other hand, strengthening regulation is beneficial to curb illegal activities such as tax evasion, maintain market order, and protect the interests of investors.

The UK's move will also encourage other countries to follow suit, and similar regulatory measures may be introduced in the future. Analysts believe that cryptocurrencies are being integrated into the mainstream regulatory framework, and the industry will face more challenges while also gaining greater room for development.

4. The Bitcoin mining company mine makes a significant increase in its holdings of Ethereum.

The cryptocurrency mining company mine announced a $44 million investment to purchase 14,618 Ethereum, increasing its total Ethereum holdings to 363,000, accounting for approximately 3% of the total Ethereum supply.

Mine indicates that this move is aimed at enhancing its Ethereum mining business and fully leveraging the upward potential of Ethereum. The company believes that the current Ethereum price, which is close to $3000, represents a key accumulation opportunity. Analysts predict that by 2026, the price of Ethereum could reach $7000-9000.

As the second largest asset in the cryptocurrency sector, Ethereum's price trends have always attracted attention. Recently, activities and applications on Ethereum have been increasing continuously, driving its value to rise steadily. This move is seen as a positive outlook for Ethereum's long-term prospects.

However, some analysts are cautious about this. They believe that the cryptocurrency market is highly volatile, and there are certain risks associated with large purchases by mining companies. If the price of Ethereum experiences a significant drop, mine may suffer substantial losses.

Overall, this move by mine reflects the confidence of cryptocurrency mining companies in Ethereum and highlights Ethereum's important position in the cryptocurrency ecosystem. In the future, the development of Ethereum will continue to receive close attention both inside and outside the industry.

5. Google releases next-generation AI language model, challenging OpenAI's dominance.

Tech giant Google recently launched a new generation of large language models, directly challenging models like OpenAI's GPT-3. Not only does it surpass GPT-3 in scale, but it also has made breakthrough progress in performance and capability.

Google has stated that it excels in natural language understanding, reasoning, and multimodal tasks, being able to handle more complex and open-ended tasks. It also possesses stronger security and controllability, effectively preventing harmful outputs.

This release is seen as a significant move by Google in the field of artificial intelligence. In recent years, OpenAI has dominated with large language models like GPT-3, while Google has lagged behind in this area. The emergence of this product marks that Google is increasing its investment in artificial intelligence, striving to regain its dominance.

Analysts believe that the emergence of will intensify the competitive landscape in the field of artificial intelligence. In the future, major technology companies may engage in fierce competition in terms of computing power, algorithms, and data, in order to gain a leading advantage in the artificial intelligence race.

Artificial intelligence has penetrated many fields including search, translation, content generation, and has had a profound impact on economic and social development. The emergence of a new generation of large language models will further promote the innovation and application of artificial intelligence technology, bringing a whole new transformation to human production and life.

2. Industry News

1. Bitcoin still faces downward pressure in the short term, but the long-term outlook remains bullish.

Bitcoin briefly surpassed $93,000 in the past 24 hours but then retreated above $91,000. Analysts point out that despite Bitcoin's strong performance recently, it still faces downward pressure in the short term. The main reasons include:

1. The uncertainty in the macroeconomic environment continues, and the expectation of interest rate hikes by the Federal Reserve puts pressure on risk assets.
2. Investor sentiment remains relatively cautious, and market trading volume has decreased.
3. Bitcoin is currently at a key resistance level and requires more buying power to sustain an upward breakthrough.

However, in the long run, the outlook for Bitcoin remains bullish. Institutional investors are gradually returning to the crypto market, and Bitcoin's role as an asset allocation tool is becoming increasingly prominent. In addition, the adoption rate of Bitcoin continues to rise, and its function as a store of value and payment tool will be further enhanced. Analysts expect Bitcoin to return above $100,000 before the end of the year.

2. Ethereum faces selling pressure, but the fundamentals remain strong.

Ethereum has fallen nearly 5% in the past 24 hours, currently trading in the range of $2,600 to $2,800. The sell-off is mainly attributed to the following reasons:

Investors are concerned about the upcoming Ethereum Shapella upgrade, fearing it may cause temporary network congestion. 2) Ethereum has recently faced a large number of short positions, with short positions continuing to increase. 3) The correlation between Ethereum and Bitcoin is relatively high, and it is greatly influenced by the short-term fluctuations of Bitcoin.

Nevertheless, the fundamentals of Ethereum remain strong. The Ethereum ecosystem continues to develop, with applications in areas such as DeFi and NFTs remaining active. In addition, as a leading smart contract platform, Ethereum plays an important role in the construction of Web3 and the metaverse. Analysts believe that once market sentiment stabilizes, Ethereum is expected to regain its upward momentum.

) 3. Solana has faced a large amount of short selling, but its ecological development is still worth looking forward to.

Solana has dropped more than 10% in the past 24 hours, falling below the $140 mark. The main reason for the sell-off is:

1### Large short positions entered, putting significant pressure on Solana. Investors are concerned about the recent performance issues on the Solana network. 3) The overall sentiment in the cryptocurrency market has turned negative, and risk-averse sentiment is on the rise.

Despite being under pressure in the short term, Solana's long-term development prospects remain promising. The Solana ecosystem is rapidly evolving, attracting a large number of developers and capital. Additionally, Solana has advantages in scalability and low transaction fees, making it likely to become one of the mainstream public chains. Analysts believe that as long as Solana can continue to optimize network performance, its long-term value will be realized.

Overall, the cryptocurrency market still experiences significant volatility in the short term, and investors need to remain cautious. However, in the long run, leading cryptocurrency projects still possess enormous potential, and their development is worth continuous attention.

3. Project News

) 1. The Sui ecosystem welcomes $1.8 billion in stablecoin inflows, attracting market attention.

The Sui ecosystem attracted $1.8 billion in stablecoin inflows within just 24 hours, and this massive influx of funds has rekindled interest in the network. As an emerging Layer 1 blockchain, Sui was created by former Meta employees and utilizes the Move programming language, aiming to provide high performance and scalability.

Recent updates show that a large amount of stablecoins is flowing into the Sui ecosystem, which may be related to the recent launch of new products and applications on the network. The Sui ecosystem is rapidly developing and attracting significant attention from developers and investors. Its innovative design and technological advantages are expected to bring long-term growth.

This influx of funds has sparked heated discussions in the market about the potential of Sui. Some analysts believe that Sui is likely to become the next crypto hotspot, as its unique technological path may bring about industry changes. However, there are also concerns about its sustainability, with some suggesting that further observation of its ecological development is needed.

Overall, the rapid development and influx of funds into the Sui ecosystem have attracted widespread attention in the industry. Whether it can deliver on its promises in the future will determine its position and influence in the cryptocurrency space.

) 2. The Aptos Foundation's focus direction has differences, and the ecological development prospects are under attention.

Aptos is an emerging Layer 1 blockchain created by former Meta employees, using the Move programming language. Recently, there have been differences in development direction within the Aptos Foundation, raising external concerns about its ecological development prospects.

According to sources, there are differing opinions within the Aptos Foundation regarding which areas should be prioritized. Some believe the focus should be on DeFi and financial applications, while others hope to prioritize the development of consumer applications such as games and NFTs.

This divergence may affect the unified development direction of the Aptos ecosystem, leading to resource dispersion. At the same time, it also reflects that the Aptos ecosystem is still in its early stages and lacks a clear development roadmap.

However, some analysts believe that this divergence is healthy and reflects the diversity and inclusiveness of the Aptos ecosystem. As long as a reasonable development strategy can ultimately be formed, Aptos still has the potential to become a powerful blockchain ecosystem.

Overall, the internal divisions within the Aptos Foundation have raised external concerns about its development prospects. Whether Aptos can smoothly resolve its internal differences in the future and launch a clear development roadmap will determine its position and influence in the crypto space.

3. Movement has become the last token project to be launched in the Move ecosystem, generating anticipation.

Movement is the last unissued token project in the Move ecosystem, and its future development prospects have attracted widespread attention and anticipation in the industry.

Move is an emerging blockchain programming language developed by Meta, aimed at providing higher security and scalability. Currently, well-known projects such as Sui and Aptos have successively issued tokens and launched their mainnets within the Move ecosystem.

As the last token project to be launched in the Move ecosystem, Movement has attracted significant attention. Some analysts believe that the development of Movement will have a substantial impact on the future of the Move ecosystem and may become a star project within it.

However, some people remain cautious about Movement. Due to the lack of specific information, there is still uncertainty regarding Movement's technical roadmap and development plans. Some investors have stated that they will adopt a wait-and-see approach, evaluating further after Movement announces more details.

Overall, Movement, as the last token project to be launched in the Move ecosystem, has attracted widespread attention and anticipation within the industry. Its future development will have a certain impact on the Move ecosystem and is worth ongoing attention.

4. Economic Dynamics

1. The Federal Reserve's pace of interest rate hikes slows down, inflationary pressure continues.

Economic Background: The US economy experienced a challenging period in 2025. The annualized GDP growth rate for the third quarter was 2.1%, a slight decline from the previous quarter. While the inflation rate has decreased, it remains above the Federal Reserve's target level of 2%. The unemployment rate has stayed at a relatively low level of 3.7%. Overall, economic growth has slowed, but the job market remains robust.

Important Event: The Federal Reserve decided to raise interest rates by 25 basis points at its monetary policy meeting in November, marking the first slowdown in the pace of rate increases since last year. Federal Reserve Chairman Powell stated that although inflationary pressures have eased, further rate hikes are still needed to achieve the 2% inflation target. At the same time, Powell emphasized that there is uncertainty in the economic outlook, and the Federal Reserve will take appropriate actions based on the data.

Market Reaction: The Federal Reserve's interest rate hike decision meets market expectations, and investors welcome the signals of a gradual rate increase from the Fed. U.S. stocks rose slightly after the meeting, with the S&P 500 index up by 0.6%. Bond yields fell slightly, reflecting concerns about an economic slowdown. The dollar index softened slightly as the market expects the pace of rate hikes to further slow down.

Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated: “The Federal Reserve is working to achieve what is called a 'soft landing', which means controlling inflation without triggering a severe recession. This is a difficult balance that requires careful maneuvering.” Harvard University Economics Professor Kenneth Rogoff believes: “Inflationary pressures remain severe, and the Federal Reserve may need to keep interest rates elevated for some time to ensure inflation falls back within the target range.”

2. The pace of China's economic recovery is accelerating, and policy support is increasing.

Economic Background: In the first three quarters of 2025, China's GDP grew by 4.9% year-on-year, showing a good momentum of economic recovery. In the third quarter, GDP increased by 6.3% year-on-year, accelerating compared to the first half of the year. Industrial production and fixed asset investment maintained rapid growth, and the consumer market is gradually recovering. The inflation level is moderate, with the consumer price index rising by 2.1% year-on-year in September.

Important events: To further consolidate the foundation of economic recovery, the Chinese government has introduced a series of policy measures. These include increasing infrastructure investment, supporting the development of the manufacturing industry, and promoting the release of consumption potential. At the same time, the People's Bank of China continues to implement a prudent monetary policy, maintaining reasonable liquidity to create a suitable monetary and financial environment for economic development.

Market reaction: Policy favorable measures have boosted market confidence. The Shanghai Composite Index has risen nearly 15% since the beginning of the year, with the average daily trading volume of the Shanghai and Shenzhen markets exceeding 1 trillion yuan, and investor participation enthusiasm is high. The RMB exchange rate has strengthened in both onshore and offshore markets, reflecting foreign capital's optimistic expectations for China's economic prospects.

Expert Opinion: Yuan Gang, Director of the Financial Research Institute of the Chinese Academy of Social Sciences, stated: “China's economy is in a critical period of recovery growth, and increased policy support will inject new momentum into the stable operation of the economy.” David Solomon, Chairman of Goldman Sachs Asia, believes: “The pace of China's economic recovery is accelerating, which will inject positive energy into the global economy and help promote the stabilization and recovery of the world economy.”

3. The EU has passed a new round of sanctions against Russia, and the energy market continues to be volatile.

Economic Background: The European economy is facing significant challenges in 2025. Affected by the Russia-Ukraine conflict and the energy crisis, the Eurozone economy has entered a recession, with a quarter-on-quarter GDP decline of 0.4% in the third quarter. Inflation remains high, rising by 10.9% year-on-year in September, reaching a historic high. The unemployment rate has slightly increased to 6.8%. Overall, the European economy is sluggish, and the outlook is not very optimistic.

Important event: At the end of November, the EU passed a new round of sanctions against Russia, including a price cap on Russian oil products. This move aims to further undermine Russia's energy export revenue and increase pressure on the Russian economy. However, it may also exacerbate the energy supply shortage in Europe.

Market Reaction: The energy market is experiencing turmoil again. International oil prices briefly surged after the announcement of new sanctions, with Brent crude oil surpassing $90 per barrel at one point. Natural gas futures also saw significant fluctuations. The euro to dollar exchange rate slightly declined, reflecting market concerns about the economic outlook in Europe.

Expert opinion: Marcel Fratzscher, director of the German Institute for Economic Research, stated: “A new round of sanctions will further exacerbate the energy supply shortage in Europe, increase production costs for businesses, and may lead to more companies ceasing operations or going bankrupt.” Jeffrey Sachs, a professor at Columbia University, believes: “Although sanctions have impacted the Russian economy, they have also intensified inflation and economic downward pressure in Europe.”

5. Regulation & Policy

1. The People's Bank of China leads thirteen departments to deploy a special rectification to crack down on speculation in virtual currency trading.

On November 28, the People's Bank of China held a coordinated meeting to combat speculation in virtual currency trading. Responsible officials from thirteen departments, including the Ministry of Public Security, the Central Cyberspace Administration, the Central Financial Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, attended the meeting.

The meeting pointed out that recent speculation in virtual currencies has risen, and related illegal activities have occurred from time to time. The meeting reiterated that virtual currencies do not have legal tender status and specifically noted that stablecoins, as a form of virtual currency, currently do not effectively meet customer identity verification and anti-money laundering requirements, posing risks of being used for money laundering and illegal cross-border fund transfers. Various departments will continue to adhere to the “prohibitive policy” on virtual currencies, focusing on aspects such as information flow and capital flow, and will continue to severely crack down on related illegal financial activities.

The purpose of this meeting is to strengthen departmental collaboration, improve regulatory policies and legal foundations, and effectively maintain the stability of the economic and financial order. Virtual currencies have long been a key focus area for regulatory authorities, and this special rectification action indicates that regulatory efforts will be further intensified. Industry insiders point out that this move will have a direct impact on virtual currency trading platforms, wallet service providers, and other enterprises, and cryptocurrency investors should also carefully assess the risks.

2. The UK will implement new cryptocurrency tax regulations starting in 2026, strictly investigating tax evasion activities.

The UK’s HM Revenue and Customs (HMRC) has released new guidelines stating that it will implement new rules aimed at combating crypto tax evasion starting January 1, 2026. According to the guidelines, crypto exchanges operating in the UK must begin collecting detailed trading records and complete information for all UK customers. HMRC will use the collected data to cross-check users' tax returns to ensure tax compliance, and violators will face sanctions.

The initiative aims to enhance transparency in the cryptocurrency market and curb tax evasion. With the increasing activity in cryptocurrency trading, the UK government believes it is necessary to strengthen regulation to ensure fair taxation. The new rules require cryptocurrency exchanges to fulfill due diligence obligations, comprehensively understanding customer identity information and transaction details to prevent users from concealing or underreporting cryptocurrency asset gains.

UK tax experts warn that crypto users need to sort out their tax situation by the end of 2026 to avoid potential sanctions. This rule is consistent with the OECD's framework for reporting crypto assets and is currently being promoted in regions such as the EU, Canada, Australia, Japan, and South Korea. Analysts believe that this initiative will further regulate the cryptocurrency market and promote the long-term healthy development of the industry, but it may also exacerbate user attrition.

3. Turkmenistan's cryptocurrency regulatory bill takes effect in 2026.

The President of Turkmenistan, Serdar Berdymukhamedov, signed a decree approving the country's first cryptocurrency regulatory bill. This bill will officially take effect on January 1, 2026, and aims to establish a regulatory framework for cryptocurrency activities, regulating the issuance, circulation, and use of crypto assets in the country.

According to the new law, Turkmenistan will establish a cryptocurrency exchange, allowing cryptocurrencies to circulate and be used within special economic zones. Cryptocurrency exchanges must obtain government permission and are subject to strict regulation. At the same time, the bill also specifies measures for anti-money laundering and combating the financing of terrorism.

Analysts believe that the bill marks the official recognition of the legal status of cryptocurrency by the Turkmenistan government, which is conducive to attracting blockchain and cryptocurrency businesses to settle locally. However, caution is also needed regarding the potential negative effects of excessive regulation. The industry hopes that the specific implementation rules of the bill can balance the relationship between regulation and development.

Overall, the end of 2025 to the beginning of 2026 will be a critical period for cryptocurrency regulatory policies. Many countries are introducing new regulations to regulate market order, while also being wary of the negative impacts that excessive regulation may bring. Industry insiders urge that regulation should keep pace with the times, protecting investors' rights while also leaving room for innovation.