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Source: Mankun Blockchain Law
On December 17, 2024, US time, Trump announced that he had obtained sufficient votes at the State Election Council Meeting and officially won the presidential position.Next, Trump and its vice president Wans will officially take an oath on January 20, 2025.The news is undoubtedly the “Dinghai God Needle” of the encryption circle in the United States. It is foreseeable that the era of the prosperous encryption of the United States is coming.
So, the next step, what is the Trump team’s encryption and good movement?Presumably everyone’s first idea is the “BTC Strategic Reserve Proposal”.
Regardless of the campaign or recently, Trump has mentioned Bitcoin strategic reserves many times.The latest news shows that Trump is considering establishing a strategic Bitcoin reserves (SBR) to use the U.S. Ministry of Finance’s foreign exchange stabilization fund (Exchange Stabilization Fund) after his inauguration.) This administrative order has been drafted, and only Trump signed after the job of Trump to take effect.
In addition to the “White House players”, some states in the United States have also started to move frequently on Bitcoin reserves.Multiple states, including Texas and Pennsylvania, have proposed specific bills to support financial stability by receiving Bitcoin taxes or establishing local Bitcoin reserves.These measures marks the way the United States is operating the actual operation of Bitcoin reserves, and the arrival of the Trump’s new government will inject stronger driving force into this process.
The international wind direction of BTC strategic reserve
The advancement of the United States on Bitcoin reserves not only changed its domestic cryptocurrency policy pattern, but also set off a global Bitcoin strategic reserve competition.Although governments and regions have different attitudes towards this emerging assets, they are gradually deepening their review of Bitcoin potential.
In Latin America, Salvador is still the “pioneer” of the global Bitcoin reserve.Since it was announced in 2021, Bitcoin has been the legal currency, Salvador has continued to accumulate Bitcoin reserves.The latest data shows that the Salvado Bitcoin position has exceeded 5950 BTCs.Recently, Brazil is following Salvador’s pace to explore the establishment of Bitcoin strategic reserves.In November 2024, the Brazilian Federal Member Eros Biondini proposed a bill to set up a plan called the “Bitcoin Sovereign Strategy Reserve” (ResBit), which aims to include Bitcoin into 5%of the national international reserves.
In Europe, Poland’s Bitcoin strategic reserve proposal has attracted much attention.Polish Presidential Candidate Séawomir Mentzen publicly advocates incorporating Bitcoin into the national reserve system, and plans to attract more investors through friendly regulations and tax policies for cryptocurrencies.Although no specific policies have been formed at present, Polish discussions have attracted the attention of Bitcoin reserves within Europe.
In contrast, Asia’s attitude is more cautious.According to the current media news, except for Japan, other countries and regions have not clearly incorporated Bitcoin into the official statement of national strategic reserves.In Japan, the government’s Bitcoin reserve discussion has just started.The legislator Hisoda submitted a formal request to the Japanese Parliament in December, causing great attention from the Japanese encrypted community.
However, this bitcoin reserve competition is not limited to the national level.Enterprises and financial institutions have also begun to enter the Bitcoin reserves, which has become a living force that promotes the rise in Bitcoin and the overall crypto market.
Entry of global enterprises and institutions
Data show that 144 companies have held Bitcoin.In fact, the company’s holding Bitcoin is not the news this year.
As early as 2020, Microslategy, a US company has begun to increase its holdings of Bitcoin.According to data on December 16, the company has 439,000 BTCs, and the average price of each bitcoin is $ 61,725.This also means that the Bitcoin profit held by the current MicroStrategy is over $ 20 billion.This amazing record has made MicroStrategy a “leader” for enterprises to invest in Bitcoin. The strategy of purchasing and holding it also provides a reference for other traditional enterprises to explore digital asset reserves.In addition to MicroStrategy, Tesla, Block (former Square) and other pro -encrypted companies have also joined this ranks one after another to achieve diversification and anti -inflation of assets by allocating Bitcoin.
Time returns to this year. Globally, more companies have begun to set up Bitcoin investment plans.For example, Canadian company Jiva Technologies recently announced that it plans to purchase a $ 1 million Bitcoin as part of its financial strategy; American company Marathon Digital announced the addition of $ 1.1 billion in Bitcoin; Japanese company Metaplanet plans to increase to 10,000 by 2025 to 10,000.Bitcoin.
At the same time, traditional financial institutions represented by BTC spot ETF have continued to heat up in Bitcoin.According to Sosovalue data on December 18, the total net inflow of Bitcoin spot ETF was 494 million U.S. dollars on the previous day, which has continued to achieve net inflow on the 14th.
In the global competition, Hong Kong, as the Asian financial center, has no information on the government at the government level, has already run into the market at the corporate level.For example, Hong Kong listed company Boya Interactive (HK.0403) announced holding 2,641 bitcoin, and then replaced 515 Bitcoin, holding a position of 3,000;It is announced to invest $ 50 million for BTC asset allocation.Previously, listed companies such as Guofu Innovation and Coolpad Group have also started to allocate Bitcoin early.
In contrast, Chinese companies are currently very small in Bitcoin reserves.The only QDII-FOF-LOF) C, still holds BTC ETF through indirect investment.Subsequently, it may be due to the exposure of a large number of articles on the media platform, and the fund announced the suspension of the indirect investment.
The main reason for such distinctive differences is the uncertainty and compliance risk of Chinese policy.Since China ’s comprehensive ban on cryptocurrency -related business activities in 2021, enterprises directly participate in Bitcoin reserves, which have hindered to many hinders in terms of security and legal compliance.So, is there a solution?
Investment strategy of overseas encryption funds
Although Mainland policies have set up many restrictions on directly holding Bitcoin, this does not mean that mainland companies are completely excluded from the Bitcoin reserve competition.In fact, through the establishment of offshore funds in Hong Kong or using compliant overseas encryption funds, mainland companies may find the legal path to participate in this global competition.
In the past two years, Hong Kong has gradually established a comprehensive virtual asset compliance framework through the implementation of the virtual asset service provider (VASP) license system, and has gradually relaxed its strong restrictions on the virtual asset industry.In this context, mainland Chinese companies can choose to set up offshore funds in Hong Kong and entrust licensed digital asset management agencies for asset allocation to achieve compliant Bitcoin holding.This model not only conforms to legal supervision, but also uses the policy advantage of the Hong Kong market to prepare for future potential policies.
In addition to the Hong Kong market, the mature encryption fund overseas is also a feasible path.For example, Grayscale Bitcoin Trust provides compliant Bitcoin investment methods for institutional investors through a trust structure.This method can effectively avoid policy risks brought by Bitcoin directly.However, if mainland companies want to participate in similar investment, they need to establish compliance subjects overseas and operate through Hong Kong or other offshore judicial jurisdictions to ensure the legality of the source and use of funds.Similarly, this path not only solves the legal subject, but also provides higher operation flexibility.
In addition, in recent years, traditional financial institutions, including Fidelity and Blackrock, have launched Bitcoin spot ETF and other encrypted asset investment products.These funds provide institutional investors with a transparent and legal bitcoin holding method, and provide more choices for mainland companies through overseas investment.However, this model also needs to solve the compliance of funds outbound.The flow of cross -border funds must strictly abide by China’s foreign exchange management policy, and ensure the transparency of the source of funds and use in operation.
Lawyer Mankun Summary
The significance of Bitcoin reserves has long surpassed the asset allocation itself, and it is becoming an important pawn in the global digital economy strategy.The promotion of the Trump’s new government Bitcoin reserve not only ignites the global digital asset competition, but also brings a new opportunity for enterprises to find a new direction in the digital economy wave.However, for Chinese companies, policy restrictions and regulatory risks are undoubtedly a threshold that needs to be cautious.
Through the establishment of offshore encryption funds in Hong Kong, or investing in overseas mature encryption funds under supervised, make full use of compliance paths within the boundary allowance of policy, Chinese companies can still find breakthroughs in this global competition and lay out the digital economic layout in the future.Win more initiative.But this process must strictly adhere to the bottom line of law and compliance.
