Gate Research Institute: Web3 Industry Policy and Macro Follow-up (2025.4.18-2025.4.24)

2025-04-24 08:40:10

Introduction

This week, the Web3 industry has ushered in a number of important events at both the policy and macroeconomic levels. On the economic data front, the preliminary US Markit PMI for April showed a divergent trend: the manufacturing PMI unexpectedly rebounded to an expansion range of 50.7, significantly better than the contraction expected by the market. Eurozone preliminary consumer confidence came in at -16.7 in April, below market expectations of -15.6 and down 2.2% from -14.5 in March. This is the lowest level since November 2023. On the economic policy front, US President Donald Trump has publicly stated that he will "significantly cut" the current tariffs on China by up to 145%, a statement that significantly eases market concerns. Finance Minister Besente also stressed in a closed-door meeting that the current trade impasse is "unsustainable" and that "an easing is expected in the near future".

In terms of global cryptocurrency regulation, the Bank of Korea (BOK) will actively promote legislation on stablecoin regulation, planning to require virtual asset service providers (VASP) to register before conducting cross-border stablecoin transactions starting in the second half of 2025, and to report transaction details to the BOK on a monthly basis. JD Group has announced that its stablecoin project has officially entered the "sandbox" regulatory testing phase of the Hong Kong Monetary Authority, becoming one of the few large technology companies in mainland China to actively participate in the compliance exploration of stablecoins.

Summary

April 18th - The Ministry of Finance of Slovenia proposed a draft to impose a 25% tax on cryptocurrency transactions.
April 22nd - The Bank of Korea will advance legislation for stablecoin regulation to build a comprehensive compliance system.
April 22 - The Eurozone's preliminary consumer confidence for April fell to -16.7, below expectations.
April 23 - The China-U.S. trade conflict eases, and Trump states that he will "significantly reduce" the tariffs on China, which are as high as 145%.
April 23rd - The U.S. April Markit Composite PMI hits a 16-month low, with manufacturing better than expected.
April 23rd - JD Stablecoin has entered the Hong Kong "sandbox" testing.

Key Events of Focus

April 18 - The Slovenian Ministry of Finance proposed a draft to impose a 25% tax on cryptocurrency transactions

On April 17, 2025, the Ministry of Finance of Slovenia announced a new tax draft proposing a 25% tax rate on residents selling cryptocurrencies in exchange for fiat currency or for the payment of goods and services. Currently, the draft is open for public consultation, which will last until May 5. If passed smoothly, the bill is expected to come into effect on January 1, 2026.

According to the statement from the Ministry of Finance, this tax scheme does not apply to swap transactions between cryptocurrencies and wallet transfers between the same user. In addition, the tax base will be calculated based on the difference between buying and selling prices, and taxpayers are required to record all transactions and report the income during annual declarations. Finance Minister Klemen Boštjančič stated that the current tax-free status for individual crypto transactions is "unreasonable," and that "as one of the most speculative financial instruments, crypto assets should not be excluded from the tax system."

The proposal of the draft tax marks the acceleration of the process of Slovenia's inclusion in the tax system of crypto assets. The Ministry of Finance has clearly regarded fiat currency withdrawals and consumption as taxable behaviors, indicating that it intends to guide crypto assets to return to the scope of fiscal supervision and reduce the space for "gray transactions". If the bill is successfully passed and implemented in 2026, Slovenia will officially move from the current light tax model of 10% to a more stringent crypto tax within the EU. It also highlights that the country is gradually building a more comprehensive digital asset governance framework following the issuance of digital sovereign bonds. 【1】

April 22 - The Central Bank of South Korea will advance regulatory legislation on stablecoins to establish a comprehensive compliance system

The Bank of Korea (BOK) will actively promote regulatory legislation for stablecoins, planning to require virtual asset service providers (VASP) to register before conducting cross-border stablecoin transactions starting in the second half of 2025, and to report transaction details to the BOK on a monthly basis. This move aims to prevent illegal financial activities such as money laundering and tax evasion, especially against the backdrop of the increasing use of dollar-pegged stablecoins like Tether for cross-border payments.

According to data from the Korea Customs Service, from 2020 to July 2023, foreign exchange violations involving virtual assets accounted for 81.3% of the total violation amount, approximately 90 trillion won (6.4 billion USD). In response to this issue, the South Korean government plans to amend the Foreign Exchange Transaction Act in the first half of 2025, defining virtual assets as an independent third category of transaction objects, and requiring relevant companies to register in advance and regularly report trading information to the BOK, including the transaction date, amount, asset type, and the identity information of both parties involved in the transaction.

At the same time, the Bank of Korea is actively promoting the testing of Central Bank Digital Currency (CBDC), inviting the public, retailers, and local banks to participate in order to assess its commercial viability in real-life scenarios. This initiative aligns with the policy direction of strengthening stablecoin regulation and reflects South Korea's strategic intent to seek a balance between security and innovation in the field of digital finance. By establishing a clear regulatory framework, South Korea is expected to enhance market transparency and user trust, laying a solid foundation for the compliance and sustainable development of crypto assets.

April 22 — Eurozone April consumer confidence preliminary value fell to -16.7, below expectations

According to preliminary estimates from the European Commission, the Eurozone Consumer Confidence Index has declined for the second consecutive month, dropping to -16.7 in April this year, a decrease of 2.2% from March, lower than the market expectation of -15, and the lowest level since November 2023. This trend may be influenced by multiple factors: including the persistent inflation pressure limiting household consumption capacity, expectations regarding the potential impact of a slowdown in manufacturing activity on the services sector, and geopolitical factors disrupting the energy market. Current data shows that consumer spending is becoming cautious, which may suppress the growth of consumption demand and thus put pressure on regional economic growth. In this context, the European Central Bank needs to weigh the policy balance between inflation control and economic vitality, and the market is closely watching whether it will make monetary policy adjustments to address potential challenges while maintaining the medium-term price stability target.

April 23 - The US-China trade conflict eases, Trump announces he will "significantly reduce" tariffs on China by up to 145%

On April 23, US President Donald Trump publicly stated that he would "significantly cut" the current tariffs on China of up to 145%, while Treasury Secretary Bessant also stressed in a closed-door meeting that the current trade impasse is "unsustainable" and that "there will be an easing in the near future". This strengthened confidence in the global economic outlook and led to a rebound in US stocks, with the S&P 500 up 2.5% and the Nasdaq up 2.7%. Bitcoin price broke above $93,000, hitting a new high since March. Gold prices, meanwhile, retreated 1% from a record high of $3,500, suggesting a shift from safe-haven to risky assets.

The tariff reduction signals released by the Trump administration have boosted market confidence. In the short term, if tariff policies are adjusted as expected, global markets may continue their rebound; however, in the long term, with the unclear outlook for Federal Reserve interest rate cuts, uncertainties from trade frictions still exist. The U.S. may adopt more precise technological sanctions or selective tariffs, which will prompt companies to accelerate the diversification of their supply chains, shifting production capacity to Southeast Asia, Mexico, and other regions to avoid policy risks. If future monetary easing and trade improvements resonate in policy, it may further support the market, but the repeated pace of interest rate cuts and geopolitical factors may still exacerbate asset price volatility.

April 23 — The US April Markit Composite PMI hits a 16-month low, manufacturing better than expected

The preliminary US Markit PMI for April released on April 23 showed a divergent trend: the manufacturing PMI unexpectedly rebounded to an expansion range of 50.7, significantly better than the contraction level expected by the market; The services PMI (51.1) and composite PMI (50.9) both fell short of expectations and the latter hit a new low since December 2022, but remained above the boom-bust line, indicating that economic activity as a whole continued to grow modestly. The latest PMI data highlights the structural differentiation of the U.S. economy - the manufacturing industry is expanding against the trend driven by supply chain repair and capital spending, but the weakening momentum of the service industry has dragged down the overall prosperity. This contradiction may reflect the phased shift in consumer demand from services to goods, and it also indicates that policymakers will need to find a balance between boosting the vitality of the service sector and curbing inflationary pressures in the future. 【5】

April 23 - JD Stablecoin has entered the Hong Kong "sandbox" testing

JD Group announced that its stablecoin project has officially entered the "sandbox" regulatory testing phase of the Hong Kong Monetary Authority. This may be the first attempt for RMB assets to enter the global system in a compliant manner through stablecoins, making it one of the few large technology companies from mainland China actively participating in the exploration of stablecoin compliance.

Hong Kong is currently at a critical stage of stablecoin legislation, with regulations not yet fully implemented. JD.com has chosen to enter a "sandbox" testing phase at this time, which means it is strategically positioning itself ahead of clearer policies to gain a first-mover advantage. The "sandbox" mechanism allows companies to conduct innovative experiments within a regulatory framework, and JD.com's actions also demonstrate its willingness to promote fintech implementation on a compliant basis.

JD.com's participation in Hong Kong's "sandbox" test and promotion of the stablecoin project marks the first time that a Chinese-backed enterprise has tested the waters in the field of compliant stablecoins, providing a sample for the non-US dollar system to explore a compliance path. Against the backdrop of Hong Kong's upcoming stablecoin regulations, this move is expected to accelerate the formation of a compliance ecosystem in the Asia-Pacific region, promote the upgrading of regional capital flows and digital payment infrastructure, and may also become an important fulcrum for cross-border currency channels in the future. 【6】

Summary

This week, the Web3 industry shows a differentiated development trend in terms of macroeconomics and regulatory policies. In Europe, the Eurozone consumer confidence index has declined for the second consecutive month, falling to -16.7 in April this year, a decrease of 2.2% from March, below the market expectation of -15, and the lowest level since November 2023. The Slovenian Ministry of Finance has announced a new tax draft, proposing a tax rate of 25% on residents selling cryptocurrencies for fiat or using them for payment of goods and services. In Asia, the Bank of Korea will advance legislation on stablecoin regulation to build a comprehensive compliance system. JD Group has announced that its stablecoin project has officially entered the "sandbox" regulatory testing phase of the Hong Kong Monetary Authority, becoming one of the few large tech companies in mainland China actively participating in stablecoin compliance exploration.

In the US, the manufacturing PMI unexpectedly rebounded to an expansion range of 50.7, significantly better than the contraction level expected by the market and remained above the boom and bust line, indicating that economic activity as a whole continued to grow modestly. U.S. President Donald Trump has publicly stated that he will "significantly cut" the current tariffs on China of up to 145%, while Treasury Secretary Bessant also stressed in a closed-door meeting that the current trade impasse is "unsustainable" and expects "an easing in the near future".

Overall, Trump's softened stance on tariff policy has led to a noticeable rebound in crypto assets. This week, the price of Bitcoin broke through $93,000, reaching a new high since March 2025. The rapid rebound in the current crypto market has partially exhausted the positive effects of policy, combined with geopolitical disturbances and uncertainties surrounding the Federal Reserve's interest rate cuts. It is recommended that investors maintain a cautious allocation strategy and be wary of potential market volatility risks.

Reference material:

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