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U.S. regulation heats up, Singapore focuses on wholesale CBDC, exchange resumes withdrawals.
Regulatory Dynamics
A senior advisor at the U.S. Treasury Department's Office of Tax Policy stated that the IRS is assessing different taxation methods for cryptocurrencies. The assessment focuses on the burdens imposed on the involved parties as well as the potential benefits of increasing compliance. Previously, the IRS required reporting of all transactions involving virtual currencies in the draft of the 2020 individual income tax return.
The Chief FinTech Officer of the Monetary Authority of Singapore has stated that Singapore is ready to launch its own central bank digital currency. As the existing payment systems can already achieve fast and cost-effective payments, there is little demand for a retail CBDC in Singapore. Currently, the central bank is focused on developing a wholesale CBDC to facilitate securities settlement and payments between financial institutions.
The Central Bank of Kyrgyzstan is drafting a legal bill to regulate the country's cryptocurrency industry. The bill will govern cryptocurrency transactions and aims to combat fraud and financial crime, protecting the rights of consumers and investors. The central bank expects that enforcement may face challenges due to the cross-border nature of cryptocurrencies.
The Office of the Comptroller of the Currency in the United States has proposed a draft to prevent banks from discriminating against businesses based on factors other than risk, which will make it easier for cryptocurrency companies to access banking services. The President of the United States has nominated the current acting Comptroller to serve as the official Comptroller for a five-year term. The new nominee has previously held executive positions at cryptocurrency exchanges and is seen as an advocate for crypto-friendly reforms.
Industry News
A well-known cryptocurrency exchange platform announced that it will restore the withdrawal function before November 27. The platform stated that the related issues have been resolved and relevant personnel have returned to their posts. Before that, the platform will conduct strict security checks to ensure the safe and stable operation of the hot wallet system. The platform emphasized that it has always maintained a 100% reserve and that there will be no run on funds.
Cryptocurrency commercial bank Galaxy Digital has partnered with global asset management firm CI GAM to launch a new Bitcoin fund, CI Galaxy. CI GAM is responsible for management, while Galaxy Digital serves as a sub-advisor. The fund adopts the Bloomberg Galaxy Bitcoin Index pricing and offers Class A and Class F funds at a price of $10 per share.
Two well-known asset management companies have submitted new applications for Bitcoin funds to the U.S. Securities and Exchange Commission. If approved, the fund will provide institutional investors with a new way to go long on Bitcoin while avoiding the volatility risk of directly holding Bitcoin. The fund plans to reduce allocation through an embedded mechanism when quantitative signals turn negative.
A U.S. digital asset investment management company has announced the launch of the first Bitcoin 401(k) plan. This plan allows individuals to allocate up to 10% of their pensions into Bitcoin, which will be stored by a well-known custodian. The 401(k) is a type of tax-deferred retirement account plan in the United States.
The Polkadot development team announced that the Parachain 1.0 code has been completed and is ready for public testing. This marks an important step for the Polkadot ecosystem towards a multi-chain architecture.
The Ethereum Foundation has launched a grant program to encourage the community to develop Ethereum 2.0 staking tools and documentation. The program aims to simplify the staking process and expand the validator pool. The proposal deadline is December 22, and submissions must be open source and in English.
A large payment platform launched its cryptocurrency services less than a month ago, and its trading volume has already reached over 85% of a well-known cryptocurrency exchange's US division. The cryptocurrency custodian for this payment platform reported that its trading volume increased from less than $5 million in October to $25 million by mid-November.
A decentralized stablecoin project suffered a flash loan attack, resulting in a loss of approximately $7 million. This incident has once again raised concerns about the security of DeFi projects.