Paul Chan: Digital assets will be classified as eligible investments for tax concessions starting from the 2025/2026 tax year

Hong Kong advances the implementation of the tokenized bond platform and connects with the regional tokenization center. Stablecoin license issuance begins in March.

February 25 News, Hong Kong is accelerating the development of core infrastructure for digital assets. Financial Secretary Paul Chan announced in the 2026-27 fiscal budget that Hong Kong will establish a brand-new digital asset platform within the year to support the issuance and settlement of tokenized bonds. The platform will be built and operated by CMU OmniClear Holdings, a subsidiary of the Hong Kong Monetary Authority, marking the official transition of tokenized bonds from pilot phase to a market-level infrastructure system. This platform will gradually expand to include more categories of digital assets and achieve interoperability with regional tokenization platforms, forming a cross-market tokenized financial network. This move is seen as an important step to strengthen Hong Kong's position as a digital asset hub in China, while also improving on-chain settlement efficiency and asset liquidity. As post-trade infrastructure becomes part of the official financial system, the issuance mechanism for tokenized bonds is evolving toward standardization and institutionalization.

Trump's State of the Union address made no mention of cryptocurrencies and did not signal a rate cut, with high interest rate expectations suppressing Bitcoin and risk assets.

On February 25, U.S. President Trump delivered a nearly two-hour State of the Union address, setting a record for the longest in history. Although the speech covered core topics such as taxation, artificial intelligence, tariffs, and inflation, it completely omitted any mention of cryptocurrency policies or digital asset regulation. This stance was interpreted by the market as a lack of clear policy catalysts for the crypto industry in the short term. Despite his children Donald Trump Jr. and Eric Trump being deeply involved in crypto projects like World Liberty Financial, digital assets have yet to enter the official policy narrative framework. On a macro level, Trump defended tariff policies in his speech and expressed dissatisfaction with relevant Supreme Court rulings, while also signaling that tariffs would be maintained through other legal channels. However, the repeated adjustments of tariff rates from 10% to 15% have increased trade policy uncertainty. The European Union has paused trade agreement progress, and India has delayed negotiations, leading to a rise in global macro risk premiums, which directly impacts the valuation logic of risk assets.

Bhutan introduces a blockchain-based digital nomad visa, with the gold token TER as an entry requirement

Bhutan will launch a blockchain-based digital nomad visa program in 2026. Applicants are required to deposit $10,000 in gold-backed tokens (TER) and pay an annual fee of $2,800. This program aims to integrate sovereign crypto assets with national immigration policies. Critics worry about the high financial threshold and infrastructure challenges, but supporters believe it can filter out genuine applicants.

Hong Kong issues the first stablecoin license in March, with legislation to regulate trading firms and custodians accelerating compliance within the year

On February 25, it was announced that Hong Kong's Financial Secretary, Paul Chan, revealed in the 2026-27 fiscal budget that Hong Kong will issue the first batch of fiat-backed stablecoin licenses next month, marking the substantive implementation phase of the stablecoin regulatory framework. The regulatory authorities will continue to assist licensed issuers in exploring applications of stablecoins in payments, cross-border settlements, and real asset digitization in a compliant and risk-controlled manner, strengthening Hong Kong's institutional advantages in the digital asset regulatory system. At the policy level, it was also confirmed that Hong Kong plans to introduce new legislation later in 2026 to establish a licensing system covering crypto asset exchanges and custodial service providers. The scope of regulation will be expanded from platforms and stablecoins to key areas such as over-the-counter trading and custody, further improving the compliant virtual asset ecosystem. Meanwhile, the Hong Kong Securities and Futures Commission will take measures to enhance market liquidity, expand the categories of crypto financing and derivative products available to professional investors, and promote compliant innovation and market depth through the establishment of an innovation accelerator.

Trump's State of the Union address did not mention Bitcoin and cryptocurrencies, and the market's expectations were disappointed, causing intense price volatility.

February 25 News, U.S. President Trump did not mention Bitcoin, blockchain, or cryptocurrency policies in his important policy speech (State of the Union Address) in February 2026, sparking significant attention in the crypto market. Previously, most investors expected Trump to signal regulation of digital assets, financial innovation, or the development of the crypto industry. Therefore, his "avoidance of mentioning cryptocurrencies" quickly became a key variable for traders interpreting macro sentiment. From the content of the speech, Trump mainly focused on economic growth, employment, border security, and national security issues, without touching on any policy directions related to digital assets. This silence surprised some supporters of the crypto industry. Over the past two years, Trump has expressed a positive attitude toward Bitcoin and digital finance multiple times and supported crypto-related projects, leading the market to view him as a potential "crypto-friendly" politician.

Trump's State of the Union address releases bullish signals! Bitcoin posts its largest gain in two weeks, with multiple resistance levels still to be broken through

On February 25th during Asian trading hours, Bitcoin rose by as much as 3.52% to $66,300, marking the largest intraday gain since February 13th. The immediate catalyst for the market rebound was President Trump delivering the State of the Union address to Congress, along with high-level Iran officials expressing willingness for diplomatic negotiations and easing geopolitical tensions.