On September 10th, Singapore's Deputy Prime Minister Heng Swee Keat announced that Singaporean police are investigating seven individuals suspected of providing Worldcoin account and token trading services. This investigation involves possible violations of the Payment Services Act of 2019, and the police have arrested five people.

Preliminary investigations show that three men are suspected of recruiting personnel on behalf of multiple entities to create Worldcoin accounts, and then using cash to exchange and control these accounts and tokens. These assets were subsequently transferred to a fourth man and a woman, who are believed to be involved in the purchase and management of these asset transfers. During the operation, the police seized over 200 mobile phones as evidence.

The Worldcoin project aims to create a global digital identity, but the collection of biometric data has raised global privacy concerns. Regulatory authorities in France, the UK, Hong Kong, Colombia, and Argentina are investigating this matter.

The CFTC has filed a lawsuit against Uniswap Labs and reached a settlement. It was found that Uniswap Labs illegally provided leveraged or margined retail commodity transactions of digital assets through a decentralized digital asset trading protocol. Uniswap Labs was required to pay a civil penalty of $175,000 and cease violations of the Commodity Exchange Act (CEA). The CFTC acknowledged that Uniswap Labs actively cooperated with law enforcement agencies in the investigation and reduced the civil penalty.

Nigeria, a country that previously had a complete ban on platform crypto trading, has recently witnessed some significant crypto-related developments. One of these developments is the preparation of a crypto tax proposal, which indicates the government's support for the use of crypto. However, the implementation of tax policy can potentially reduce crypto activity, as seen in India. Nigeria's population is 233 million.

The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 55.0%, while the probability of a 50 basis point cut is 45.0%. The probability of the Federal Reserve cutting interest rates by a cumulative 50 basis points by November is 32.1%, by 75 basis points is 49.2%, and by 100 basis points is 18.8%.

The US Securities and Exchange Commission (SEC) has once again postponed its final decision on the New York Stock Exchange (NYSE) Arca's application for a carbon offset Bitcoin ETF. According to a document dated September 4th, the decision has been extended to November 21st. The ETF aims to provide a Bitcoin investment exposure in an environmentally friendly way by offsetting carbon emissions, tracking an investment portfolio composed of 80% Bitcoin and 20% carbon credit futures. Tidal Investments submitted the fund registration application in December 2023, while NYSE Arca submitted the initial application in March. Concerns have been raised about the environmental impact of Bitcoin mining, with the International Monetary Fund (IMF) reporting that cryptocurrency mining accounts for 1% of global greenhouse gas emissions. The delay in this decision also includes the postponement of approval for the Nasdaq One-Stop Cryptocurrency Investment Portfolio ETF.

On September 4th, it was announced that Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes regulations on cryptocurrency to lower its tax rate.

In the tax reform request on August 30th, the Financial Services Agency (FSA) of Japan emphasized cryptocurrency and pushed for it to be considered a traditional financial asset available for public investment. The FSA stated: "Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be considered a financial asset and should be a target for public investment."

According to the cryptocurrency accounting firm TokenTax, profits from cryptocurrency in Japan are currently taxed as miscellaneous income, with tax rates ranging from 15% to 55%.

SEC commissioner Mark Uyeda has suggested that a tailored version of the S-1 form should be created for registering digital assets. Uyeda is one of the few supporters of the crypto industry within the SEC, unlike SEC Chair Gary Gensler. Speaking at the Korea Blockchain Week in Seoul, Uyeda stated that the current form does not adequately cater to digital assets and other unconventional financial products, and the regulator has not done enough to support them.

The Japanese Ministry of Finance has released tax reform requirements for the fiscal year 2025, which includes regulations related to cryptocurrency (virtual currency). The "Asset Income Doubling Plan and the Realization of National Asset Management" section of the reform plan mentions for the first time the issue of tax treatment for cryptocurrency transactions, discussing whether virtual currency should be treated as financial assets.

This tax reform request was proposed by various government agencies and will be reviewed by the ruling party's tax investigation committee and the National Diet after submission. Although the modification request has been submitted, a final decision has not yet been made. The call for tax reform for cryptocurrency companies has been present for the past two years, and this reform is the first to specifically mention tax treatment for cryptocurrency transactions.

The House Financial Services Committee is expected to discuss issues such as DeFi, US law enforcement, and "pig slaughtering" at a series of hearings next month.

The source said that the congressional committee responsible for regulating US securities and most financial products will arrange a series of hearings related to cryptocurrency in September.

The first hearing on September 10th will be the long-awaited DeFi subcommittee review;

On the morning of September 18th, there will be a discussion on the SEC's enforcement practices; another hearing later in the day will discuss the impact of so-called "pig slaughtering" behavior,

The full committee hearing on September 23rd may have the greatest impact on cryptocurrency, and the US Securities and Exchange Commission (SEC) will testify. It is said that the House committee will seek testimony from Chairman Gary Gensler and the other five members of the committee at the same hearing.

On August 30th, according to the Global Times, Ms. Zhang from Tianjin was defrauded of more than 260,000 yuan through online scams this month, and the fraudulent funds were withdrawn by someone in Xingguo, Jiangxi. After receiving relevant clues, Xingguo police quickly took action, arrested 8 suspects, smashed 1 virtual currency money laundering "water room" nest, and seized 200,000 yuan of funds involved in the case.

After investigation, on August 5th, suspect Li Mouyuan (from Xingguo County) received a call from a loan fraud and money laundering gang, asking if he needed a loan. The gang then asked Li Mouyuan to provide a bank account for money laundering, claiming that his account did not have enough flow, and also asked him to make an appointment with the bank for a large withdrawal. After Ms. Zhang's defrauded funds were transferred to Li Mouyuan's account, he immediately withdrew the money in Xingguo. To prevent bank staff from suspecting or intercepting the large withdrawal, Li Mouyuan lied and claimed that the money was used for decoration and payment of worker wages.

On August 11th at 1 pm, Li Mouyuan withdrew more than 260,000 yuan from Ms. Zhang's account in a bank in Xingguo, despite knowing that the money was involved in illegal online activities. At the same time, the overseas fraud gang arranged for domestic money laundering gang members Zhu Mouzhe, Fan Mouhui, and Li Moufu to drive from Yuzhou, Henan to Xingguo County to exchange the money. When Li Mouyuan withdrew the money, gang members followed him into the bank to prevent any accidents, and also monitored him from a distance at both ends of the bank to prevent him from running away with the money.

After the money laundering gang obtained all the cash from Li Mouyuan's withdrawal, they rushed back to Yuzhou that night and handed the funds over to the suspect Hou Moupeng in the virtual currency money laundering "water room". According to the instructions of the overseas fraud nest suspects, Hou Moupeng exchanged the fraudulently obtained more than 260,000 yuan in cash for virtual currency U offline, transferred it to a designated virtual currency address, and finally completed the laundering of the funds.

On August 12th, when Li Mouyuan was handling his involved account at the bank, he was arrested by the police on the spot. The investigating police overcame many difficulties and gradually arrested suspects Zhu Mouzhe, Fan Mouhui, and Li Moufu. On the evening of August 20th, they smashed a virtual currency money laundering "water room" nest, arrested 4 suspects including Hou Moupeng, and seized 200,000 yuan of funds involved in the case.