Under the backdrop of tightening economic conditions and rising fiscal pressures, law enforcement agencies tend to prioritize areas with the clearest rules and the lowest regulatory costs. Restricting overseas account openings is just the beginning; more regulatory measures are being prepared.

As a trader, you need to understand a few key points:

Even if your overall trading account is in loss, it does not mean there is no taxable income. The logic here is quite straightforward—income from different sources needs to be calculated separately. Dividends are dividends, IPO arbitrage is IPO arbitrage, airdrops and cashback are cashback; each is an independent taxable unit.

What’s more concerning is that if you lose money in spot or contract trading but make a profit in an IPO project, that IPO profit still needs to be fully included in the taxable income for the year. Currently, we only see public policy notices, but actual enforcement cases may have already been underway.

What does this mean? All activities such as over-the-counter trading, rebate commissions, market-making incentives, project consulting fees, token distribution, and stablecoin inflows and outflows now face higher scrutiny risks. The future compliance costs will only increase.