XRP Rallies, Hong Kong Rises and Tax Time Tips

Wayex Weekly Wrap

Your Essential Crypto Round-Up 

This week, we’re unpacking everything from XRP’s rally to Hong Kong’s race for stablecoin supremacy. Our friends at Crypto Tax Calculator drop a tax-time truth bomb (you might be making the most common mistake), and we touch on the latest regulatory head-scratchers from South Korea to the SEC.

Whether you're riding the altcoin highs or navigating the corrections, remember: crypto’s a rollercoaster, and we’re here to help you play it smarter. Let’s dive in.

Top Gainers & Losers of the Week on the Wayex Platform 

Partner's tax tips from Crypto Tax Calculator 

Continuing on our Crypto Tax Series, we have asked our tax time partner, Crypto Tax Calculator, to give us some insights. 

A little bit about our friend Crypto Tax Calculator (CTC). CTC is a powerful Aussie-made tax platform designed to simplify crypto at tax time. CTC offers smart tax optimisation features like “Least Tax First Out,” users can minimise capital gains with ease. It has free and paid accounts that allow you to import transactions and preview your portfolio, unlock full ATO-ready reports and tax-loss harvesting tools. 

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We asked the team at Crypto Tax Calculator to “give us the #1 mistake you see crypto users make at tax time?” 

“The number one mistake I see at tax time is users not connecting all of their crypto accounts to their tax platform. Many assume that only their centralised exchange data is taxable, so they leave out wallets, cold storage, and other on-chain activity. But that’s like trying to solve a puzzle with only half the pieces - it just doesn’t work. Leaving out this data leads to incomplete and potentially inaccurate tax reports.” 

Now we know that tax isn’t simple at the best of times, but when you add crypto into the mix, it’s a recipe for disaster. But with one of our trusted tax time partners on your side, you are in the best position for success. 

XRP rally 

XRP has reignited excitement after breaking through key resistance zones, stimulating buzz that it might ultimately reach a golden price of $10. But what led to the rally? Speculation from the Economic Times was that the price increase was powered by an increasing amount of high-value transactions from cashed-up whales and heavy derivatives activity. These activities combined show the market's optimism in Ripple’s ambitions to be a global payments solution. But where there’s smoke, there’s fire. 

The brighter spotlight on XRP has also illuminated growing competition: several cross-border payment platforms are quietly advancing, narrowing the gap with Ripple. While XRP currently leads the charge, these challengers underscore that Ripple must sustain its momentum in an increasingly competitive landscape. 

Can XRP keep it up? We’ll have to wait and see. 

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Altcoin season… thoughts, feelings and vibes 

If you're anything like our Founder Richard, you may have had a reflective moment or two about selling XRP early before its rally.

We all know that Crypto markets move fast, and it's easy to feel like you've missed out. 

However, the truth is that the game is lengthy. The ups and downs are all part of the journey, and the most effective moves are those aligned with your long-term strategy.

CoinMarketCap's Alt-Season Index is one way to track market activity; however, remember that past performance isn't a reliable indicator of future results.

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So, chin up. The market will always present opportunities, and staying focused on your personal investment goals is what counts.

Always do your research and seek financial advice if you're unsure. 

Hong Kong gets in on the stablecoin action

Hong Kong and the USA are in a regulatory race for stablecoin domination. Hong Kong passed its own stablecoin act in May 2025, with it due to be implemented on 1 August 2025. 

A quick side note, how is August NEXT WEEK? 

Hong Kong’s stablecoin ordinances require all issuers (excluding banks) to be locally incorporated and require all fiat-backed stablecoin issues to obtain a local license before opening up to retail investors. Hong Kong’s Stabelcoins Ordinance is part of its LEAP framework (Licenses, Education, Application and Protection).  

Hong Kong’s stablecoin rules require tokens to be backed 1:1 by highly liquid assets, but it's also not specifically tied to the Hong Kong dollar. Stablecoin issuers will be able to peg their stablecoins to any official currency, such as the Hong Kong dollar, US dollar or even Chinese Yuan. 

Hong Kong’s framework takes advantage of Hong Kong's unique flexibility to peg stablecoins to any currency. In the race to dominate the stablecoins market, it’ll be an interesting one to watch to see who will win the fight to be the stablecoin capital of the world.  

South Korean Regulator speaks: everyone gets confused 

We have previously reported our excitement in the election of pro-crypto Mr Lee Jae-myung. Mr Lee Jae-myung’s election, combined with the country's high rate of adoption of retail crypto users, had the Crypto industry beaming. 

But, in a moment that has us scratching our heads, South Korea’s regulatory body has poured cold water on our excitement. CoinTelegraph reported this morning that South Korea’s regulatory body, the Financial Supervisory Service (FSS) has advised local asset managers to avoid excessive exposure to crypto firms, citing Coinbase and Strategy stocks as examples. 

Although the guidance was noted as “informal and advisory”, it has caused some eyebrow raising. The advice from the FSS ignores the reality of the ETF regulatory environment in South Korea and the continued links between defi and traditional finance models. An anonymous industry source stated, “that restricting domestic ETFs won’t stop capital flows”.      

The FSS also reiterated to the industry that laws have not changed, even IF the industry wants them or was promised them during the recent election. The FSS noted that local financial institutions cannot hold, acquire, invest in leverage any cryptocurrency as collateral. 

Despite these numbers, the South Korean Central Bank is working directly on digital currency options - the FSS official issuing a stern statement, “although both US and Korean regulators are showing signs of easing crypto rules, no concrete laws or guidelines have been implemented. Until new frameworks are in place, existing rules must be followed.” 

Polymarket returns home 

Polymarket, our fav peer to peer prediction market, is laying the foundation to return to the United States. Shayne Coplan, CEO and Founder acknowledged this is his statement celebrating the acquisition of through its acquisition of QCX. Although Polymarket is headquartered in New York, it suspended bets from US residents in 2022 due to litigation with the CFTC. CNBC reported that a federal investigation of Polymarket was reportedly ended by the Department of Justice this month, opening the door for Polymarket’s return to the United States. 

Polymarket’s acquisition of QCX comes weeks after the Commodity Futures Trading Commission granted QCX its licence to operate as a contract market. 

Crypto week is great, but can someone talk to the SEC?  

Trump’s Crypto Week yielded the passing of the Genius Act, the first federal legislation to regulate stablecoins. Crypto week centred on three crypto bills, but the Genius bill was the only bill in a position to pass the House of Representatives during the week. It passed and is waiting to be signed into law by President Trump. 

However, with the United States Congress in recess until September, crypto week didn’t quite go off with the “bang” anticipated by industry analysts for months. The Senate is off until September, leaving the CLARITY Act and the Anti-CBDC bill for a later date. The momentum that the crypto industry had has been sadly swept in the congressional recess, AND the fires currently being put out in President Trump’s administration. But, despite President Trump ALL-IN in crypto, the SEC seems to be putting out mixed messages. 

Now, it goes without saying that the SEC, although led by President Trump and his political appointees, with Chairman Paul Atkins being a long-term pro-crypto advocate. But, it seems that although everyone is pro-crypto from the top down, the SEC is sending out mixed messages. 

We reported last week that Greyscale received approval, which was reversed the next day, and it seems that now Bitwise has gotten the same treatment. 

Bitwise applied to the SEC to convert its Bitwise 10 Crypto Fund (BITW) into a spot exchange-traded fund (ETF) on Tuesday. Much like the Greyscale saga, the request was approved by the SEC and then immediately paused its approval. 

Yahoo Finance reported that Bitwise received a nearly identical letter from the SEC that was received by Greyscale when the exact same thing happened to them. It is reported that the SEC letters to both Bitwise and Greyscale contained the phrase “the Commission will review the delegated action”. 

CoinDesk speculates that the SEC's hesitation arises from the need to establish consistent standards for crypto ETFs. In CoinDesk’s article on the UNO reverse, they speculated that the SEC is hinting at a consistent standard, "particularly for tokens like XRP and ADA that do not have standard ETFs”.  

What’s making us laugh this week? 

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Founder’s Corner 

This week, XRP surged, and with it, a wave of FOMO. If you sold too early, you’re not alone, but as we all know too well, that’s crypto. Ripple’s growing traction shows promise, but competition is closing in fast. It’s a reminder: staying ahead means evolving constantly.

Hong Kong’s stablecoin legislation is showing an aggressive and smart approach, which could lead to a move to lead the global stablecoin race. Meanwhile, with South Korea’s regulators sending mixed signals despite a pro-crypto president, it will be interesting to see what comes out of South Korea in the coming months. The  U.S., as always, did not disappoint. Congress passed the Genius Act, and with no surprise, the SEC is still playing ping-pong with ETF approvals. Momentum is building, but so are frustrations.

Our friends at Crypto Tax Calculator gave us some really good pointers to be aware of. if you’re not syncing all your wallets at tax time, you’re probably doing it wrong. Don’t half-send your puzzle to the ATO, and you should be okay. Always remember though that everyone's tax scenarios can be different and to always be sure with your reporting. 

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Until next time,

The Wayex Team

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