# global taxation

Institutional adoption is accelerating through familiar wrappers, with Fidelity's on-chain fund crossing $250 million and BlackRock's IBIT approaching mega-cap options eligibility. At the same time, transparency concerns are rising after S&P labeled Tether's rating “weak,” while policy competition such as Thailand's 0% capital gains offer signals a shifting regulatory landscape. These shifts underscore a market maturing under pressure, where risk controls, governance, and global rules are becoming decisive for capital flows.