#数字资产法案 **【Global Evolution of Digital Asset Regulation Framework】**

Global digital asset regulation is accelerating its differentiation, with compliance as the dominant approach in the US and Europe: The United States is strengthening SEC enforcement and clarifying the boundaries of security tokens; the EU's MiCA legislation has been implemented, unifying exchange access and stablecoin rules, emphasizing anti-money laundering and investor protection. Asia, on the other hand, presents a 'tight-loose game', with Hong Kong advancing a virtual asset licensing system and Singapore strictly controlling retail speculation. Although stricter regulation enhances market transparency, it may stifle technological innovation and increase the risk of policy arbitrage across jurisdictions. In the long term, FATF's anti-money laundering guidelines and cross-border cooperation may become the mainstream paradigm, and investors need to pay attention to compliant platforms to guard against liquidity fragmentation risks caused by sovereign regulation.