Summary:
Regulation is the focal point of global policy directly impacting the crypto market. From the SEC, MiCA to moves in Asia, the wave of regulatory control is becoming increasingly evident.
1. USA – A realm of gray areas:
• The SEC continues to classify many altcoins as securities, putting pressure on exchanges like Coinbase and Kraken.
• However, many lawmakers are reacting, pushing for legislation to protect digital assets – a clear sign of a "legislative battle."
2. EU – Playing cards face up with MiCA:
• MiCA (Markets in Crypto Assets) will officially apply from the end of 2024, clearly categorizing digital assets, requiring transparency and licensing.
• This is the first systematic legal framework, setting a positive precedent if applied fairly.
3. Asia – Both attracting and controlling:
• Hong Kong and Singapore are opening up conditionally to crypto, especially regarding asset tokenization (RWA).
• China continues to impose a strict ban, but is quietly experimenting with blockchain in state finance.
Impact:
• Short-term: Tightening regulation may cause significant price volatility, especially with tokens lacking clear legal classification.
• Mid-term: Clear legislation will classify the market: legitimate projects will survive, scams will be eliminated.
• Long-term: Opportunities for legally compliant platforms, such as state-recognized Layer 1s.
Conclusion:
Regulation is a double-edged sword. Smart investors should closely monitor legislative developments to choose the right projects that "survive the storm."