#加密立法新纪元 With the rapid development of blockchain technology, cryptocurrencies have become an important component of the global financial market. However, regulatory issues have always been controversial. In 2025, multiple governments accelerated the promotion of cryptocurrency legislation, attempting to strike a balance between innovation and risk. The United States strengthened anti-money laundering regulations, while the European Union launched the MiCA framework to regulate stablecoins and trading platforms. In Asia, regions like Singapore and Hong Kong attract cryptocurrency companies with lenient policies. These legislative measures aim to protect investors, combat illegal trading, and promote technological advancement. However, overly stringent regulations may stifle innovation, while overly lenient ones may trigger financial risks. The future of cryptocurrency legislation will profoundly impact the global economic landscape.