#加密立法新纪元

Why is it called the 'New Era of Cryptocurrency Legislation'?**

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The term 'New Era of Cryptocurrency Legislation' represents a shift where governments and regulatory bodies worldwide are moving from previous stances of observation, rejection, or sporadic crackdowns on cryptocurrencies to **actively formulating comprehensive and structured regulations**. The driving factors behind this change include:

1. **The growing size and influence of the cryptocurrency market:** The global market capitalization of cryptocurrencies has reached trillions of dollars, affecting hundreds of millions of users, and its intertwining with traditional finance is deepening, making regulation imperative.

2. **Inadequacies of existing regulations:** Traditional financial regulations are difficult to effectively apply to crypto assets, leading to regulatory vacuums, gray areas, and instances of 'regulatory arbitrage'.

3. **Balancing innovation and consumer protection:** Governments need to find a balance that supports the innovation and development of blockchain technology while also protecting investors from risks such as fraud, market manipulation, and money laundering.

4. **International competitive pressure:** The first to establish a clear regulatory framework will attract more cryptocurrency enterprises and talent, becoming a global center for digital assets.