#空投防骗手册 Regulatory Arbitrage Space Compression

With the implementation of the FATF Travel Rule in 138 member countries, the anonymity of Bitcoin transactions is gradually being weakened. The U.S. SEC's cautious attitude towards spot ETFs and the advancement of the European MiCA framework signify that the regulatory arbitrage window is closing. The compliance process is restructuring Bitcoin's market positioning, and its adversarial attributes may shift from external challenges to internal complements.