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From a regulatory perspective, attitudes and policies towards virtual currencies vary around the world. The U.S. Senate passed the 'GENIUS Act', requiring stablecoin issuers to maintain 100% reserves, which is seen as a significant regulatory breakthrough for the crypto market. Some analysts believe this could trigger a multi-year bull market in the crypto space, with the stablecoin market potentially expanding from the current $236 billion to $2.5 trillion. DeFi assets such as Ethereum, Solana, and Uniswap may become major beneficiaries. However, some Democratic senators, including Elizabeth Warren, criticize the act for potentially opening a backdoor for central bank digital currencies.

In Asia, the South Korean Financial Services Commission announced that from June, it will allow non-profit organizations and virtual asset exchanges to sell the cryptocurrencies they hold, while tightening listing rules for exchange tokens. Pakistan has established a Digital Asset Management Bureau to comprehensively regulate the cryptocurrency and blockchain industry, responsible for licensing and compliance management of relevant market participants, building a regulatory framework that meets FATF standards.

Domestically, activities related to virtual currencies are still classified as illegal financial activities. However, Hong Kong has taken an important step in the field of virtual currencies, passing the 'Stablecoin Ordinance Draft' on May 21, 2025, which requires fiat-backed stablecoin issuers to apply for licenses and accept regulation from the Monetary Authority. Companies like JD.com have already entered the sandbox testing phase.

For ordinary investors, the virtual currency market is filled with temptation but also carries significant risks. On one hand, the prices of virtual currencies like Bitcoin and Ethereum are highly volatile, with liquidation risks always present. On the other hand, the uncertainty of regulatory policies also increases investment risks. If you are interested in virtual currencies, you must exercise caution, study relevant knowledge thoroughly, and closely monitor market dynamics and regulatory policies. #VirtualCurrency #Bitcoin #Ethereum #监管政策