In the ever-changing global cryptocurrency market, Thailand, South Korea, and the Chicago Mercantile Exchange (CME) in the United States have recently introduced significant measures, like three giant stones thrown into a lake, stirring up layers of waves and profoundly impacting the landscape of the cryptocurrency field.

Thailand: A comprehensive ban on exchanges, paving the way for local digital currencies. The Thai government recently announced that starting from June 28, it will implement a comprehensive ban on five cryptocurrency exchanges, including Bybit and OKX. This ban stems from the fact that these exchanges were operating without a license in Thailand, severely violating local financial regulatory laws. This news hit like a heavy hammer, causing panic among users trading on these platforms. For users, the immediate priority is to transfer their assets immediately. The Thai government has made it clear that if assets are not transferred out before June 28, not only may funds be unrecoverable, but users may also face legal liabilities. This is not alarmism; there have been similar cases in the past where users suffered heavy losses due to failure to respond timely to regulatory policies, resulting in their assets being frozen. Thailand's sudden adoption of such a tough measure actually has deep reasons behind it. On one hand, Thailand is committed to eliminating money laundering risks. With the development of the cryptocurrency market, some criminals have exploited its anonymity and convenience to engage in money laundering and other illegal activities, posing a huge threat to Thailand's financial security. Thailand is using the newly introduced (Cybercrime Law) as a powerful weapon to strictly regulate the cryptocurrency trading market, aiming to curb money laundering from the source. On the other hand, Thailand plans to launch a national version of digital asset G-Token in July. In order to create a favorable environment for the smooth listing of G-Token, Thailand needs to clean up the “wild” exchanges in the market and guide users towards legitimate licensed platforms. In this way, Thailand can better regulate the digital currency market, ensure the stable operation of the national digital currency, and enhance the stability of the financial system.

South Korea: Exemption of cryptocurrency trading fees for non-profit organizations, promoting cryptocurrency applications in the charity sector. The Financial Services Commission (FSC) of South Korea introduced new regulations allowing non-profit organizations and exchanges to trade cryptocurrencies for free starting in June. This policy covers South Korea's three major cryptocurrency trading platforms: Upbit, Bithumb, and Coinone, which account for 85% of the national trading volume, making its influence significant. However, this policy is not without restrictions. Cryptocurrencies received as donations must be converted into Korean won, a regulation mainly aimed at ensuring compliance with anti-money laundering measures and financial transparency. In the past, cryptocurrency donations have been easily exploited by criminals due to their anonymity, becoming channels for money laundering or funding illegal activities. Through this restriction, South Korea has strengthened its regulation of cryptocurrency circulation in the charity sector, making fund flows clearer and more traceable. From an industry perspective, this policy is expected to promote on-chain fund flows in the charity sector. In 2024, South Korea's cryptocurrency donations are projected to reach 140 million, showing a growth trend of 38%. The implementation of the new policy reduces the costs for non-profit organizations to engage in cryptocurrency trading, making the donation process more convenient and efficient. This not only helps attract more domestic citizens to participate in charitable donations but may also attract donors from around the world. For instance, some international charitable organizations may pay more attention to South Korea's charitable projects due to the country's innovative cryptocurrency donation policy, injecting new vitality into South Korea's charity sector.

CME: Introduction of four new cryptocurrency indices, accelerating the integration of crypto assets into traditional finance. The Chicago Mercantile Exchange (CME) partnered with CF Benchmarks to launch reference rates and real-time indices for Arbitrum, Sui, NEAR, and Ondo on June 2. This move is highly significant, as the newly launched indices cover over 96% of investable cryptocurrency market capitalization. For financial institutions, these new indices provide precise pricing tools for funds, structured products, and more. In traditional financial markets, accurate pricing is the foundation of financial product trading and risk management. Previously, due to the lack of comprehensive cryptocurrency indices, many financial institutions were hesitant to enter the cryptocurrency asset sector. Now, CME's new indices provide them with reliable reference points, accelerating the integration of Layer1 and DeFi assets into the traditional financial system. Taking Ondo as an example, it has added additional quotes during the New York trading session, fully considering the needs of cross-time zone trading. Global financial market trading hours vary, and New York, as one of the global financial centers, significantly impacts global financial transactions. Ondo's adjustment allows investors from different time zones to more easily access accurate quote information, further promoting the activity of cryptocurrency trading worldwide.

Market volatility and liquidation risks: The cryptocurrency market trembles under the influence of policies. While various countries are frequently introducing policies, the cryptocurrency market has also experienced severe fluctuations. On May 30, the price of Bitcoin fell below $105,000, a decline of 3%. Ethereum and Dogecoin performed even worse, dropping 5% and 10%, respectively. In a 24-hour period, the total liquidation amount across the network reached $711 million, with over 210,000 people liquidated. One of the main reasons for this market crash is the unpredictability of U.S. tariff policies and weak inflation data. As the world's largest economy, the U.S. tariff policies and inflation data have profound effects on global financial markets. When tariff policies are uncertain, investors become worried about economic prospects, reducing risk investments, including cryptocurrencies. Weak inflation data suggests that economic growth may slow, which also negatively impacts the cryptocurrency market. Additionally, the news of Thailand's exchange ban added fuel to the fire, further exacerbating market panic. Investors rushed to sell their cryptocurrencies, causing prices to plummet. Notably, on May 22, Bitcoin had reached a new high of $110,800, which was related to remarks made by Trump. Trump's statements often trigger fluctuations in market sentiment, and at that time, his comments on cryptocurrencies significantly boosted market sentiment, attracting numerous investors to enter the market. However, market fluctuations are not determined by a single factor; multiple factors intertwine, making the cryptocurrency market full of uncertainty. Regarding institutional dynamics, FTX initiated bankruptcy claim payments on May 30, using $11.4 billion in cash reserves to pay off major creditors. FTX, once a significant player in the cryptocurrency field, has drawn much attention due to its bankruptcy. The initiation of bankruptcy claim payments marks a new phase in the FTX bankruptcy liquidation process and is significant for restoring confidence in the cryptocurrency market. The measures taken by Thailand, South Korea, and CME are shaping the future direction of the cryptocurrency market from different angles. Whether it is tightening and regulating from the regulatory level or innovation and integration from the market level, all will promote the continuous evolution of the cryptocurrency market amidst transformation.

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