On the first day of December, global encryption regulatory indicators released signals intensively.

A rare public divergence has emerged within the SEC. Commissioner Hester Peirce recently voiced her support for self-custody rights, stating directly—locking up encryption assets in exchanges equates to depriving citizens of their financial autonomy. Behind this statement is a direct challenge to the current blue sky laws framework. Market analyst Coinbureau believes that if the CLARITY Act can truly be implemented, the likelihood of federal exemptions from state-level regulatory interference for certain assets will significantly increase before 2026. The adoption rate of self-custody wallets may exceed many people's expectations.

The news of regulatory upgrades in mainland China is also worth noting. The central bank, leading 14 ministries, has redefined the red lines, facing a complete blockade of stablecoin tools and OTC channels. After the exposure of those underground trading networks in Yiwu, many practitioners are beginning to consider relocating. A seasoned user on social media, @renrenweiwo999, bluntly stated that retail investors should either completely exit the market or turn to cold wallets for long-term holding. In contrast, Hong Kong is advancing a unified regulatory framework for stablecoins, with the positioning of the regional hub becoming increasingly clear.

The implementation progress of the EU MiCA framework has exceeded expectations. The European branch of a leading exchange has just obtained the first batch of licenses issued by Austria, bringing the total number of compliance licenses held by the institution in Europe to 53, of which 14 are directly related to the issuance of stablecoins. ESMA plans to release a white paper on the registration mechanism for non-compliant entities on December 30, with the transition period extending to July 2026. Germany is significantly ahead in regulatory progress within the EEA region. However, there is a new issue in the UK—starting in 2026, exchanges must report user information to the tax authority HMRC, with fines for individual violations potentially reaching £300.

Several actions in emerging markets are also worth mentioning: Turkmenistan will officially allow mining and exchange operations starting January 1 next year, with the central bank managing the classification of backed and unbacked assets; a Brazilian congressman proposed allocating 5% of national bonds to Bitcoin; the Thai SEC approved the issuance of a 500 million baht digital bond, code-named G-Token, aimed at retail investors but not for payment purposes. The Central Bank of Russia has also hinted that new regulations regarding taxation and anti-money laundering for Bitcoin and other encryption assets may be announced within this month. #加密市场回暖 #比特币行情观察 #比特币行情观察 #加密市场观察