#加密资产监管趋势 The latest policy developments indicate that domestic regulation of crypto assets is tightening. The former Vice President of the Bank of China explicitly stated the need to curb virtual currencies, including stablecoins, and the Chairman of the CSRC also emphasized a cautious approach to new business models. These signals suggest a stricter regulatory stance, and short-term growth for crypto assets is unlikely. It is recommended to closely monitor subsequent policy developments and assess their impact on on-chain capital flows. At the same time, attention should be paid to overseas regulatory trends, especially the development of USD stablecoins, and their potential impact on the global crypto market landscape.