Global regulatory policies are entering a phase of intensive updates. The United States has advanced five major regulatory milestones from January to August, laying a clearer policy framework for the digital asset industry. Meanwhile, Hong Kong and Singapore have launched a race to establish stablecoin frameworks starting January 1, both vying for policy dominance in the Asian digital asset market.

Central Asia is also accelerating — Turkmenistan and Uzbekistan have successively opened trading exchanges, becoming new drivers of the region's digital economy development. On the other hand, China continues to promote the construction of e-CNY and increases interest mechanism design, while Russia has issued a unified regulatory framework for digital assets. This series of policy adjustments indicates that, from developed markets to emerging markets, the global attitude towards digital assets is shifting from watchful waiting to active deployment.