#加密货币监管发展 Looking back at the past, I have witnessed the dramatic changes in Crypto Assets regulation. The recent actions in Hong Kong are indeed exciting. The establishment of the Digital Asset Listing Company Association, bringing together 49 institutions, is a milestone. In the past, regulation was a blank slate, but now there is the "stablecoin regulation", truly a remarkable transformation.

However, having rules is not enough. CZ is right, for Hong Kong to become a hub for virtual assets, regulation must keep pace. Look at Japan's approach, allowing exchanges to decide on listing coins autonomously, which is worth emulating. After all, the market changes rapidly, and if regulation is too rigid, it may miss out on good opportunities.

Looking back at the bull market in 2017, many projects became wealthy overnight, only to collapse later. The lesson is profound. Now, Hong Kong is cautiously advancing, needing to develop while also preventing risks, and this balance is crucial. I hope this time we can carve out a new path and set an example for the world. After all, history tells us that both excessive regulation and laissez-faire are not advisable; the key is to find that golden balance point.