Under compliance trends, the encryption industry may usher in a golden age.

Entering 2025, the encryption industry has迎来了一个真正的转折点.

In fact, over the past decade, the market has been groping forward in a regulatory vacuum and gray experimental areas. Although it has given rise to a huge trading volume, it has never been able to enter the compliance mainstream.

Now, as the regulatory framework gradually becomes clearer, the industry has finally entered a new stage.

In the United States, the Financial Innovation and Technology Act (FIT21) passed by Congress establishes a framework for the regulation of encryption assets, clarifying the division of responsibilities between the SEC and CFTC; meanwhile, the Clarity for Payment Stablecoins Act has become one of the most watched legislations, requiring stablecoin issuers to maintain a 1:1 reserve and qualified custody, which is currently under review. The EU's Regulation on Markets in Crypto-assets (MiCA) will take full effect in 2025, unifying the regulation of stablecoins, encryption service providers, and token issuance, providing institutional safeguards for the European market for the first time. Financial centers in Asia such as Singapore, Hong Kong, and Japan are also simultaneously promoting compliance pathways for stablecoins and virtual assets, with traditional banks and financial institutions beginning to implement pilot programs.

The clarity of the policy is reshaping market expectations.

We see that after experiencing a contraction in 2022-2023, the market value of stablecoins rises to over $150 billion in early 2025, and compliance stablecoins gradually become the main force in cross-border settlement.

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