Let me update you on the recent global compliance progress. Hong Kong will officially apply the new law in June. 😂

1. Hong Kong: According to the previous announcement, exchanges in Hong Kong will need to be licensed (VASP and No. 7) on June 1. The transition period is one year, and those that have already opened should actively apply for licenses during this period.

Currently, hashkey and OSL have obtained licenses granted by the Hong Kong SFC. Hashkey has launched the hashkey pro trading platform, and it seems that there are many more functions to be updated later.

2. The United States: The enforcement activities in the United States come from the SEC and the CFTC. The recent increase in activities has led to a tightening environment. Even Coinbase, a benchmark for compliance, has to leave the United States to establish an offshore derivatives exchange. In terms of legislation, Hill's digital asset team has held several congressional hearings and is still gradually moving forward.

Judging from the hearing on May 10, there was testimony that directly suggested that the SEC and CFTC should first be authorized to manage the market and set rules, rather than getting hung up on the issue of which coins are securities and which are not.

There were also testimonies mentioning that European legislation is very good and their classification is also worth learning from.

In short, I haven't seen anything final and decisive happen yet.

In order to be able to regulate cryptocurrencies, the SEC chairman also made some bold remarks.

In fact, the SEC's attitude is in stark contrast to the previous attitude of the Hong Kong SFC. At that time, in order not to cross the line, the SFC did not want to actively manage cryptocurrency exchanges or cryptocurrencies. It only imposed certain regulations on those platforms that actively reported to the SFC that they were trading securities cryptocurrencies.

In the new regulations that are now to be formally implemented, the SFC is only responsible for the "institution" and not the "currency".

How coins are listed and traded is handled by licensed exchanges.

3. Europe: Europe’s MiCA bill was finally passed after a two-month extension. This bill’s classification and management ideas for crypto assets should become a benchmark for reference in many regions.

In fact, after so much time has passed, cryptocurrency exchanges and intermediaries have been mentally prepared to accept that they will eventually be regulated and comply with the rules of traditional finance.

By the time clear laws are enacted, the industry is close to maturity.

The US exchanges established an agreement to return to the Sycamore tree, and since then, a new round of development has come.