#加密货币监管进展 The focus of this regulatory meeting seems to be cracking down on illegal foreign exchange activities using stablecoins. Although the overall policy direction hasn't changed much, it is clear that authorities are more cautious about the risks posed by the expanding stablecoin market. From practical experience, quite a few coin traders have recently been penalized for related charges. For us traders, it’s still important to be cautious with stablecoin activities, especially when involving large cross-border fund flows. However, it’s worth noting that Hong Kong's open attitude towards virtual assets does not seem to be affected, which might provide us with a compliant channel for operations. Next, I will closely monitor the movements of major exchanges to see if there are any skilled traders adjusting their strategies under this policy environment.