ZKC Futures(ZKCUSDT), FIL Futures(FILUSDT) market fluctuations are intense, but behind the scenes, it's a "clash of ice and fire" in global regulation.

This week, the Web3 community has been lively. Hong Kong and Russia have taken action simultaneously but followed completely different paths. Hong Kong announced that it will issue a stablecoin license early next year, while Russia directly declared that "Bitcoin can never be used for payments"—the choices of these two countries are like painting a map of global crypto regulation.

Hong Kong represents the typical "embrace" camp. The new framework requires stablecoin issuers to hold reserves of high-quality liquid assets at a 1:1 ratio, with issuance and custody fully regulated. Traditional financial institutions like Standard Chartered Hong Kong are forming joint ventures to prepare for license applications. Coupled with existing VASP license holders, compliant stablecoins are expected to become a genuine bridge connecting traditional finance and Web3. For institutional investors, the entry barrier has been significantly lowered.

Looking at Russia—it's a completely different approach. They are promoting the digital ruble pilot program while strictly prohibiting cryptocurrency payment functions but allowing legal holding and trading, even legislating to legalize mining activities. In simple terms, it's a unique balance of "ban payments, permit mining," with a clear purpose: to protect the monetary sovereignty of the ruble.

From a broader perspective, global regulation has already formed three main paths: Hong Kong and the EU's MiCA represent "license-regulation type," using clear rules to safeguard innovation; countries like Russia insist on "restriction and substitution," maintaining the bottom line of monetary sovereignty; while the US is pursuing a "gradual exploration" approach, slowly finding direction through legislation and policy battles.

2025 is truly a pivotal year—Hong Kong's licensing framework coming into effect, the EU's MiCA fully implementing, and US policies taking shape—all will reshape the industry. For us users, cross-border operations must strictly adhere to local regulations; compliance is the top priority.

The current question is, against the backdrop of regulatory divergence, how can Web3 innovation and risk prevention be balanced? Do you think Hong Kong's open regulatory approach is more conducive to development, or is Russia's sovereignty-first model more stable?