#加密货币监管框架 When I saw this news, a few key moments in the crypto market over the past decade flashed through my mind. The ICO frenzy in 2017, the regulatory storm in 2018, the DeFi wave in 2021... each wave has been reshaping the boundaries of this industry. And the emergence of stablecoins, to some extent, is a cry from the market for order.

Major jurisdictions around the world are shaping legislation for stablecoins, and this signal is very clear. The US, the EU, Singapore—everyone is trying to tame this beast with regulatory frameworks. Zhao Zhongxiu and their proposals actually touch on a core issue: finding a balance between openness and control. The idea of a pilot free trade zone is worth a closer look.

Thinking back to those years around 2015, so many projects failed amid policy swings, and countless teams struggled in the gray areas. If there had been a clear experimental framework back then, the results might have been very different. The current "China plan" for stablecoins—ranging from cross-border fintech labs, whitelist systems, to offshore RMB stablecoin pilot projects—seems like a delayed lesson being finally learned.

The key lies in the supporting risk prevention mechanisms. Access reviews, transparent reserve audits, compliance arbitrage risk controls—these details determine how far the pilot can go. History has shown us that unchecked innovation ultimately leads to extremes. The geographical choices like Qianhai Free Trade Zone and Hainan Free Trade Port are not random; being close to Hong Kong and Macau, facing the global market, they can serve both as experimental grounds and as demonstrations.

This time, regulators seem to have finally learned to move forward through observation rather than suffocate through prohibition. Those who experienced the pain of 2018 should be able to feel the different rhythm.