#加密监管政策 Looking back, the changes in encryption regulatory policies are indeed thought-provoking. This time, Hong Kong received stablecoin license applications from 36 institutions, reminding me of the ICO boom in 2017. At that time, the policies of various countries were still vague, and projects emerged like mushrooms after rain, but it also buried many hidden dangers. Now, Hong Kong is cautiously moving forward, issuing only a few licenses, clearly having learned from historical lessons.

From banks to technology companies, everyone is applying, indicating that the industry is moving towards normalization and diversification. This reminds me of the days when only geeks were paying attention to Bitcoin in its early days; now mainstream financial institutions are entering the arena, and the landscape has changed dramatically.

However, regulatory policies have always been a double-edged sword. Too strict can stifle innovation, while too lenient may lead to risks. Hong Kong's approach this time is quite wise, being both open and cautious. Looking back over the past decade, regions that can find a balance between regulation and innovation often gain an advantage in this industry.

For those of us who have witnessed the ups and downs of the industry, the most important thing is to stay clear-headed. Do not lose yourself during prosperous times, and do not be disappointed during downturns. Regardless of how policies change, truly valuable innovations will eventually emerge.