#数字货币与跨境支付 According to the latest statements from the China Securities Regulatory Commission, the regulatory attitude towards crypto assets is becoming more stringent. They require "in-depth analysis and cautious handling," and emphasize that "those that cannot be clearly seen or controlled will not be expanded," indicating that regulatory authorities hold a cautious and conservative stance towards crypto assets. This may further restrict the development space for related businesses. From an on-chain data perspective, it is necessary to closely monitor changes in capital flows, especially cross-border fund movements. At the same time, it is important to track on-chain activities of large institutions to observe any signs of reduction or transfer. Overall, the crypto asset market may face pressure in the short term, and investors should adjust their expectations and implement proper risk management.