12.5 AI Daily Report: Global Cryptocurrency Market Experiences Turbulence as Regulatory Landscape Reshapes and Draws Attention

I. Headlines

1. Breakthrough in Artificial Intelligence Technology: Grok Launches, Sparking a Tech Revolution

Grok is a new artificial intelligence system developed by Elon Musk’s company, praised as a “digital replica of human intelligence.” It can not only answer various complex questions but also learn autonomously and create new knowledge. The launch of Grok marks a key step for AI toward artificial general intelligence, with the potential for revolutionary changes across industries.

At its core, Grok features a new neural network architecture that can highly accurately simulate the functioning of the human brain. It can autonomously learn from massive amounts of data, forming a human-like knowledge system and reasoning ability. Meanwhile, Grok also possesses self-awareness and emotional cognition, allowing for natural communication and interaction with humans.

Analysts believe the emergence of Grok will accelerate AI penetration and application in all sectors. In healthcare, Grok can assist doctors with diagnosis and improve medical standards; in education, it can serve as an intelligent teacher, providing personalized instruction to students; in scientific research, Grok will greatly enhance the efficiency of scientific discovery. At the same time, Grok will also have a huge impact on the job market, with some positions replaced by AI.

2. New Cryptocurrency Regulation: Stablecoins Designated as Illegal Financial Activity

The People’s Bank of China and 12 other departments jointly issued the “Notice on Further Strengthening the Rectification of Virtual Currency Trading and Speculation,” clearly designating stablecoins and other virtual currencies as illegal financial activity and ramping up regulatory efforts. This move marks a new phase in China’s crypto regulation and will have far-reaching implications for the global cryptocurrency market.

The notice points out that virtual currency trading activities carry risks of illegal fundraising, token issuance financing, and other crimes, seriously disrupting economic and financial order. Authorities will strengthen information sharing, improve regulatory policies and legal basis, focus on key aspects such as information flow and capital flow, and crack down on illegal activities.

Industry analysts note that this regulatory move’s focus is to clearly classify stablecoins and other virtual currencies as illegal financial activities. As stablecoins serve as a bridge between crypto and fiat, their compliance has long been controversial. Their explicit illegal status is expected to impact the global crypto market, potentially causing capital outflows and exchanges relocating.

At the same time, the new regulation will also push the crypto industry towards greater decentralization. Analysts believe the future crypto ecosystem will become more disintermediated, with underlying technical innovation and expanded application scenarios as key development focuses.

3. Japan Plans 20% Flat Tax on Crypto Transactions

To invigorate the domestic cryptocurrency market, the Japanese government is working to adjust its tax policy on crypto trading income. The plan is to levy a flat 20% income tax on all crypto transactions, regardless of the amount, giving them equal treatment with stocks, investment trusts, and other financial products.

Currently, Japan’s crypto trading income is taxed comprehensively, merged with other income and subject to a graduated tax rate, with a maximum rate of up to 55%. This high tax policy is considered a major reason stifling the domestic crypto market’s growth.

The new policy proposes separating crypto trading income for tax purposes and applying a uniform 20% tax rate. This adjustment aims to lighten the tax burden on investors, revitalize domestic trading, and attract more capital inflows. Additionally, Japan’s Financial Services Agency will submit amendments to the Financial Instruments and Exchange Act next year to strengthen crypto regulation and explicitly prohibit illegal activities such as insider trading.

Analysts believe Japan’s move aims to create a policy environment favorable to crypto development, which may reshape its position in the global crypto market. However, it is also important to note that overly loose regulation may pose financial risks. How to balance development and regulation will be key for Japanese policymakers.

4. Hong Kong Accelerates Push for Virtual Asset Hub, Mainland May Miss Out

The Hong Kong SAR government is accelerating the development of a regulatory framework for virtual assets, aiming to build a regulated virtual asset hub. Meanwhile, mainland China maintains a cautious stance on crypto regulation, resulting in a policy divergence that may allow Hong Kong to seize the initiative.

The Hong Kong Securities and Futures Commission has solicited public input on its virtual asset regulation framework, intending to regulate virtual asset trading platforms and issuers within the existing legal framework. The Hong Kong Monetary Authority is also studying the feasibility of issuing an official digital currency.

In contrast, mainland regulators remain cautious on cryptocurrency. Recently, the PBOC and other departments clarified that stablecoins and other virtual currencies are illegal financial activities and intensified regulatory crackdowns. Analysts believe the current policy focus in the mainland is on financial stability and monetary sovereignty, adopting a cautious approach to virtual asset development.

The policy divergence between the two regions may allow Hong Kong to seize the lead in virtual asset development. As an international financial center, Hong Kong has advantages in talent, capital, and technology for developing the virtual asset industry. If mainland policy remains cautious, Hong Kong may become Asia’s and even the world’s virtual asset hub.

5. AI Chip Demand Surges, Reshaping Semiconductor Industry Chain

With the rapid development of artificial intelligence technology, demand for AI chips is surging. This trend is set to reshape the global semiconductor industry chain, bringing profound impacts.

AI chips are the “brain” of AI systems, requiring high computing power and energy efficiency. Currently, mainstream AI chips mainly use GPU and ASIC architectures, but both have shortcomings in performance and power consumption. To meet AI computing demands, semiconductor companies are accelerating the development of new AI-specific chips.

Beyond chip design, manufacturing processes for AI chips also face major challenges. The mainstream 7nm process can no longer meet the transistor density required for AI chips, and 3nm or even 2nm processes are expected to be the future direction. This will bring new market opportunities for semiconductor manufacturing equipment and materials suppliers.

In end-user applications, demand for AI chips is also growing rapidly. Emerging applications such as autonomous vehicles, smart homes, and robots all require powerful AI computing support. Analysts expect the AI chip market to maintain high growth in the coming years.

Overall, AI chips are becoming a new driving force in the semiconductor industry. Upstream and downstream companies will invest and strategize around AI chips, with the industry landscape set for reshaping.

II. Industry News

1. Bitcoin Pulls Back Short-Term, Faces Resistance at $92,000 Key Level

Bitcoin’s price hit resistance at the key $92,000 level, with upward momentum clearly slowing. Despite broad market expectations that the Fed will start cutting rates next week, related ETFs only saw minor net inflows, and overall liquidity remains weak. Meanwhile, tightening signals from Japan’s monetary policy have heightened market unease, with Japan’s 2-year government bond yield breaking above 1% for the first time since 2008, prompting investors to reassess the global central bank policy outlook.

Short-term, BTC has fallen below its previous consolidation zone, with clear resistance at the $90,300 and $92,300 major liquidation bands above; potential support lies at the liquidity-heavy $86,200 and $84,300 below. If bearish sentiment persists, a test of the large liquidity pool around $82,300 cannot be ruled out.

2. HKEX Post-Hearing Information Pack Released, Crypto Exchange Platform Token Seeks Hong Kong IPO

The post-hearing information pack has been released, and the IPO is currently in preparation. According to the documents, the IPO’s price range, share numbers, and allocation of public vs. placement shares are all tentative and may be adjusted later; par value per share is $0.00001, with the final issue price to be determined by the overall coordinator and the company.

HKEX reminds investors that this post-hearing information pack is a draft and may be further revised; investment decisions should be based on the prospectus officially registered with the Hong Kong Companies Registry.

3. Bank of Japan Signals Possible Rate Hike, Bitcoin, Ethereum, and XRP Drop

On December 1, the top three cryptocurrencies had a poor start, with all down over 4% as of Monday’s press time. The Bank of Japan’s warning of a possible rate hike puts Bitcoin at risk of falling back to the $80,000 level. Ethereum faces pressure at the $2,800 support, and XRP is holding at the $2.00 psychological level.

Analysts note that if the global SWIFT system adopts XRP as its liquidity layer, XRP’s price could see a significant boost. However, since the launch of the XRP spot ETF, only $666.6 million has flowed in—far below market expectations—which may limit its short-term upside potential.

4. Goldman Sachs Warns: Fed May Pivot Early, Weak Labor Market as Key Factor

The market currently prices in an 85%-86% probability of a 25 basis point rate cut. Goldman Sachs’ fixed income team points out that a weakening labor market and the need for policy risk management are key factors prompting the Fed to pivot early, with no major data expected to change that direction—making the upcoming rate cut almost a certainty.

Despite September’s new job gains of 119,000 beating expectations, signs of labor market weakness are increasingly evident: unemployment has risen to 4.4%, the highest since October 2021; the jobless rate among college graduates aged 20-24 has reached 8.5%. Goldman analysts say this group accounts for 55%-60% of US labor income, so their employment pressure has significant implications for the overall economy.

5. Former US Secret Service Agent: How to Stay Vigilant in Daily Life and the Crypto Industry

A former US Secret Service agent shares 35 years of security experience, teaching you how to stay vigilant in daily life and the crypto industry, build protective habits, and avoid becoming the next target.

This article, written by Carl Agnelli and compiled and edited by Wu Shuo Blockchain, discusses recent kidnapping and extortion cases targeting crypto professionals, analyzes why crypto assets are attractive to criminals, and provides a series of safety tips, including careful handling of personal information, strengthening cyber and physical security, and formulating emergency plans to raise safety awareness for individuals and enterprises.

6. Crypto Industry Dilemma: Startups Struggle with Fundraising, To Model Questioned

It’s similar to the prosperity seen at the 2049 Conference: beneath the surface, few discuss how to acquire real users, revenue, or build a stable, sustainable business model. There’s an industry-wide trend toward “arbitrage” in startups—only a few high-profile, well-connected projects find it easy to raise funds, while most ordinary teams struggle, since exchanges and investors can’t distinguish between them as none have captured real users or generated real value.

Top-tier projects see active user numbers drop to single digits right after launch; “Web2 to Web3” content platforms see founders/advisors/investors cashing out and disengaging immediately after going live. This “arbitrage” business model is seriously harming retail users and draining liquidity from the industry. Meme coins are performing even worse than expected, forcing participants to reconsider innovation and real application use cases.

7. Bitcoin Pulls Back Short-Term, Faces Resistance Near $80,000

Meanwhile, a sudden escalation in US-Venezuela diplomatic tensions has further cooled risk appetite. Against a backdrop of rising macro risk aversion, the crypto market has seen sharp volatility. BTC plunged during the Asian session, with liquidation volumes rapidly accumulating.

According to the liquidation map, a high-density liquidation band has formed at $92,300, serving as the main axis of this downturn. Once price broke through that area, the decline accelerated, successively hitting secondary liquidity accumulation zones at $88,300 and $86,200, and is still seeking support at deeper liquidity levels below.

8. Japan Plans to Adjust Crypto Trading Tax Rate to Revitalize Domestic Market

Foresight News reports, citing Nikkei, that the Japanese government and ruling party are preparing to adjust tax policy on crypto trading income, planning to levy a flat 20% income tax regardless of transaction amount, giving crypto the same treatment as stocks, investment trusts, and other financial products. The move aims to lighten investor tax burden and activate the domestic trading market.

The government plans to shift from comprehensive taxation to separate taxation—no longer combining crypto income with salary or business income, but taxing it separately. The goal is to include this change in the 2026 tax reform outline, expected to be finalized by year-end.

9. Observation Labels to Be Added to Five Tokens Including CHESS

According to the official announcement, more tokens will be added to the observation label list on December 1, 2025. Tokens to be added include: Tranchess (CHESS), Dent (DENT), dForce (DF), Aavegotchi (GHST), and Solar (SXP).

Compared to other listed tokens, those with observation labels may have higher volatility and risk. They will be closely monitored and continuously reviewed. Eligible users may use Alpha Points to claim airdrops on the Alpha event page after Alpha trading opens.

10. Near Protocol Seen as “Most Undervalued” Crypto Token

Analyst Michaël van de Poppe says Near Protocol (NEAR) is the “most undervalued” crypto token. He believes NEAR is not only undervalued, but the market’s pricing seriously lags behind the ecosystem’s real growth.

NEAR has been dormant for months, but that’s what makes it so interesting now. The analyst thinks attention is intensifying as NEAR approaches a key point, and whether the price can return to $0.3 will be an important signal.

11. NVX Protocol Enhances Security and Innovation in Decentralized Exchanges

This article explores how the NVX protocol is becoming the new standard for decentralized exchanges, emphasizing its enhancements in security and user experience. NVX’s innovative design addresses traditional pain points such as front-end security and user experience, delivering a safer, more efficient trading experience.

The article analyzes the technical details and application prospects of NVX, stating that it is likely to drive ecosystem development and attract more users to DeFi. It also notes that although security is improved, users still need to remain vigilant and take necessary precautions.

12. Industry Interpretation: PBOC Clearly Defines Stablecoin, Paving the Way for Regulatory Inclusion

An article in Beijing Business Today notes that industry insiders believe the PBOC’s clear definition of stablecoin means it is not considered legal tender or a payment tool, but is included in the virtual asset regulatory framework alongside bitcoin, ethereum, etc., providing a logical basis for later inclusion in anti-money laundering and cross-border capital flow regulation.

The article also exposes the compliance risks inherent in stablecoins, noting frequent “blowup” incidents and persistent difficulties in assuring underlying risk and asset quality. This reflects the regulator’s attention and caution towards stablecoins, and stricter oversight of related activities can be expected in the future.

III. Project News

1. Sui Network: Rising Star in the Move Ecosystem

Sui Network is a brand-new blockchain project created by a core team that previously worked on Ethereum and Diem (Facebook’s crypto project). The project is built on the Move programming language, aiming to create a high-performance, scalable, and secure blockchain platform.

Latest developments: Sui Network recently launched its mainnet and released the first version of Sui Devnet. This version supports smart contract deployment, NFT minting and transfers, and other basic functions. The team also launched the Sui wallet and browser extension to provide a better experience for developers and users. In addition, Sui announced its first ecosystem fund to support project growth and attract more developers.

Market impact: As a rising star in the Move ecosystem, Sui Network is expected to become a strong complement to existing blockchains like Ethereum and Solana. Its high performance and scalability can solve current blockchain congestion and high fee issues. At the same time, the security and reliability of the Move language give Sui a unique advantage.

Industry feedback: Industry insiders are generally optimistic about Sui Network’s prospects. Crypto analyst Lark Davis said: “Sui is one of the most promising projects in the Move ecosystem, and its technical advantages and strong team are worth watching.” Another analyst, Crypto Banter, believes: “Sui’s emergence will drive the development of the Move ecosystem and bring new vitality to the crypto industry as a whole.”

2. Aptos: Layer 1 Solution Built by Former Meta Engineers

Aptos is an emerging Layer 1 blockchain project created by former Meta (Facebook) engineers. The project aims to build a high-performance, secure, and scalable blockchain platform to provide infrastructure for the We era.

Latest developments: Aptos recently launched its mainnet and released the first version of Aptos Devnet. This version supports smart contract deployment, NFT minting and transfers, and other basic functions. The team also launched an Aptos wallet and browser extension to improve the experience for developers and users. Aptos also announced its first ecosystem fund to support project growth and attract more developers.

Market impact: As a Layer 1 solution built by former Meta engineers, Aptos is poised to become a strong competitor to Ethereum, Solana, and other existing blockchains. Its high performance and scalability can solve current congestion and high transaction fee issues. The team’s extensive experience also gives Aptos a unique advantage.

Industry feedback: There are mixed views on Aptos’ future. Supporters believe its technical strengths and strong team will make it a leader in blockchain. However, others worry about fierce competition from Ethereum and other Layer 1 projects, meaning Aptos may face a tough road ahead.

3. Gensyn: AI and Blockchain Fusion Innovation

Gensyn is an innovative project combining artificial intelligence (AI) with blockchain technology. The project aims to leverage AI’s powerful computing capabilities to provide efficient smart contract execution and optimization solutions for blockchains.

Latest developments: Gensyn recently completed a seed funding round and released the first version of its AI-enhanced smart contract engine. This engine can automatically optimize and execute smart contracts, greatly improving efficiency and security. The team also launched a decentralized AI computing platform allowing developers to run AI models and applications on-chain.

Market impact: As a pioneering project combining AI and blockchain, Gensyn could bring disruptive changes to the crypto industry. Its AI-enhanced smart contract engine can significantly improve blockchain performance and efficiency, while the decentralized AI computing platform provides a new space for developer innovation.

Industry feedback: Industry insiders praise Gensyn’s innovative vision and technical strength. Crypto analyst Adam Cochran said: “Gensyn is opening an entirely new field—combining AI with blockchain is an incredible idea.” Another analyst, CryptoRae, commented: “Gensyn’s solution can greatly improve blockchain performance and efficiency, which is a major advance for the industry.”

4. Hyperbolic: Distributed Computing Platform for the We Era

Hyperbolic is a distributed computing platform designed for the We era. The project aims to use blockchain technology to provide developers with a secure, efficient, and scalable computing infrastructure.

Latest developments: Hyperbolic recently launched its mainnet and released the first version of its distributed computing platform. The platform supports various programming languages, allowing developers to deploy and run compute-intensive applications on-chain. The team also launched a decentralized storage solution to provide efficient data storage and access for computing tasks.

Market impact: As a distributed computing platform for the We era, Hyperbolic is expected to become a key infrastructure in the blockchain ecosystem. Its efficient, scalable computing capabilities support the development and deployment of various innovative applications, driving the growth of the We ecosystem.

Industry feedback: Industry insiders recognize Hyperbolic’s innovative vision and technical strength. Crypto analyst CryptoBird said: “Hyperbolic provides a powerful computing infrastructure for the We era, which will greatly promote the development of innovative applications.” Another analyst, CryptoYeti, believes: “Hyperbolic’s distributed computing platform solves current blockchain performance and scalability challenges—this is a project worth watching.”

5. Title.xyz: AI-Powered Video Generation Platform

Title.xyz is an innovative platform that uses artificial intelligence to generate video content. The project aims to offer content creators a brand-new way to produce videos, greatly improving efficiency and creative expression.

Latest developments: Title.xyz recently completed a seed funding round and launched the first version of its AI-powered video generation platform. The platform allows users to quickly generate high-quality video content from text or image input. The team also launched an NFT marketplace, enabling creators to mint and trade video works as NFTs.

Market impact: As an AI-driven video generation platform, Title.xyz could revolutionize the content creation industry. Its efficient, innovative approach to video production can sharply reduce costs and time, offering more opportunities for creators. The NFT marketplace also provides a new channel for video content monetization.

Industry feedback: Industry insiders praise Title.xyz’s innovative vision and technical strength. Video creator Liza Koshy said: “Title.xyz gives us a brand-new way to make videos, greatly boosting our efficiency and creativity.” Another creator, Casey Neistat, commented: “Title.xyz’s NFT marketplace opens up a whole new income stream for us—this is a huge opportunity for video creators.”

IV. Economic Developments

1. Fed Slows Rate Hikes, Inflation Pressure Persists

Economic background: The US economy faced a challenging period in 2025. Q3 GDP annualized growth was 2.1%, down from the previous quarter. Inflation eased but remained above the Fed’s 2% target. Unemployment stayed at a relatively low 4.2%.

Key event: At its December meeting, the Fed raised rates by 25 basis points, putting the federal funds target range at 5.25%-5.5%. This is the Fed’s first slowdown in rate hikes since 2022, reflecting some relief on inflation pressure. However, Powell emphasized that inflation remains severe and further hikes are still possible.

Market reaction: Stocks briefly fell after the Fed decision but soon rebounded. Investors generally expect the Fed to end its rate hike cycle in H1 2026. Bond yields rose slightly, reflecting ongoing inflation concerns. The dollar index softened marginally.

Expert analysis: Goldman Sachs chief economist Jan Hatzius said that while inflation has eased, it’s still relatively high. He expects the Fed to end rate hikes in Q2 2026, with the fed funds rate reaching about 6%. Citi believes the Fed may need to cut rates in H2 2026 to counter economic slowdown risks.

2. China Accelerates Economic Recovery, Policy Support Strengthens

Economic background: In 2025, China’s economy gradually recovered as the impact of the pandemic waned. GDP grew 5.1% year-on-year over the first three quarters, with Q4 expected to accelerate further. Inflation remained moderate, and unemployment hovered around 4%. Exports and manufacturing improved, and consumer spending rebounded.

Key event: The Chinese government introduced a series of policies to further boost recovery, including increased infrastructure investment, tax cuts, and manufacturing support. The PBOC also loosened monetary policy slightly, guiding lending rates lower. China signed multiple free trade agreements, supporting export growth.

Market reaction: The A-share market continued to rise on policy stimulus. The RMB appreciated slightly against the dollar. Bond yields declined. Foreign investment enthusiasm was high, with 2025 net inflows hitting record highs.

Expert views: CICC chief economist Dou Xiangsheng believes China has passed its toughest period and will maintain around 6% growth in the next year. He expects little inflation pressure and sees further room for PBOC easing. Goldman Sachs Asia Chairman Su Weiming said China’s policy measures will inject strong momentum into the recovery.

3. ECB Hikes Rates by 75 Basis Points, Eurozone Inflation Remains High

Economic background: The Eurozone fell into recession in 2025, with Q3 GDP down 0.4% quarter-on-quarter. Inflation hit a record 11.1% in November, far above the ECB’s 2% target. Unemployment edged up to 7.2%. The energy crisis and geopolitical tensions were major drags.

Key event: The ECB raised all three key rates by 75 basis points at its December meeting—its fifth consecutive large hike—showing its determination to fight inflation. ECB President Lagarde said decisive action will continue until inflation returns to the 2% target zone.

Market reaction: Eurozone stocks fell sharply after the decision. The euro rose slightly against the dollar. European government bond yields climbed across the board. Investor concerns about the Eurozone outlook have intensified, and the ECB is expected to end rate hikes in H1 2026.

Expert analysis: Deutsche Bank chief Eurozone economist David Fox said the ECB’s decision was expected, but inflation is still a serious concern. He expects the Eurozone to start recovering in early 2026, with inflation falling to around 3% by then. Citi warns that if the energy crisis drags on, Europe could slip into deeper recession.

V. Regulation & Policy

1. Multiple Chinese Departments Jointly Crack Down on Illegal Virtual Currency Activity, Stablecoin Risks Clarified for the First Time

The People’s Bank of China recently convened a meeting with the Ministry of Public Security, the Cyberspace Administration, and 10 other departments, reaffirming the 2021 ban on virtual currency business activities. The meeting specifically pointed out that stablecoins, as a form of virtual currency, carry risks of being used for money laundering, fundraising fraud, illegal cross-border fund transfers, and other illegal activities.

The meeting lineup was notable: compared with the 2021 “Ten Ministries,” new participants included the Central Financial Office, National Financial Regulatory Administration, and Ministry of Justice, marking a shift from coordinated oversight to systematic governance of virtual currencies in China. Analysts say this will reshape regulatory structure at the coordination, regulatory, and legal levels.

Industry insiders believe clearly defining stablecoins as virtual assets provides a logical foundation for including them in AML, cross-border capital flow, and other financial regulatory systems. Attorneys interpret that the meeting focused on cracking down on illegal foreign exchange activities using stablecoins, which seriously disrupt financial order.

Market participants generally believe this policy shows China’s firm stance on crypto regulation, and that oversight of related activities will only get stricter. Some investors are concerned this will further hit the domestic crypto market, while others believe clear regulation benefits the industry’s long-term development.

2. Japan Plans 20% Separate Tax on Crypto Trading Income to Boost Domestic Market

Reports indicate that the Japanese government is preparing to adjust tax policy on crypto trading income, planning to levy a flat 20% income tax regardless of transaction size, giving crypto the same tax treatment as stocks, investment trusts, and other financial products.

Currently, Japan taxes crypto trading income comprehensively, merging it with other income and applying a progressive rate up to 55%. The adjustment aims to lighten investor tax burdens and activate the domestic trading market.

The government plans to include this in the 2026 tax reform outline, expected to be finalized by year-end. Japan’s Financial Services Agency also plans to submit amendments to the Financial Instruments and Exchange Act in 2026 to strengthen crypto regulation, explicitly ban insider trading, and require issuers to fulfill disclosure obligations.

As the tax reform progresses, investment trust products containing crypto are also expected to be approved in Japan. Industry insiders believe this will bring new vitality to Japan’s crypto market and attract more investors. However, some worry that overly loose policies may increase speculation risks.

3. South Korea to Pass Digital Assets Basic Act Next Year, Stablecoins to Use Bank-Led Alliance Model

South Korea’s ruling and opposition parties have reached a breakthrough agreement on the stablecoin regulatory framework, planning to pass a full Digital Assets Basic Act by January 2026. The bill establishes a “Korean-style stablecoin” alliance structure, requiring banks to hold at least 51% equity, with tech companies as minority shareholders.

The bill aims to regulate the issuance and circulation of stablecoins and prevent systemic risks. The bank-led model enhances compliance and credibility but may limit innovation. Industry insiders say the model balances safety and development needs.

Democratic Party lawmakers set December 10 as the deadline for government proposals. If financial authorities fail to submit on time, lawmakers will introduce an independent version, which may intensify legislative differences.

The market is divided on the bill. Supporters say clear regulation will provide certainty for stablecoin development; opponents fear over-regulation will stifle innovation. Overall, the industry hopes the bill will promote orderly development of Korea’s digital asset market.