I recently came across an interesting perspective on virtual asset regulation. The basic idea is as follows: virtual assets are recognized as a direction for financial innovation, but in reality, there are some tricky issues—such as the difficulties in rights protection due to anonymous transactions, potential money laundering risks, and the threat to overall financial stability.

Therefore, regulatory authorities adopt a pragmatic stance: first establish a clear regulatory framework rather than letting ordinary investors follow the trend into the market. At the same time, strengthen market education to help everyone understand the characteristics of these assets rationally.

Regarding stablecoins, the approach is to first solidify the basic regulatory system for stablecoins, accumulate experience, and then gradually explore more complex models (such as gold-pegged varieties). "Stability first"—this phrase captures the core logic.

This step-by-step approach is actually more beneficial for the long-term development of the industry. It can promote innovation while preventing systemic risks, providing market participants with more certainty.