#加密货币监管框架# Recently, Hong Kong has introduced strict stablecoin legislation, which has sparked considerable controversy. This legislation requires real-name registration, high entry thresholds, and prohibits integration with DeFi protocols, clearly leaning towards building a controlled "permissioned chain finance" system. While regulation is necessary, excessive restrictions may stifle innovative vitality. I believe that Hong Kong should seek a balance between financial security and open innovation. Perhaps it can draw on Singapore's "layered sandbox" approach, allowing DeFi projects with risk control capabilities to gradually test the waters. At the same time, attention must be paid to how to enhance KYC while preserving a moderate degree of on-chain privacy. After all, the permissionless nature of Blockchain is fundamental to its development. I hope that in the subsequent implementation process, a balance can be found between regulatory rigidity and technological flexibility, enabling Hong Kong to maintain its competitiveness in the new global digital financial order.