Gate Research: Web3 Industry Policy and Macro Report - December 2024

This report summarizes the Web3 industry policy development in December 2024, including the official implementation of the EU's Markets in Crypto-Assets (MiCA) regulation, the release of several key US economic data points, and the legislative progress of Hong Kong's "Stablecoin Bill." These policy and macro events have played a significant role in promoting the development of the global Web3 industry while also bringing both opportunities and challenges to market participants.

Key Highlights:

Policy Overview: In December 2024, the Web3 industry witnessed several important policy changes and regulatory developments, highlighting the global push towards greater standardization in the crypto-asset sector. The entry into force of the EU's MiCA regulation provided a clearer regulatory framework for the market, and the release of US economic data provided further reference for market expectations and decision-making. Hong Kong's stablecoin legislation also set new standards for industry compliance.

Key Policy Events and Innovations: The EU officially implemented the MiCA regulation and travel rule guidance, offering a more defined compliance pathway for cryptocurrency exchanges and market activities. The US released a series of economic indicators, including unemployment rate, CPI, and PCE data, shaping capital flows and influencing investment sentiment in the crypto-asset market. In addition, in advancing the "Stablecoin Bill," Hong Kong underscored its proactive positioning as a leading financial hub in Asia.

Hot Areas and Policy Distribution: Globally, digital assets and blockchain technology remained a focus of policy support. Among them, the EU strengthened compliance requirements for crypto-assets, while the US consumer confidence index and employment data highlighted the broader influence of economic conditions on the market. At the same time, Hong Kong, Russia, and Japan stepped up efforts to apply and promote blockchain technology in their respective fields through policy innovation.

Active Regulation and Institutions: This month, global regulatory activities reflected a marked shift toward maturity. The EU's MiCA regulation and travel rule guidance emerged as focal points for the industry, while the US core PCE data and ADP employment report offered critical insights into macroeconomic trends. In addition, Dubai and the UK enhanced cross-border blockchain interoperability and applications through policy adjustments.

Industry Trends and Future Outlook: The policy changes in December 2024 not only underscored the ongoing standardization of the industry on a global scale but also created greater opportunities for future technological innovation and market development. With the gradual improvement of the regulatory framework, crypto-assets are poised to assume a more significant role in the global economy. In the coming years, the adoption of the Web3 industry is expected to accelerate further, and cross-chain technology and global regulatory coordination are likely to emerge as pivotal drivers of industry development.

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Gate Team
January 1st, 2024