#数字资产市场观察 **On the first day of December, global encryption regulatory barometers are intensively releasing signals**

A rare public disagreement has emerged within the SEC. Commissioner Hester Peirce recently voiced her support for self-custody rights, stating directly that locking up encryption assets in exchanges amounts to depriving citizens of their financial autonomy. This statement represents a direct challenge to the existing framework of the Blue Sky Laws. Market analyst coinbureau believes that if the CLARITY Act can indeed be implemented, the possibility of loosening rules before 2026 will significantly increase, as it would exempt certain assets from state-level regulatory interference at the federal level. The pace of adoption of self-custody wallets may exceed many people's expectations.

The news about the upgrade of regulations in mainland China is also worth paying attention to. The central bank has led 14 ministries to redefine the red lines, and stablecoin tools and OTC channels face a complete blockade. After the exposure of those underground trading networks in Yiwu, many practitioners have begun to consider relocating. A senior user on social media, @renrenweiwo999, bluntly stated that retail investors will either completely exit or turn to cold wallets for long-term holding. In contrast, Hong Kong is advancing unified stablecoin regulation, and the positioning of the regional hub is becoming increasingly clear.

The implementation progress of the EU MiCA framework has exceeded expectations. A leading exchange's European branch has just obtained the first batch of licenses issued by Austria, bringing the total number of compliant licenses held by the institution in Europe to 53, of which 14 are directly related to stablecoin issuance. ESMA plans to release a white paper on the registration mechanism for non-compliant entities on December 30, with the transition period extending to July 2026. Germany's regulatory progress in the EEA region is clearly ahead. However, there is a new problem in the UK — starting in 2026, exchanges must report user information to the tax authority HMRC, with penalties for individual violations potentially reaching £300.

Several actions by emerging markets are also worth mentioning: Turkmenistan will officially allow mining and exchange operations starting January 1 of next year, with the central bank managing classified assets into backed and unbacked categories; a Brazilian legislator has proposed allocating 5% of national debt to Bitcoin; the Thai SEC has approved the issuance of a 500 million baht digital bond, code-named G-Token, aimed at retail investors but not usable for payments. The Central Bank of Russia has also hinted that it may announce new tax and anti-money laundering regulations regarding Bitcoin and other encryption assets within this month.

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