#加密货币监管政策# The Hong Kong Monetary Authority is promoting real-name regulation of stablecoins, a move worth following. According to the data, this policy will launch the first batch of license applications in August 2025, stricter than expected. Real-name systems help enhance AML capabilities but may also impact market liquidity. Meanwhile, the U.S. SEC has approved the physical redemption mechanism, which is favourable for ETF issuers. On the funding side, institutions are still entering the market on a large scale, with Strategy increasing its holdings by 21,021 Bitcoins as clear evidence. The proportion of ETH open contracts has reached a new high, indicating rising institutional interest in its allocation. Overall, with stringent regulation and institutional entry coexisting, it is recommended to focus on structural opportunities in compliant assets, but also be wary of short-term pullback risks.