8.1 AI Daily Crypto Assets Regulation New Trends: US, Europe, and Asia Reshaping the Industry Landscape

1. Headlines

1. The Ethereum Foundation releases the "Lean Initiative", outlining the vision for the next decade.

On the tenth anniversary of Ethereum's birth, the Ethereum Foundation released the "Lean Plan", outlining the development blueprint for the next decade. The plan aims to comprehensively enhance network performance, decentralization, and security, with core objectives including achieving resistance to quantum attacks, 100% network uptime assurance, and reaching 10K TPS and million-level TPS transaction processing capabilities through Layer 1 and Layer 2 solutions respectively.

The plan will promote the upgrade of Ethereum across three major sub-layers: the consensus layer, the data layer, and the execution layer. The consensus layer will introduce a "Fortress Mode" and "Beast Mode" dual-track strategy, with the former focusing on security and decentralization, while the latter pursues extreme performance. The data layer will explore new types of data sharding and encoding schemes to enhance data availability. The execution layer will adopt next-generation cryptography and zero-knowledge proof technology to achieve high security and privacy protection.

Industry insiders believe that the "Lean Plan" demonstrates the Ethereum Foundation's foresight for the long-term development of the network. This plan not only sets a grand vision for Ethereum but also establishes new performance and security benchmarks for the entire cryptocurrency ecosystem. As the plan is gradually implemented, Ethereum is expected to become a true "cornerstone of the value internet."

2. The Hong Kong "Stablecoin Regulation" officially takes effect, ushering in a new era of regulation.

The Hong Kong SAR Government has taken a key step in the regulation of digital assets, with the "Stablecoin Ordinance" officially coming into effect on August 1. This marks a new phase in the implementation of stablecoin development in the Hong Kong region.

According to the new regulations, any institution wishing to issue stablecoins in Hong Kong must apply for a license from the Monetary Authority and comply with strict prudential regulatory requirements. This includes proper management of reserve assets, maintaining a sound stabilization mechanism, adhering to anti-money laundering regulations, and undergoing annual audits, among others. The Monetary Authority will implement comprehensive regulation of stablecoin issuers based on risk-oriented principles.

A person from the Hong Kong Monetary Authority stated that the new regulations aim to promote the orderly development of stablecoins in Hong Kong while ensuring appropriate protection for investors. Industry insiders generally believe that the "Stablecoin Ordinance" marks the formal entry of Hong Kong into the era of digital asset regulation, creating a favorable environment for the development of stablecoins.

However, there are also viewpoints that indicate that overly strict regulations may stifle innovation and weaken Hong Kong's attractiveness as a fintech hub. Therefore, while implementing regulations, the government also needs to balance innovation and risk, creating conditions for the healthy development of the industry.

3. Cryptocurrency exchange suffers a hacker attack, with losses reaching up to 42 million USD.

The cryptocurrency exchange GMX suffered a hack in July, resulting in the theft of approximately $42 million worth of crypto assets. This incident has once again sparked widespread attention and discussion in the industry regarding the security of exchanges.

According to reports, hackers exploited a vulnerability to bypass GMX's risk control system, causing a massive sell-off and short selling of GMX tokens in a very short period, leading to a sharp drop in the token price. During this process, the hackers profited over $42 million. GMX has suspended trading and initiated an emergency response, but losses have already occurred.

Industry insiders point out that this attack incident highlights the shortcomings in the security aspect of decentralized finance ( DeFi ) protocols. Due to the open-source and permissionless nature, DeFi protocols are more susceptible to hacking and manipulation. At the same time, exchanges, as the central hub of funds, often become targets for hackers.

Experts suggest that measures such as strengthening smart contract audits, optimizing risk control mechanisms, and increasing transparency may fundamentally enhance DeFi security. However, in the long run, the entire industry still needs to seek a balance between decentralization and security, which will be a lengthy process.

4. SEC Chairman: A framework for regulating crypto securities will be established.

The chairman of the U.S. Securities and Exchange Commission (, Gary Gensler ), revealed in a speech that the SEC is developing a framework to regulate crypto assets that are considered securities. This initiative aims to create an orderly regulatory environment for crypto securities.

According to Jensler, the SEC has instructed its staff to draft relevant guidelines to clarify which crypto assets fall under the category of securities. At the same time, the SEC will also propose disclosure requirements and exemption rules for crypto assets that are determined to be securities.

Gensler emphasized that the SEC's goal is to create a fair and efficient market environment for crypto securities while protecting investors. He stated that the SEC will collaborate with companies seeking to issue tokenized securities to ensure they comply with relevant regulations.

This news has sparked heated discussions within the industry. Supporters believe that a clear regulatory framework will bring certainty to crypto securities, helping to attract the participation of institutional investors. However, there are also concerns that excessive regulation might stifle innovation and limit the growth potential of the crypto securities market.

Regardless, Gensler's speech once again highlighted the SEC's determination regarding the regulation of crypto assets. In the future, the development of the crypto securities market will be significantly influenced by SEC policies.

( 5. Large cryptocurrency holders liquidating positions trigger market panic, Bitcoin dips in the short term.

A cryptocurrency whale address sold approximately $180 million worth of XRP within 24 hours, causing severe market fluctuations. Mainstream cryptocurrencies like Bitcoin fell sharply in response, and investor sentiment quickly turned negative.

According to on-chain data, the large holder address sold approximately 60 million XRP within just a few hours, accounting for 0.4% of the circulating supply of XRP at that time. Such a large-scale sell-off undoubtedly had an impact on the market, with the XRP price dropping nearly 10% at one point during the sell-off.

Bitcoin and other mainstream cryptocurrencies have also been affected by a chain reaction. Data shows that Bitcoin fell nearly 5% during the XRP sell-off, briefly dropping below the $11,500 mark. Analysts believe that this "sell-off" behavior has intensified investor panic, triggering a wave of self-fulfilling sell-offs.

However, there are also views that this is just a normal market fluctuation. Large holders selling off will indeed cause a short-term impact on prices, but as long as there is no fundamental change in the underlying factors, the market is expected to regain its upward momentum after a period of time.

Overall, this incident once again confirms the high-risk nature of the cryptocurrency market. Investors need to remain cautious and be highly alert to events that may trigger significant volatility. At the same time, they should also learn to distinguish between noise and substantial positive/negative news to avoid being misled by short-term fluctuations.

2. Industry News

) 1. Bitcoin and Ethereum plummet, liquidation surges, analysis of macro pressure and on-chain movements.

On the first trading day of August, the cryptocurrency market experienced a massive sell-off, with the total market capitalization plummeting by 6.6% in a single day to $3.8 trillion. Bitcoin's price fell below $116,000, Ethereum dropped below $3,700, and major altcoins saw an approximate decline of 5%. Over $629 million in positions were liquidated, and the fear and greed index sharply decreased.

The main reasons for the decline of Bitcoin include: sudden changes in the Federal Reserve's interest rate expectations, the impact of new tariff policies, movements in long-term dormant wallets, and panic selling by short-term holders. Powell insists that he will continue to dismiss President Trump's calls for interest rate cuts, emphasizing their role in stabilizing inflation in the long term. Trump announced adjustments to the "reciprocal tariff" rates for several countries, raising market concerns. According to OnchainLens monitoring, 250 BTC worth $29.64 million from 5 Satoshi-era wallet addresses were consolidated into 2 new addresses, immediately triggering market panic.

Analysts believe that Bitcoin may further retreat to the range of $112,000 to $113,000 in the short term. However, if a triple bottom rebound forms and breaks through the downward trend line, it could initiate a new round of upward momentum. Investors should closely monitor core driving factors such as the Federal Reserve's statements and the progress of cryptocurrency legislation.

2. The regulations for stablecoins in Hong Kong have come into effect, and banks and brokers are scrambling to apply for licenses.

On August 1st, Hong Kong's "Stablecoin Regulation" officially came into effect, detailing the regulations set by the Monetary Authority regarding capital, custody, real-name authentication, reserves, and governance. Major banks are expected to apply first, but only a small number of licenses will be issued. The application deadline is September 30th, and organizations that do not apply may face closure.

The focus is on asset tokenization, cross-border payments, and cryptocurrency trading, with warnings about speculative risks. Relevant parties must comply with regulations regarding reserve asset management and redemption, including the proper segregation of client assets, maintaining a sound stability mechanism, and processing redemption requests from stablecoin holders at face value under reasonable conditions. Relevant parties must also adhere to a series of requirements for combating money laundering and terrorist financing, risk management, disclosure regulations, auditing, and appropriate candidates.

Standard Chartered Bank's Hong Kong CEO, Mary Huen, stated that the group is exploring possible options and use cases, aiming to submit applications as soon as possible. The group believes that digital assets will play an important role in the financial system in the future. Industry insiders remind that the business model of stablecoins is still unclear, and investors should be wary of conceptual hype and risks.

3. SEC Chairman: The Project Crypto plan will promote the comprehensive on-chain transformation of the US financial market.

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated that we are at the beginning of a new era in market history. The SEC's Project Crypto will enable on-chain capabilities for the U.S. financial markets, and this project will become the North Star of the SEC, helping President Trump to make the U.S. the "world's cryptocurrency capital" and maintain America's dominant position in the crypto asset market.

The SEC's primary task is to quickly establish a regulatory framework for the distribution of crypto assets in the United States, rather than restricting it with red tape and one-size-fits-all rules. Atkins stated that he has directed the committee staff to develop guidelines to determine when crypto assets qualify as securities. The staff has been asked to propose disclosure requirements and exemption provisions for crypto assets identified as securities, and to collaborate with companies seeking to issue tokenized securities.

The initiative aims to modernize regulation and establish the United States as a cryptocurrency hub. Tim Draper supports the project, envisioning a Bitcoin-centered financial system that leverages blockchain accounting and smart contracts to foster innovation and competition in digital assets.

4. DeFi TVL returns to the high point before the UST crash, and the IMF officially includes crypto assets in national accounts.

The dynamics of the cryptocurrency market focus on three core developments: the total value locked (TVL) in DeFi has strongly rebounded to $138 billion, reaching levels before the Terra collapse, led by AAVE and Lido; the IMF has historically revised the national accounts system, classifying Bitcoin and other crypto assets as "non-productive non-financial assets," with El Salvador being a direct beneficiary; Visa is accelerating its layout in the stablecoin ecosystem, adding multi-chain support for PYUSD, EURC, and other stablecoins, as traditional financial giants compete for opportunities in the $256 billion stablecoin market.

DeFi TVL has returned to a high level, reflecting the market's restored confidence in the DeFi ecosystem. The IMF has revised the national accounts system, categorizing crypto assets as "non-productive non-financial assets," which facilitates the statistical and regulatory oversight of cryptocurrencies globally. Visa is expanding its multi-chain stablecoin landscape, and traditional financial giants are accelerating their layout in the digital currency field, indicating a further integration of cryptocurrencies with the traditional financial system.

Analysts point out that although DeFi TVL has rebounded, regulatory risks should still be taken seriously. The IMF's revision is a historic progress, but the specific accounting treatment of crypto assets remains to be clarified. The competition in the stablecoin ecosystem is intensifying, which may bring new regulatory challenges. Overall, the crypto market is moving towards a more regulated and transparent direction, but it will still take time.

5. Altcoin Bull Market Signals? Six On-Chain Indicators Show Accumulation of Altcoin Market Momentum

The on-chain analytics company CryptoQuant points out that six key indicators show that the momentum in the altcoin market is strengthening, including Ethereum leading the charge, a decline in Bitcoin's dominance, a surge in altcoin futures trading volume to a five-month high (accounting for 83%), a majority of mainstream altcoin futures moving upwards, and a positive 30-day change in retail demand for Bitcoin— the latter being seen as a signal ahead of a major market movement for both Bitcoin and altcoins.

The continuous development of Ethereum in hot sectors such as DeFi and NFTs has driven strong price performance, boosting the activity level of the entire altcoin market. The decline in Bitcoin's dominance suggests that funds may flow into the altcoin market. Both the trading volume and open interest of altcoin futures have risen, reflecting the optimistic sentiment of institutions and retail investors towards altcoins.

However, analysts also warn of the high volatility risk in the altcoin market. Over the past few months, the performance of altcoins has been uneven, and investors need to be cautious in seizing opportunities. Overall, the momentum in the altcoin market is indeed building, but whether it can translate into a sustained bull market remains to be seen.

3. Project News

1. ChainOpera AI has officially partnered with EigenLayer to jointly create a trusted AI Agent network on the blockchain.

ChainOpera AI is a blockchain-based AI Agent platform designed to provide users with trustworthy AI services. Launched in 2023, the platform ensures the verifiability and transparency of AI Agents through smart contracts and a distributed architecture.

The latest news is that ChainOpera AI has partnered with EigenLayer to jointly advance the construction of the "verifiable runtime agent" infrastructure. Both parties will achieve full-process verification of AI Agent reasoning and execution behavior through on-chain auditing mechanisms, promoting the evolution of AI services from "black box" to "trusted collaboration."

This collaboration is expected to address the issues of transparency and interpretability in AI systems. By utilizing blockchain technology to record the AI decision-making process, users can trace and audit the behavior of AI, thereby increasing trust in AI systems. At the same time, the on-chain verification mechanism also ensures the fairness and impartiality of AI systems.

Analysts believe that the collaboration between ChainOpera AI and EigenLayer is an important step in the integration of AI and blockchain, which is expected to promote the application of AI in fields such as finance and healthcare. However, they also point out that on-chain AI systems still face challenges in terms of performance, privacy protection, and other aspects, requiring continuous innovation and optimization.

2. Puffer announced the UniFi AVS upgrade, featuring an execution speed of less than 10 milliseconds.

Puffer is an Ethereum infrastructure protocol designed to improve the scalability and performance of Ethereum. Launched in 2022, the protocol utilizes Rollup technology to achieve off-chain computation and on-chain data verification, significantly enhancing transaction throughput.

The latest update is that Puffer has announced an upgrade to its UniFi AVS system, built on EigenLayer, with over $13 billion of re-staked ETH as collateral. The upgraded UniFi AVS brings sub-second execution speed and economic consistency to Rollup through validator-supported gateways and real-time pre-confirmation.

This upgrade is expected to solve the problems of congestion and high fees on the Ethereum network. Sub-second execution speed means users can obtain almost instant transaction confirmations, significantly enhancing the user experience. At the same time, the economic consistency mechanism ensures alignment of interests between Rollup owners and Ethereum proposers, promoting the healthy development of the ecosystem.

Industry analysts believe that the upgrade of Puffer marks significant progress in Ethereum's scalability solutions. With the launch of more Rollup protocols, Ethereum is expected to break through its current performance bottlenecks and support the deployment of more innovative applications. However, it is also pointed out that the security and decentralization of Rollup technology still need further verification.

3. The Ethereum Foundation releases its "lean Ethereum" development vision for the next decade.

Ethereum is the largest smart contract platform in the world, supporting the operation of a large number of decentralized applications. To plan the long-term development direction of Ethereum, Ethereum Foundation researcher Justin Drake released the "lean Ethereum" vision document.

This document outlines Ethereum's development goals for the next decade, including achieving a Layer 1 throughput of 10,000 transactions per second and a processing capacity of 1 million transactions per second at Layer 2. At the same time, the document emphasizes the importance of addressing quantum threats through hash-based cryptography.

To achieve the above goals, Ethereum needs to innovate and optimize in multiple areas, including improving scalability, enhancing privacy protection, and reducing energy consumption. The document points out that Ethereum needs to undergo radical scaling and combine with various second-layer scaling solutions to meet the demands of large-scale applications in the future.

Industry insiders welcomed this, believing that the Ethereum Foundation has outlined a clear vision for the development of the ecosystem. However, some analysts have raised concerns, pointing out that achieving such large-scale expansion presents significant technical challenges and requires ongoing innovative breakthroughs. In addition, Ethereum needs to address issues such as high transaction fees in order to attract more users and developers.

Overall, the Ethereum Foundation's "lean Ethereum" vision has pointed the development direction for the ecosystem, but realizing this vision still requires the joint efforts of global developers.

4. Economic Dynamics

1. The U.S. core PCE year-on-year rate for June has returned to a high of 2.8%, with inflationary pressures resurfacing.

Economic Background: The pace of the U.S. economic recovery has slowed, with a 2.4% annualized quarter-on-quarter GDP growth in the second quarter, below expectations. However, the job market remains relatively robust, with the unemployment rate holding steady at a low of 3.6% in June. Inflationary pressures eased in the first half of the year, but there are recent signs of a rebound.

Important Event: The core PCE price index in the US for June has returned to a high of 2.8% year-on-year, surpassing expectations and the revised previous value, marking the fastest inflation growth since February. Overall PCE and consumer spending data have risen in tandem, highlighting the re-emergence of inflationary pressures. A weak labor market and stagnant real income have intensified the risks of an economic slowdown.

Market Reaction: The market expects that this Friday's employment report will further confirm the decline in hiring momentum, adding uncertainty to the policy path. The probability of the Federal Reserve maintaining interest rates in September is 58.7%, while the probability of a cumulative rate cut of 25 basis points has fallen to 41.3%. Investor concerns about the economic outlook have intensified, leading to a decline in US stocks on Monday.

Expert Opinion: Goldman Sachs analysts indicate that inflation data exceeding expectations may drive the Federal Reserve to raise interest rates by 25 basis points in September to prevent inflation from regaining momentum. However, former Federal Reserve Governor Bullard believes that if the job market does not deteriorate, the Federal Reserve may hold off on interest rate cuts in September. Overall, the inflation situation is complex, and there is significant uncertainty regarding the policy path.

2. Trump's new tariff policy raises market concerns, and the shadow of trade war looms again.

Economic Background: The pace of global economic recovery is slowing, and the GDP growth rate of major economies is tapering. The China-U.S. trade dispute has eased, but geopolitical tensions have intensified, leading to a continued turbulent international trade environment. Inflation in the United States remains high, and the Federal Reserve's interest rate hike cycle may be prolonged.

Important event: U.S. President Trump signed an executive order to adjust reciprocal tariffs on dozens of countries, raising tariffs on Canada from 25% to 35%. This move has raised market concerns about the escalation of the trade war.

Market Reaction: U.S. stocks closed lower on Monday after the announcement of Trump's new tariff policy. Analysts pointed out that, although the market reaction was muted, it may indicate that investors are preparing their portfolios for trade tensions. Global investors' confidence in the economic outlook has further eroded.

Expert Opinion: Former U.S. Deputy Trade Representative Wendy Cutler warns that the new tariff measures may just be the beginning, and trade partners will face ongoing uncertainty. Goldman Sachs analysts indicate that if trade tensions continue to escalate, it will further drag down global economic growth. Overall, the shadow of trade disputes is re-emerging, casting a pall over the fragile global economic recovery.

3. Hong Kong stablecoin regulation implemented, digital asset ecosystem receives significant boost.

Economic background: Hong Kong's financial technology is developing rapidly, and the digital asset ecosystem is becoming increasingly mature. The SAR government attaches great importance to the regulation of digital assets, creating a favorable environment for the industry's development. A global regulatory framework for digital assets is taking shape.

Important Event: The Hong Kong "Stablecoin Regulation" officially came into effect on August 1, marking a new phase in the implementation of stablecoin development in the Hong Kong region. The Monetary Authority has opened applications for stablecoin issuance licenses.

Market Response: Citibank expects the Hong Kong stablecoin market to reach a scale of $16 billion, which will increase demand for high-quality liquid assets and promote the development of the local fixed income market. Several banks and brokers intend to apply for licenses to seize the opportunity in the Hong Kong digital asset market.

Expert Opinion: The CEO of Standard Chartered Bank Hong Kong stated that the group is studying the relevant documents with the aim of submitting an application as soon as possible. The CEO of JPMorgan believes that stablecoins will become a future trend, but clear regulatory rules are needed. The Hong Kong Monetary Authority emphasized that the new framework is risk-based and aims to balance innovation with risk control. Industry insiders generally have a positive outlook on the development prospects of stablecoins in Hong Kong.

5. Regulation & Policy

1. SEC Chairman Gary Gensler announces the launch of the "Crypto Initiative" to modernize securities regulations.

On July 31, the Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, officially announced the launch of "Project Crypto" aimed at responding to President Trump's vision of making the United States the global capital of cryptocurrency. This initiative, which spans the entire commission, will promote the modernization of securities rules and accelerate the migration of U.S. financial markets to on-chain.

Policy Background: As the U.S. securities regulatory agency, the SEC's policy direction has a significant impact on the regulatory landscape for crypto assets. The launch of the "Crypto Plan" aims to address the rapid development of cryptocurrencies and blockchain technology, laying the groundwork for their legalization and regulation in the United States.

Policy Content: The plan includes establishing a clear and simplified regulatory framework for the issuance, custody, and trading of crypto assets. The SEC has instructed its staff to develop guidelines to determine when crypto assets are considered securities; to propose disclosure requirements and exemptions for crypto assets identified as securities; and to collaborate with companies seeking to issue tokenized securities. This marks a shift from the strong enforcement policies of former Chairman Gensler's era, aiming to attract offshore crypto businesses back.

Market Reaction: This move is seen as a significant turning point in the U.S. cryptocurrency regulatory policy, expected to bring greater certainty to the industry. The cryptocurrency market reacted positively to this news, with mainstream coins like Bitcoin experiencing a short-term increase. However, some analysts have indicated that the SEC still needs to provide clear guidance on the specific implementation details, or it may still introduce new regulatory risks.

Expert Opinion: Cryptocurrency analyst Nic Carter stated that the "crypto plan" is a significant initiative by the SEC to address the regulatory challenges of cryptocurrencies, which will bring greater certainty to the industry. However, he also pointed out that the SEC needs to closely coordinate with other regulatory bodies to develop a comprehensive regulatory framework.

2. The Hong Kong Monetary Authority has released a regulatory framework for stablecoins, paving the way for a licensing system.

On August 1st, the Hong Kong Monetary Authority officially released four documents including the "Regulatory Guidelines for Licensed Stablecoin Issuers", establishing a regulatory framework for stablecoins. This marks the official implementation of the licensing system for stablecoin issuers in Hong Kong, laying the foundation for Hong Kong to become a global stablecoin center.

Policy Background: The Government of the Hong Kong Special Administrative Region places great importance on the development of digital assets and regards stablecoins as a key area for development. The introduction of this regulatory framework aims to establish uniform standards for stablecoin issuers, regulate market order, and maintain financial stability.

Policy Content: The "Guidelines for Regulating Licensed Stablecoin Issuers" stipulates requirements regarding capital, reserve management, and redemption mechanisms. The "Guidelines for Combating Money Laundering and Terrorist Financing" includes non-custodial wallets under regulatory oversight. The "Summary of the Licensing System for Stablecoin Issuers" clarifies application qualifications and procedures. The Monetary Authority will adopt an "invitation-based" approach to issuing licenses, with the first batch of approved institutions expected to be announced early next year.

Market Reaction: The financial industry in Hong Kong has welcomed this policy. Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants are all interested in applying for licenses. Industry insiders believe that Hong Kong's stablecoin regulatory framework balances innovation and prudence, which will promote Hong Kong to become a global stablecoin hub.

Expert Opinion: Financial law experts in Hong Kong point out that the regulatory framework reflects Hong Kong's "proactive and prudent" regulatory philosophy, which encourages innovation while emphasizing risk control. They believe that the regulation of stablecoins in Hong Kong will serve as a reference for other regions around the world.

3. Indonesia's cryptocurrency tax policy adjustment, user scale surpasses stock market

The Indonesian government has recently updated its cryptocurrency regulatory policies, raising the tax rate on offshore platforms to 1%, while adjusting the tax rate on domestic platforms to 0.21%. At the same time, it has eliminated value-added tax for buyers and reclassified crypto assets as financial assets, bringing them under the supervision of the Financial Services Authority.

Policy Background: Indonesia is one of the major countries in the world for cryptocurrency usage, with a user base exceeding 20 million. In order to regulate market order and protect tax rights, the Indonesian government has introduced relevant policies multiple times. This adjustment aims to encourage domestic trading and curb capital outflow.

Policy Content: The new policy raises the tax rate for overseas cryptocurrency trading platforms to 1%, while the domestic platforms remain at 0.21%. At the same time, it eliminates the value-added tax for cryptocurrency buyers and reclassifies crypto assets from goods to financial assets, which will be regulated by the Financial Services Authority.

Market reaction: Industry insiders believe that this move will promote the localization development of Indonesia's cryptocurrency ecosystem. However, some analysts point out that excessively high tax rates on foreign platforms may lead some users to turn to illegal channels for trading.

Expert Opinion: Officials from the Indonesian Ministry of Finance stated that the price fluctuations of crypto assets will continue to impact future tax performance. They will closely monitor market changes and adjust policies in a timely manner. Meanwhile, regulators emphasized that the new policies will be beneficial for maintaining financial stability.