7.25 AI Daily AI Large Model Upgrade and Crypto Market Turmoil: Intensifying Competition Among Tech Giants

1. Headlines

OpenAI is about to release GPT-5, and the competition among AI large models is escalating.

OpenAI announced that it will launch the GPT-5 large language model in August, a news that has caused a stir in the industry. GPT-5 is seen as OpenAI's latest effort to compete against tech giants like Google in the AI landscape, with its scale and capabilities set to surpass the existing GPT-4 model.

The training dataset of GPT-5 includes a massive amount of text, image, and video content from the internet, with model parameters reaching trillions, comparable to the computational power of the human brain. OpenAI revealed that GPT-5 can not only generate realistic text and images but also perform complex reasoning and decision-making, achieving breakthroughs in fields such as natural language processing and computer vision.

Analysts believe that the emergence of GPT-5 will intensify the competitive landscape among tech giants in the field of AI. Companies like Google and Meta are increasing their investments in AI, striving to gain an advantage in cutting-edge areas such as large models and general artificial intelligence. At the same time, AI safety and ethical issues will receive more attention, and calls for regulation may grow increasingly louder.

2. Musk announces the relaunch of the Vine platform, the meme coin VINE surges.

Tesla CEO Elon Musk revealed on social media that the classic short video platform Vine will be re-launched using AI technology. This news has sparked a frenzy in the cryptocurrency market.

The meme coin VINE, named after Vine, has seen a surge, with its price once soaring by 110% within 24 hours, and its market capitalization exceeding $80 million. Analysts point out that the explosive rise in VINE's price is mainly driven by the "Musk Effect", with investors' expectations high regarding Musk's potential revival of the Vine platform.

However, some analysts have warned that the VINE coin itself lacks practical use, and its price surge is more a result of speculative hype, prompting investors to be wary of bubble risks. Meanwhile, Musk's specific plans to relaunch the Vine platform have not yet been disclosed, and its feasibility and development prospects remain to be tested over time.

3. India's Cryptocurrency Regulatory Roadmap Emerges, COINS Bill Becomes Industry Guideline

The Indian government has recently reached a consensus on cryptocurrency regulation and plans to establish a regulatory framework for the industry through the "Cryptocurrency Promotion and Regulation Bill" (COINS Bill ). This bill is seen as a blueprint for the development of the cryptocurrency sector in India, attracting widespread attention within the industry.

The COINS Act will grant the Securities and Exchange Board of India regulatory authority over cryptocurrency exchanges, requiring exchanges to undergo scrutiny and obtain licenses. At the same time, the Act will clarify the legal status of cryptocurrencies, paving the way for their development in India.

Polygon's payment head Aishwary Gupta stated that the COINS bill brings much-needed clarity to the crypto space, calling for Indian lawmakers to establish a balanced tax regime to promote compliance and drive innovation. Analysts believe that the introduction of this bill will help attract more institutional capital into the Indian crypto market.

4. The U.S. banking industry is optimistic about the future of stablecoins, expecting a market value surge of $75 billion.

After the U.S. Congress passed the "Account Stability Act," the American banking industry is increasingly optimistic about the development prospects of stablecoins. American banks predict that the market value of stablecoins will increase by 25 billion to 75 billion dollars in the short term, surpassing the 300 billion dollar mark.

Analysts believe that the "Account Stability Act" creates favorable conditions for the development of stablecoins, promoting market and infrastructure construction. The future introduction of the "CLARITY Act" will further improve regulation and clear obstacles for the application of stablecoins in areas such as payments and settlements.

However, JPMorgan has a cautious attitude towards the prospects of stablecoins. The bank believes that stablecoins have not yet become mainstream payment tools, and their development still faces many uncertainties. Overall, stablecoins have become an emerging area of close attention for traditional financial institutions.

5. Large-scale liquidation of long positions in the cryptocurrency market triggered by the Federal Reserve's interest rate hike expectations causes panic.

Under the influence of the Federal Reserve's interest rate hike expectations, a massive liquidation wave occurred in the cryptocurrency market last week. Data shows that over $1 billion in long positions were forcibly liquidated in the past three days, with the liquidation speed surpassing that of short positions.

Analysts point out that this phenomenon reflects the market's concern over the Federal Reserve's imminent interest rate hike. If the Federal Reserve raises interest rates as planned next week, it will further increase the selling pressure on risk assets such as cryptocurrencies.

At the same time, the global M2 money supply has reached a historical high, which has often indicated a new bull market cycle for cryptocurrencies like Bitcoin in the past. However, currently, the impact of inflation pressure and interest rate hike expectations on market sentiment is more pronounced. Analysts are urging investors to remain cautious and closely monitor the Federal Reserve's policy direction.

2. Industry News

1. The price of Bitcoin has fallen below the recent strong support zone, and the rise in risk aversion has triggered capital outflow.

The price of Bitcoin has fallen below the recent strong support zone of $115,000. From the perspective of liquidation density, the upper range of $120,000~121,500 serves as a significant resistance wall. Unix analysts suggest that geopolitical events have led to a deterioration in short-term market risk appetite; if Bitcoin cannot quickly regain $115,000, it may easily experience a second bottoming out or even drop to $112,300. The operational strategy should be to remain cautious; if the rebound lacks sufficient volume, the bears may have the momentum to continue attacking. It is advisable to pay attention to the market's response to geopolitical news from Southeast Asia; if the VIX index continues to rise, it may extend risk-off selling pressure, and leverage and risk exposure should be strictly controlled.

The armed conflict at the Thailand-Cambodia border has worsened, with Thailand deploying F-16 fighter jets for bombing, while Cambodia has appealed to the United Nations. The fighting has raised global market concerns about the stability of Southeast Asian supply chains. Amid escalating diplomatic tensions, risk aversion sentiment in Asian markets has increased, with funds flowing towards gold and the US dollar. The cryptocurrency market has also shown signs of risk-off outflows. The price of Bitcoin has fallen below the recent strong support zone of $115,000. From the perspective of clearing density, the upper range of $120,000 to $121,500 is a significant pressure wall.

Unix analysts believe that geopolitical events have led to a deterioration in short-term market risk appetite. If Bitcoin cannot quickly reclaim $115,000, it is likely to see a second bottoming or even drop to $112,300. The recommended strategy is to remain cautious; if the rebound lacks sufficient volume, the bears may have the momentum to continue their attack. It is advisable to pay attention to the market's response to geopolitical news from Southeast Asia. If the VIX index continues to rise, it may prolong the selling pressure associated with risk aversion, and leverage and risk exposure should be strictly controlled.

2. The "sense of disillusionment" in the crypto industry is spreading, and hoping for a big bull market to save the "Bag" is unrealistic.

Entrepreneurs, investors, and various participants in the entire industry have rapidly shifted towards a consensus of public opinion on "crypto scams," as if discovering a new narrative. The industry has reached its absolute low point now, but it is impossible to hope that a sudden violent bull market will save everyone's bags; the current predicament of the industry is not only due to the larger context but also the phased death of its underlying logic.

Everyone has noticed that the industry logic and exit mechanisms over the past five or even ten years: founding projects, VC packaging, user growth hacks (points pua), listing, and lying flat to exit, are really coming to an end. There is an overall industry trend for entrepreneurial projects to gather and launch on mainstream exchanges, while a small number of top-tier projects in high-configuration circles find it easy to secure funding, whereas most projects from ordinary entrepreneurial teams face great difficulties in financing.

3. A7A5 Stablecoin: The Intersection of Financial Innovation and Controversy in Russia

Background and Birth: A7A5 is issued by the Kyrgyz company Old Vector, claiming full compliance with the "Virtual Assets Law" promulgated in Kyrgyzstan on January 21, 2022. The company was founded by Russian entrepreneur Dmitry Potapenko, aiming to provide stablecoin solutions for Russia and the countries of the Eurasian Economic Union.

Operating Mechanism: A7A5 adopts an algorithmic stablecoin model, automatically adjusting supply through smart contracts to maintain a 1:1 peg with the ruble. Users can purchase A7A5 tokens with rubles on the A7A5 platform and can also redeem rubles using A7A5. This currency operates on the Ethereum blockchain and follows the ERC-20 standard.

Application scenarios: The A7A5 team hopes that this currency can be widely used in Russia and the Eurasian Economic Union countries for payment settlements, cross-border remittances, digital asset investments, and other scenarios. At the same time, A7A5 can also serve as a tool for Russian businesses and individuals to evade sanctions and preserve wealth.

Controversies and Challenges: The emergence of A7A5 has sparked widespread attention and controversy in the international community. On one hand, this cryptocurrency is seen as a new attempt by Russia to bypass Western sanctions, which may face stricter regulation. On the other hand, A7A5 also faces inherent challenges of decentralization and audit transparency as an algorithmic stablecoin.

4. Pumpfun (PUMP) has plummeted 56% from its high, and technical indicators show continued selling pressure.

The Pumpfun (PUMP) token has continued to decline after a brief rise, having plummeted 56% since reaching a high of $0.0067 on July 15. The PUMP token distribution structure released 33% of the supply on the first day, causing early investors to cash out quickly, which triggered a price crash. Meanwhile, the overall weakness in the crypto market (including Ethereum dropping to $3,657, leading to $190 million in liquidations) further pressured the PUMP price.

PUMP co-founder Alon Cohen publicly denied an upcoming airdrop, weakening investor confidence. From a technical analysis perspective, the PUMP market structure remains bearish, with significant capital outflows, and the RSI has failed to rebound effectively, suggesting that short-term trends may continue to be under pressure.

5. HBAR has lost momentum in its rise, and the historical retracement area may indicate further decline.

Despite HBAR's increase of 58.77% this month, its recent performance has been poor, dropping more than 8% in the last 24 hours and erasing all weekly gains. This cooling off could be more than just a short-term adjustment; considering past price movements, short-term chart signals, and key support zones, HBAR may face deeper downward pressure.

At the same time, the Bank of Ghana plans to launch a licensing draft regulatory framework for digital asset companies before September, aimed at using cryptocurrencies for investment and returns while ensuring local regulation. This initiative may impact the development prospects of HBAR in Ghana.

6. Bitcoin briefly dropped below $118,000, and the liquidation chart shows a pressure wall ahead.

On July 25, according to market data, Bitcoin briefly dropped below $118,000, currently quoted at $118,001, with a 24-hour decline of 0.65%. The bars on the liquidation chart actually represent the importance of each liquidation cluster relative to nearby liquidation clusters, i.e., their intensity. Therefore, the liquidation chart shows to what extent the underlying price will be affected when it reaches a certain position. A higher "liquidation bar" indicates that once the price reaches that point, it will experience a stronger reaction due to liquidity waves.

The liquidation chart shows that there is a significant pressure wall in the range of $120,000 to $121,500 above Bitcoin. If Bitcoin attempts to break through this range, it could trigger larger fluctuations.

7. The Musk Effect reappears, VINE meme coin is highly sought after, surging over 110%.

Inspired by the now-closed short video platform Vine, the Meme coin VINE has become the latest beneficiary of the "Elon Musk effect." Although this token has no official connection to the original Vine platform, its price surged after Elon Musk hinted at the possibility of reviving this iconic app. According to Gate data, VINE skyrocketed over 110% on July 24, reaching an intraday high of $0.079.

3. Project News

1. Jito Labs has launched the BAM protocol, aimed at addressing the MEV and transaction ordering issues on the Solana blockchain.

Jito Labs is a company focused on the Solana ecosystem, which recently launched the BAM( block assembly market ) protocol. BAM aims to address the issues of negative MEV( miner extractable value) and unfair transaction ordering on the Solana blockchain.

The BAM protocol achieves efficient and transparent transaction processing by introducing core components such as scheduling nodes and execution validators. It supports custom sorting logic and high-frequency order cancellation, enhancing network fairness. This creates conditions for Solana to attract more institutional capital, but it also faces challenges such as security and decentralization.

Analysts believe that the launch of the BAM protocol marks an important step for the Solana ecosystem in actively addressing issues such as MEV, paving the way for a fairer and more efficient blockchain environment. However, the actual effectiveness of the protocol still needs to be tested by the market. Industry insiders hold a cautiously optimistic attitude towards BAM, hoping that it can bring positive effects to Solana.

2. The Innovation Game(TIG) market value exceeded 47 million USD, with a 24-hour increase of 55.4%

The Innovation Game ( TIG ) is a protocol aimed at accelerating algorithm innovation by coordinating global intelligence, deployed in the Base ecosystem. Recently, the market capitalization of TIG surpassed 47 million USD, currently reported at 47.25 million USD, with a 24-hour increase of 55.4%, and a 24-hour trading volume of 10.64 million USD.

The core of TIG is a new type of proof-of-work mechanism known as "Optimizable Proof of Work" ( OPoW ). This mechanism aims to promote algorithm innovation by incentivizing participants to submit and evaluate algorithms.

Analysts believe that the rapid growth of TIG reflects the market's desire for algorithmic innovation. With the continuous development of artificial intelligence technology, algorithmic innovation will become a key force driving progress in the industry. TIG provides a decentralized platform for algorithmic innovation, which is quite innovative.

However, some analysts have expressed concerns about the sustainability of TIG. The project is still in its early stages, and its long-term development prospects remain to be tested by time. Overall, TIG represents a new attempt at algorithmic innovation in the Web3 space, which is worth ongoing attention.

3. The Sui ecosystem development is showing initial signs of dawn, but still faces challenges.

Sui is an emerging public chain based on the Move language, initiated by former Meta( Facebook) employees. Recently, the Sui ecosystem has seen some positive developments, including the addition of Grayscale Trust and Native USDC, as well as the launch of the SuiPlay gaming platform.

However, the Sui ecosystem is still facing some challenges. Firstly, there are relatively few tradable assets, and there are only a handful of star projects. Secondly, the development direction of the Sui Foundation still needs to be clarified. In addition, compared to other Move ecosystems, Sui is slightly behind in terms of technology and documentation.

Analysts believe that the Sui ecosystem development has begun to show signs of hope, but it will still take time to truly break through. Sui needs to attract more high-quality projects to settle in and enrich the ecosystem; at the same time, it must strengthen its technological capabilities and improve ecosystem activity.

Overall, Sui represents a new attempt by the Move language ecosystem in the public blockchain domain. Its development has attracted considerable attention and is seen as an important practice of the Move ecosystem in the public blockchain field. Whether Sui can ultimately succeed will require time to verify.

4. Musk announces the relaunch of the Vine platform, and the meme coin VINE rises sharply in response.

On the evening of July 24, Tesla CEO Elon Musk announced on social media that he would be relaunching the classic short video platform Vine in the form of AI. This news immediately triggered a surge in the price of the meme coin VINE.

According to market data, VINE surged over 110% on the 24th, reaching an intraday high of $0.079, with its market cap briefly surpassing $80.7 million. Analysts warn that this round of increase may be driven by whale manipulation, and the VINE token itself lacks practical utility, so investors should be cautious of the risks.

However, Musk's announcement is also seen as a signal of the deep application of AI technology in the field of content creation. Industry insiders believe that if the Vine platform really comes back online in an AI-driven form, it is expected to bring new vitality to content creation.

Overall, the surge of VINE triggered by Musk once again confirms his "influence". However, the long-term prospects of this cryptocurrency remain to be seen. The trend of AI-enabled content creation, on the other hand, is worth the industry's high attention.

5. The wallet will launch the 32nd exclusive TGE project DELABS.

The wallet will launch the 32nd exclusive TGE project DELABS( Delabs Games) on July 28th. Eligible users must use Alpha points to participate in the subscription. The official announcement also stated that an additional 120 million DELABS will be used for future activities.

DELABS is a platform for Web3 gamers, aiming to provide players with a better gaming experience. It will integrate multiple popular blockchain games and offer one-stop services.

Analysts believe that the launch of DELABS is expected to further enrich the ecosystem. As the exclusive project of the wallet, DELABS will gain a certain level of exposure and traffic entry. However, it also faces fierce competition in the gaming platform track.

Overall, DELABS represents an attempt to extend the ecosystem into the gaming track. Its performance will to some extent reflect its influence in the Web3 gaming field. It is worth paying continued attention to DELABS's operational situation after its launch.

4. Economic Dynamics

1. The Federal Reserve maintains interest rates unchanged, inflation pressures persist.

Economic Background: The US economy is experiencing moderate growth in the first half of 2025, with an annualized GDP growth rate of 2.1% in the second quarter, slightly lower than the 2.4% in the previous quarter. The inflation rate reached a high of 5.2% in June, well above the Federal Reserve's target level of 2%. The unemployment rate hovers at a low of 4.1%, indicating a still tight job market.

Important event: The Federal Reserve decided to keep the federal funds rate unchanged in the range of 5.25%-5.5% at its monetary policy meeting in July. This marks the fifth consecutive time the Federal Reserve has remained on hold, pausing the pace of interest rate increases. Powell stated at the press conference that inflationary pressures remain high, but economic growth is slowing down, and there are some signs of weakness in the labor market.

Market reaction: US stocks rose slightly after the Federal Reserve's decision was announced, with investors responding positively to Powell's dovish remarks. However, the bond market showed some divergence, with long-term Treasury yields falling while short-term Treasury yields rose, leading to a further inversion of the US yield curve. This reflects the market's disagreement over the economic outlook, with some investors believing that the Federal Reserve's policy stance is too hawkish.

Expert opinion: Jeffrey Sachs, a professor of economics at Columbia University, stated that the situation facing the Federal Reserve is exceptionally severe. On one hand, the inflation rate remains high, while on the other hand, economic growth is slowing down. He believes that the Federal Reserve should take more aggressive measures to control inflation, or it may fall into the predicament of "stagflation." However, former Federal Reserve Governor Walsh holds the opposite view, warning that excessive tightening could lead to an economic hard landing.

2. The European Central Bank raises interest rates by 25 basis points, and the inflation outlook for the Eurozone is bleak.

Economic Background: The Eurozone economy fell into a mild recession in the first half of 2025, with a year-on-year GDP decline of 0.2% in the second quarter. The inflation rate reached a high of 6.8% in June, mainly due to rising energy and food prices. The unemployment rate is around 6.5%, indicating a weak job market.

Important event: The European Central Bank decided to raise its three key interest rates by 25 basis points at the monetary policy meeting in July. This marks the European Central Bank's ninth consecutive rate hike, aimed at curbing rising inflation. ECB President Lagarde stated at a press conference that the inflation outlook remains gloomy and is expected to persist for an extended period.

Market reaction: European stocks fell slightly after the European Central Bank's decision was announced, as investors were disappointed by the slowdown in interest rate hikes. The euro against the US dollar also saw a slight decline. The bond market showed a mixed trend, with German long-term government bond yields falling, while yields on government bonds in countries like Italy rose, reflecting market concerns about the economic outlook for the eurozone.

Expert Opinion: David Folkerts, Chief Economist of Deutsche Bank, believes that the European Central Bank's pace of interest rate hikes is too cautious and may not effectively control inflation expectations. He predicts that the Eurozone economy will fall into a deeper recession in the second half of 2025. On the other hand, economists at Crédit Agricole argue the opposite, asserting that the ECB's policy stance is appropriate and that excessive tightening could exacerbate economic downward pressure.

3. China's economic growth is slowing down, and the pressure for RMB depreciation is increasing.

Economic Background: The Chinese economy showed weak growth in the first half of 2025, with a year-on-year GDP growth of 4.5% in the second quarter, below the target of 5.5% set at the beginning of the year. The inflation rate reached 2.8% in June, slightly above the target level of 2%. The unemployment rate is around 5.1%, and the employment situation is under certain pressure.

Important event: In July, the People's Bank of China decided to keep the one-year Loan Market Quote Rate at 3.65% during its quarterly monetary policy meeting. However, it simultaneously lowered the RMB central parity rate, leading to a slight depreciation of the RMB against the USD. After the meeting, PBOC Governor Yi Gang stated that a modest depreciation is beneficial for supporting exports and economic growth.

Market reaction: The Chinese stock market fell slightly after the People's Bank of China announced its decision, with investors' concerns about the economic outlook escalating. The onshore and offshore renminbi exchange rate further depreciated slightly against the US dollar. The bond market showed a certain degree of divergence, with long-term government bond yields declining while short-term government bond yields rose, reflecting the market's differing expectations regarding inflation and monetary policy.

Expert Opinion: Liu Yuanchun, Dean of the Chongyang Institute for Financial Studies at Renmin University of China, stated that a moderate depreciation of the RMB would help alleviate economic downward pressure, but the extent of depreciation should not be too large. He believes that the Chinese economy is at a critical period of structural transformation and needs to further deepen reforms to boost domestic demand. Zhang Bin, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, holds that the pressure for RMB depreciation is increasing, mainly due to the continuous strengthening of the US dollar, and suggests strengthening capital controls to prevent capital outflow.

5. Regulation & Policy

1. The People's Bank of China issued a draft for public consultation on anti-money laundering regulatory notice.

The People's Bank of China issued the "Notice on Implementing the Related Matters ( Draft for Comments )" before July 18, publicly soliciting opinions from society, with a deadline for feedback on July 30.

The draft for soliciting opinions is a revision of the "Notice on Implementing the <Measures for the Supervision and Administration of Anti-Money Laundering by Financial Institutions ( Trial Implementation )>" issued in 2014. The main contents of the revision include clarifying the regulatory division of labor for legal person financial institutions, refining the anti-money laundering regulatory requirements for non-legal person financial institutions; improving the risk-based anti-money laundering regulatory work requirements; and adjusting the information reporting requirements for anti-money laundering by financial institutions, among others.

It is noteworthy that, compared to the 2014 version, the list of legal financial institutions responsible for anti-money laundering supervision by the People's Bank of China has expanded from 23 to 27 in the draft for public consultation, adding two third-party payment institutions, Alipay and Tenpay, as well as the National Internet Finance Association of China. This reflects the regulatory authorities' emphasis on the role of third-party payment institutions and clearing agencies in anti-money laundering efforts.

Industry insiders say that with the rapid development of digital finance and crypto assets, improving anti-money laundering regulatory systems is crucial for maintaining the stable operation of the financial system. This revision helps strengthen the regulation of emerging financial technology companies and enhances the specificity and effectiveness of anti-money laundering efforts.

2. The U.S. House of Representatives passed the GENIUS Act for stablecoin legislation.

On July 18, the U.S. House of Representatives unanimously passed the "Genius Act" (, which provides a regulatory framework for stablecoins. The act requires stablecoin issuers to hold U.S. Treasury bonds of equivalent value as reserve assets and prohibits paying interest to holders.

Stablecoins, as crypto assets linked to traditional currencies, play an important role in areas such as crypto trading and cross-border payments. However, due to a lack of regulation, their security and transparency have been questioned. The "GENIUS Act" aims to enhance the credibility of stablecoins and user protection by establishing clear regulatory requirements.

The main contents of the bill include: stablecoin issuers must hold U.S. Treasury securities of equivalent value as reserve assets; it is prohibited to pay interest to stablecoin holders; stablecoin issuers are required to publish their reserve situation monthly; a federal regulatory agency will be established to audit stablecoin issuers, etc. The bill will officially take effect on January 1, 2025.

Market participants believe that the "GENIUS Act" marks the official inclusion of stablecoins under regulatory oversight, which is beneficial for improving their compliance and transparency, creating conditions for institutional investors to participate. However, it may also impact the business models of some stablecoin issuers.

Goldman Sachs analysts stated that stablecoin regulation is beneficial for enhancing its application prospects in the payment and settlement fields, but it may cause market volatility in the short term. They expect that in the future, stablecoin issuers will increasingly use low-risk assets such as collateralized bonds as reserves.

) 3. The Hong Kong Securities and Futures Commission has released a consultation paper on the regulatory framework for stablecoins.

The Hong Kong Securities and Futures Commission ### issued a consultation draft on the "Regulatory Framework for Stablecoins" on July 21, seeking public opinions on the regulatory requirements for stablecoin issuers and wallet service providers.

According to the draft consultation document, the Securities Regulatory Commission will implement a licensing system to regulate stablecoin issuers and wallet service providers. Applicants must meet prudent requirements for capital, reserves, and risk management. Stablecoin issuers must hold sufficient high-quality liquid assets as reserves and are subject to regular audits by the Securities Regulatory Commission.

The consultation draft also stipulates the obligations of stablecoin issuers and wallet service providers in terms of anti-money laundering, combating the financing of terrorism, compliance with sanctions, and protecting investors, among other aspects. The consultation period ends on August 31.

The President of the Hong Kong Monetary Authority believes that stablecoins have the potential to promote financial innovation and increase efficiency, but there are also risks involved. The regulatory framework of the Securities and Futures Commission aims to balance innovation and risk, laying the foundation for Hong Kong to develop into a regional cryptocurrency hub.

Industry insiders generally believe that Hong Kong's regulatory framework is relatively comprehensive and strict, which is beneficial for improving the transparency of stablecoins and user confidence. However, it may also increase the compliance costs for stablecoin issuers and wallet service providers.

( 4. The EU MiCA regulation has officially come into effect, legislating for crypto assets.

The EU's "Regulation on Markets in Crypto-Assets" ) MiCA ### officially came into effect on July 1, establishing unified regulatory rules for institutions such as cryptocurrency exchanges, issuers, and wallet service providers.

The main contents of the MiCA regulation include: requiring cryptocurrency issuers to publish white papers and disclose relevant information; stipulating that cryptocurrency service providers must obtain a business license; establishing reserve asset requirements to protect consumer rights; strengthening the supervision of anti-money laundering and combating the financing of terrorism, etc.

The European Commission stated that the MiCA regulation aims to promote transparency, efficiency, and fair competition in the crypto asset market while protecting investors' rights and financial stability. This regulation will make the EU the first major economy in the world to establish a comprehensive regulatory framework for crypto assets.

Reactions from individuals in the cryptocurrency industry to the MiCA regulations vary. Some believe that a unified regulatory framework will enhance investor confidence and benefit the long-term development of the industry. However, others are concerned that excessive regulation could stifle innovation.

Deutsche Bank analysts stated that the implementation of the MiCA regulation will drive the transfer of institutional crypto assets to the EU and promote industry compliance. However, due to the specific implementation details still being formulated, there may be some uncertainties in the short term.

Overall, the MiCA regulation marks the formal inclusion of crypto assets into the regulatory framework, which will have a profound impact on the global crypto asset ecosystem.