7.29 AI Daily Crypto Assets regulatory landscape is evolving rapidly, global competition is becoming increasingly fierce.

1. Headlines

1. The Trump administration promotes a new regulatory framework for cryptocurrencies, with increasing tensions between the SEC and CFTC.

The Trump administration has been active recently in the regulation of cryptocurrencies. First, the SEC has repeatedly delayed its approval decisions on multiple cryptocurrency ETF applications, including the Truth Social Bitcoin ETF and the Grayscale Solana ETF. Meanwhile, the nomination process for CFTC chairman candidate Brian Quintenz has once again been stalled, with the Senate Agriculture Committee's confirmation vote postponed. This means that the CFTC chairman candidate remains uncertain, and the dominance in cryptocurrency regulation is yet to be determined.

On the other hand, the Trump administration is actively promoting the GENIUS Act, which aims to establish a federal regulatory framework for stablecoin issuance. The bill was recently passed by both the House and Senate, granting banking regulators the authority to approve stablecoin issuers. Industry insiders believe that the introduction of the GENIUS Act will inject new vitality into the development of stablecoins in the United States, but it also intensifies the struggle between the SEC and CFTC in the field of cryptocurrency regulation.

2. The Hong Kong Stablecoin Regulation will officially take effect on August 1, triggering a global regulatory race.

The "Stablecoin Ordinance" in Hong Kong will officially take effect on August 1, marking Hong Kong as the first jurisdiction in the world to establish specific laws for the issuance of stablecoins. According to the ordinance, any institution intending to issue regulated stablecoins must apply for a license from the Monetary Authority and comply with relevant standards. The Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers this Thursday.

Industry insiders point out that the introduction of a regulatory framework for stablecoins in Hong Kong will serve as a reference for regulatory development in other regions around the world. In fact, the U.S. "GENIUS Act" and Hong Kong's "Stablecoin Regulation" are largely converging, reflecting a global acceleration towards unified regulation of stablecoins. However, there are still differences in specific details between the two regions, such as Hong Kong's focus on innovation and market reliability, while the U.S. legislation explicitly prohibits the payment of interest.

3. Ethereum L1 scaling is accelerating, and heavyweight proposals like EIP-7987 have sparked heated discussions in the community.

The Ethereum ecosystem is undergoing an unprecedented wave of skepticism. Since the launch of the ETF, Ethereum has been experiencing a net outflow of funds, and external investors have questioned its prospects. Meanwhile, the core development team of Ethereum is also engaged in lively discussions about the future development path.

Among them, the EIP-7987 proposal aims to set a Gas limit for single transactions to prevent abnormal transactions from impacting the network. The proposal sparked heated discussions in the community as some people worried it would affect the normal operation of applications such as DeFi. In addition, the L1 zkEVM has officially entered the experimental stage, and the block Gas limit will also be moderately increased. These actions indicate that Ethereum is accelerating the L1 scaling process.

Analysts believe that the Ethereum ecosystem is at a critical crossroads. Vitalik Buterin needs to provide a clear direction for the different stakeholders and properly address the trust crisis to ensure the sustainable development of Ethereum as a decentralized business entity in the future.

4. Multiple benefits of the Conflux ecosystem, CFX is regarded as the "next hundredfold coin"

The Conflux ecosystem has been experiencing continuous good news recently. First of all, Conflux has made breakthroughs at the technical level, with its tree structure allowing CFX to achieve high throughput while ensuring decentralization. In addition, CFX has received multiple policy benefits, including being selected for the third batch of blockchain pilot projects by the National Development and Reform Commission, as well as being included in Shanghai's virtual talent policy.

On the other hand, the Conflux ecosystem has also made breakthroughs in terms of funding. The Conflux Ecological Foundation recently completed a financing round of $150 million, injecting new momentum into ecological construction. At the same time, several projects within the Conflux ecosystem have also received investments from well-known institutions, such as ari gaining attention from institutions like SoSoValue.

Under the accumulation of multiple favorable factors, the market attention on CFX has reached an unprecedented height, with some voices even predicting that it may become the "next hundredfold coin." However, analysts also remind that whether CFX can meet market expectations still depends on the actual progress of its ecological construction.

5. The active supply ratio of Bitcoin has surged to 37%, with institutional-level capital inflows potentially driving a new bull market.

Recently, a whale investor from the "Satoshi Nakamoto era" completed an over-the-counter Bitcoin transaction worth more than $9 billion through Galaxy, causing the proportion of active Bitcoin supply to soar to 37% within a year, matching that of Ethereum. This data reflects that a large number of previously "dormant" Bitcoins are being awakened and reintroduced into circulation.

Industry insiders believe that behind this phenomenon is institutional-level capital rapidly flowing into the Bitcoin market. OTC platforms like Galaxy are becoming key channels for whale trading, avoiding disturbances in the spot market. Meanwhile, expectations for a Bitcoin spot ETF are also heating up, and if approved, it will further drive institutional capital into the market.

Analysts point out that the large-scale entry of institutional funds may bring a new round of bull market for Bitcoin. However, they also remind that whether Bitcoin can truly start a new cycle still requires waiting for more positive signals to materialize.

2. Industry News

1. Bitcoin is under short-term pressure, but the long-term outlook remains bullish.

Bitcoin has slightly decreased by 0.6% in the past 24 hours, priced around $118,000. Although it faces some pressure in the short term, analysts generally believe that Bitcoin's long-term outlook remains bullish.

Analysts point out that Bitcoin has recently encountered selling pressure around the $120,000 mark, but continuously testing this key resistance level often weakens its value. If buyers can hold their ground and prevent a significant price drop, Bitcoin still has the potential to break through $123,218 and set a new high.

FundStrat's research director Tom Lee stated that Bitcoin could soar to between $200,000 and $250,000 in the coming months, equivalent to 25% of the gold market size. He believes that Bitcoin, as a new asset class, is gaining increasing recognition, and the continued influx of institutional investors will drive its price higher.

However, some analysts also remind investors to be aware of potential risks. The significant volatility in Bitcoin prices may trigger panic selling among investors, thereby exacerbating downward pressure. In addition, changes in regulatory policies could also have a major impact on Bitcoin prices.

Overall, although Bitcoin may face some pressure in the short term, its position as a new asset class and a store of value is continuously being solidified in the long run, and its prospects remain promising.

2. Ethereum futures premium rate soars, triggering market frenzy.

The price of Ethereum has slightly decreased by 4% in the past 24 hours, quoted at $3,786. However, it is worth noting that the Ethereum futures premium rate has surged to 8%, indicating extreme bullish sentiment in the market.

The futures premium rate refers to the premium level of the futures contract price relative to the spot price. When the futures premium rate is high, it typically indicates that investors are optimistic about future price trends and are willing to pay a higher premium to acquire contract positions.

Analysts say that the Ethereum futures premium rate soaring to 8% is a rare high in recent times, reflecting the market's extreme optimism about Ethereum's future performance. This frenzy may stem from the significant progress Ethereum has made in institutional adoption.

Data shows that several publicly traded companies have recently increased their holdings of Ethereum, incorporating it into their balance sheets. Among them, BTCS Inc has raised its Ethereum holdings to $270 million, and SharpLink Gaming has added 77,210 ETH to its Ethereum treasury.

In addition, Ethereum futures open interest has surpassed $60 billion for the first time, setting a new historical high. This means that speculative funds are flooding into the Ethereum derivatives market.

However, some analysts are concerned about the current market frenzy. They warn that excessive speculation could lead to bubble risks, and once the sentiment reverses, it could trigger severe price fluctuations. Therefore, investors need to remain rational and manage their risk exposure when participating.

Overall, the surge in the Ethereum futures premium rate reflects the market's optimistic expectations for its prospects, but it also exposes certain speculative risks. Investors need to make prudent judgments and seize the right opportunities.

3. XRP is expected to break through its historical high in the short term.

XRP has seen a slight increase in the past 24 hours, trading above $3. Analysts believe that with the push for legal clarity and hopes for an ETF, XRP is likely to break its historical high in the short term.

Since July 23, the trading price of XRP has been hovering below $3.40, with this decline attributed to reports of a wallet associated with the co-founder of Ripple dumping millions of tokens. However, an expert believes that improvements in liquidity and interest from institutional investors may support the continued rally of the digital asset.

Another well-known analyst, JackTheRippler, asserts that XRP has entered a new bull market phase and that a historic deep correction will not repeat. Based on wave theory and the 2017 bull market model, he has provided three target prices of $13.13, $18.22, and $36.76, suggesting a potential explosive market in August.

At the same time, August 15 is seen as a crucial turning point for XRP. This day not only has a legal deadline and a major summit but will also witness Ripple launching a stablecoin. Investors are closely watching these key events that may impact the future development of XRP.

Analysts point out that despite the recent short-term fluctuations in XRP prices, its long-term outlook remains positive. Once the legal disputes are resolved, along with the imminent approval of the ETF, new development opportunities will emerge for XRP.

However, investors should also be vigilant about potential risks. Changes in regulatory policies, the rise of competitors, and other factors may pose challenges to XRP. Therefore, investors need to remain patient and closely monitor market dynamics.

4. Conflux stands out, expected to become the "next hundredfold coin"

Conflux(CFX) has surged by 2.51% in the past 24 hours, ranking among the top daily gains. The market's attention on CFX is unprecedented, with some voices even predicting it could become the "next hundredfold coin."

This wave of price increase is not accidental, but the result of multiple favorable factors in technology, policy, and funding for Conflux. On the technological level, Conflux adopts an innovative tree-structure that can achieve high throughput and fast finality, and is expected to become the next generation of blockchain infrastructure.

In terms of policy, Conflux has recently been approved by the National Development and Reform Commission of China and listed as one of the key blockchain projects supported by the state. This will undoubtedly inject a strong boost into its development in the domestic market.

On the funding side, Conflux's latest round of financing reached as high as $198 million, led by well-known institutions such as Bain Capital Crypto. Ample funds will help accelerate its technological iteration and ecological development.

Analysts believe that Conflux's unique technological advantages, favorable policies, and strong financial strength lay a solid foundation for its future development. If its ecological construction achieves breakthroughs, the price of CFX is expected to show explosive growth.

However, as an emerging public chain, CFX still faces many challenges and uncertainties. Whether it can ultimately succeed will require time to test. Investors need to remain cautious when making arrangements and manage their risk exposure.

5. Optimism faces token unlock pressure, short-term trend is uncertain.

Optimism(OP) has dropped 7.35% in the past 24 hours, performing poorly. Analysts point out that this is related to the upcoming large-scale token unlock of OP, which may face certain selling pressure in the short term.

It is reported that Optimism will unlock approximately $250 million worth of tokens on August 1, accounting for 25% of the total issuance. This will undoubtedly put some pressure on the price of OP.

On one hand, a large number of token unlocks may trigger investors' profit-taking demands, thereby intensifying the selling pressure. On the other hand, the entry of newly unlocked tokens into circulation will also increase the total supply of OP, exerting certain pressure on the coin price.

However, some analysts hold an optimistic view on this. They believe that Optimism, as a second-layer scaling solution for Ethereum, has broad development prospects in the decentralized finance ( DeFi ) field. As the ecological construction continues to advance, the actual demand for OP is expected to continue to grow, thereby offsetting the selling pressure caused by unlocking.

Overall, Optimism may face certain token unlocking pressure in the short term, and there is uncertainty in the price trend. However, in the long run, its position as an important member of the Ethereum ecosystem may provide it with sustained development momentum. Investors need to carefully assess risks and seize the right opportunities.

6. Sui Network faces a large amount of unlocking, with a contrary market surge attracting attention.

Despite facing a token unlock pressure of approximately $176 million, Sui(SUI) has surged against the trend in the past 24 hours, attracting widespread attention from the market.

According to the data, the Sui Network will unlock approximately $176 million worth of tokens on July 31, accounting for 25% of the total issuance. Logically, such a large-scale unlock should exert significant pressure on the price of SUI.

However, unexpectedly, SUI not only did not decline in the past 24 hours but instead surged by 19%, quoted at $2.93. Analysts have offered different explanations for this phenomenon.

One view is that the strong performance of SUI may be related to insiders positioning themselves in advance. Before the unlocking news was announced, some institutions or individuals may have already established long positions, thereby driving up the coin price.

Another explanation is more optimistic. Supporters believe that the market is confident in the long-term prospects of the Sui Network, and therefore, even in the face of short-term unlocking pressure, it has not caused a substantial impact on the coin price.

However, some analysts are cautious about the rise of SUI. They warn that once the unlocking occurs, selling pressure may be released quickly, and the price could experience significant volatility.

Overall, the Sui Network faces significant uncertainty in the short term, and investors need to be highly vigilant about risks. At the same time, the market's divergence regarding its long-term prospects is also worth noting.

7. Shiba Inu Coin introduces a new burning mechanism, deflationary expectations boost market confidence.

Shiba Inu Coin ( SHIB ) latest news has attracted market attention. SHIB is enhancing its through the introduction of a new burning engine on the Base blockchain.

3. Project News

1. Sui Network: The rise of the new star in the Move ecosystem accelerates.

Sui Network is a brand new blockchain project developed by a team of engineers who were involved in the development of Diem. This project is built on the Move programming language and aims to provide high-performance, low-cost distributed applications.

Latest news: Sui Network recently announced the completion of a $300 million funding round, led by renowned institutional investors such as Andreessen Horowitz and Coatue. The project has also partnered with Jump Crypto to deploy the USDC stablecoin on Sui. This marks a rapid development of the Sui ecosystem.

Sui adopts an innovative parallel execution architecture that enables processing capabilities of up to millions of transactions per second. At the same time, its underlying consensus mechanisms Narwhal and Tusk provide excellent security and scalability. These technological innovations are expected to drive a leap in blockchain performance, paving the way for the large-scale adoption of Web applications.

Market analysts believe that Sui, as a new star project in the Move ecosystem, has a promising development outlook worth paying attention to. The Move language was developed by Meta and has advantages such as resource security and verifiability. As Meta plans to build its Web ecosystem on Move, Sui is expected to become a leader in this field.

However, some analysts point out that Sui faces a fierce competitive environment. Projects like Aptos and Solana, which are also based on Move or Rust languages, have already gained certain advantages in terms of performance and ecosystem development. Sui needs to continue to innovate and attract more developers to stand out in the competition.

2. Hyperliquid: Ethereum Layer 2 scaling solution makes a breakthrough

Hyperliquid is a Layer 2 solution aimed at improving Ethereum's scalability. The project has recently launched an execution layer called HyperEVM, which can significantly enhance Ethereum's throughput.

HyperEVM adopts an innovative parallel execution architecture that can increase Ethereum's transaction processing capacity by hundreds of times. It effectively addresses the issues of network congestion and high fees in the Ethereum network through techniques such as sharding and parallel computing. Meanwhile, HyperEVM maintains complete compatibility with Ethereum, ensuring seamless migration of existing DApps and tools.

The project has recently announced a partnership with leading blockchain data company Covalent to provide on-chain data parsing support for HyperEVM. Developers can access and decode on-chain data on HyperEVM through Covalent's API, for use in building DApps, analysis, monitoring, and other scenarios.

Analysts believe that Hyperliquid provides an innovative and practical solution to the Ethereum scalability issue. The high throughput capacity of HyperEVM is expected to drive the birth of more innovative applications and promote the flourishing development of the Ethereum ecosystem. At the same time, collaboration with Covalent also provides strong data support for the project.

However, some experts point out that the road to scaling Ethereum is not a one-time effort. Hyperliquid needs to continue optimizing its technical solutions and attract more ecosystem participants to truly realize its potential. In addition, competition with other Layer 2 solutions should not be overlooked.

3. ari: The perpetual contract trading platform leads DeFi innovation

ari is a decentralized perpetual contract trading platform aimed at providing more efficient and secure solutions for cryptocurrency derivatives trading. The project has recently launched a series of innovative features and product upgrades.

Ari has adopted an innovative risk isolation mechanism that effectively prevents liability risks from spreading within the system. At the same time, its unique perpetual contract design allows users to trade a variety of crypto assets indefinitely, providing greater flexibility.

The platform has recently launched a mobile trading application, allowing users to participate in trading anytime and anywhere. In addition, ari has also optimized its AMM pricing model, improving liquidity provision and price discovery efficiency.

Analysts believe that ari has brought innovative trading models and risk management mechanisms to the DeFi sector. Its decentralized architecture helps enhance the transparency and fairness of transactions, while the efficient perpetual contract design meets the diverse needs of investors.

However, some experts point out that ari faces intense market competition. As an emerging platform, it needs to continue to improve product features and user experience, and attract more liquidity and trading volume to secure a place in the perpetual contract trading field. In addition, changes in regulatory policies may also have a certain impact on the platform.

4. Economic Dynamics

1. The Federal Reserve remains unchanged, inflation pressures persist.

The Federal Reserve Board (Fed) decided to keep interest rates unchanged at the monetary policy meeting in July, maintaining the federal funds rate target range at 4.25% to 4.5%. Despite President Trump’s repeated pressure to cut rates, Fed Chairman Powell stated that it is reasonable to maintain the current tightening policy in the context of ongoing inflationary pressures.

The current US economy is facing a complex situation. The preliminary GDP for the second quarter grew by 2.4% year-on-year, slightly above expectations, but the inflation rate remains high. In June, the core PCE price index rose by 4.6% year-on-year, far exceeding the Federal Reserve's target level of 2%. The job market remains robust, with the unemployment rate holding steady at a low level of 3.6% in June.

The Federal Reserve's decision has sparked divergences in the market. Investors are concerned about the Federal Reserve's persistent hawkish stance, believing it could exacerbate the risks of an economic slowdown. However, some analysts argue that keeping interest rates unchanged is beneficial for controlling inflation expectations and leaves room for future rate cuts.

Goldman Sachs chief economist Jan Hatzius stated: "The Federal Reserve's decision reflects its cautious stance on the inflation situation. Despite signs of an economic slowdown, the Fed is unlikely to shift to easing before inflation rates drop to a manageable level." He anticipates that the Fed will begin to slightly cut interest rates later this year.

2. The US-EU trade negotiations have stirred again.

The United States and the European Union have once again fallen into a deadlock in trade negotiations. U.S. Secretary of Commerce Gina Raimondo stated that the Trump administration is considering imposing a uniform tariff of 15% to 20% on all countries that have not signed trade agreements with the U.S. This statement has sparked strong dissatisfaction from the European Union.

EU Trade Commissioner Phil Hogan stated that the EU has offered the United States a "very attractive tariff concession," but the U.S. remains dissatisfied. He warned that if the U.S. imposes new tariffs on EU products, the EU will have to take retaliatory measures.

German Chancellor Friedrich Merz and French Minister for European Affairs Benjamin Haddad have both called for trade to be more open. However, the Trump administration seems to be temporarily turning a deaf ear to this.

The intensification of trade disputes casts a shadow over the global economic outlook. The World Bank estimates that if the United States imposes a 25% tariff on all trading partners, global GDP will decline by 1.7% by 2021. As the largest trading partner of the United States, the European Union will be the first to bear the brunt.

Goldman Sachs analysts pointed out that although the impact of tariffs on the U.S. economy has been downgraded, the ongoing deterioration of trade tensions will still exacerbate the risks of a global economic slowdown. Investors need to closely monitor the direction of subsequent negotiations.

3. The new Prime Minister of the UK takes office, economic policy faces uncertainty.

The new British Prime Minister Rishi Sunak may make significant adjustments to the UK's economic policy after taking office. During his campaign, Sunak promised to implement substantial tax cuts to stimulate economic growth. However, this approach could exacerbate inflationary pressures and trigger turmoil in the financial markets.

Sunak plans to reduce the basic income tax rate from 20% to 16% within two years and eliminate the corporate tax hike measures imposed during the late Prime Minister Johnson's tenure. The UK Institute for Fiscal Studies estimates that these tax cuts will result in a reduction of about £200 billion in government revenue over the next five years.

Andrew Bailey, the Governor of the Bank of England, warned that if the government does not take offsetting measures, tax cuts could exacerbate inflation and interest rate pressures. The UK's inflation rate in June has reached 9.4%, marking a 40-year high.

Investors have mixed reactions to Sunak's tax cut plan. Supporters believe that reducing the tax burden will boost consumption and investment, which is beneficial for revitalizing economic activity. However, critics are concerned that cutting taxes in a high-inflation environment will further increase price levels, exacerbating the cost of living pressures for households.

Benjamin Nabarro, chief UK economist at Citigroup, stated: "Sunak's tax cuts pose significant risks, potentially leading to further depreciation of the pound, rising inflation rates, and increased interest rate hikes by the central bank. This will exacerbate the pressures of slowing down the UK economy."

5. Regulation & Policy

1. The Hong Kong Monetary Authority has issued regulatory guidelines for stablecoin issuers, marking the world's first formal regulatory framework for stablecoins.

On July 29, the Hong Kong Monetary Authority released documents such as the "Regulatory Guidelines for Licensed Stablecoin Issuers" and the "Guidelines for Combating Money Laundering and Terrorist Financing", marking the official implementation of the Hong Kong "Stablecoin Ordinance" on August 1. This is the world's first formal regulatory system for stablecoin issuers.

As an international financial center, Hong Kong actively promotes regulatory innovation for digital assets. The "Stablecoin Ordinance" aims to create a favorable environment for stablecoin issuers while ensuring that investors are adequately protected. This regulation requires stablecoin issuers to hold sufficient reserve assets, comply with prudential regulations, be subject to oversight by regulatory authorities, and establish comprehensive risk management and anti-money laundering systems.

The Hong Kong Monetary Authority stated that no licenses have been issued to date, but it encourages institutions intending to apply to communicate with the regulatory body before August 31. The licensing will be an ongoing process, and institutions that are ready can submit their applications before September 30.

Industry insiders generally believe that the implementation of a stablecoin regulatory framework in Hong Kong will set a benchmark for other jurisdictions worldwide. Increased regulatory clarity is conducive to attracting more stablecoin issuers and innovative projects to establish a presence in Hong Kong, further consolidating its position as an international fintech hub.

However, some experts warn that the strictness of regulation may affect Hong Kong's attractiveness in the global stablecoin competition. In contrast, regions like Singapore may have more relaxed regulatory requirements. Hong Kong needs to seek a balance between protecting investors and promoting innovation.

2. There are differences between the ruling and opposition parties in South Korea regarding the stablecoin regulation bill.

The ruling People Power Party of South Korea and the opposition Democratic Party submitted competing bills on stablecoin regulation on July 29, with disagreements on key provisions such as whether to prohibit interest payments on stablecoins.

The bill proposed by Democratic Party member Ahn Doo-jye clearly prohibits interest payments on stablecoins and requires stablecoin issuers to hold at least 5 billion won in capital, achieving 100% reserve support. In contrast, the bill by ruling party member Kim Eun-hye does not mention interest restrictions, focusing instead on promoting innovation and enhancing information disclosure. Both bills grant regulatory power to the Bank of Korea.

Regulation of stablecoins has been a hot topic in South Korean politics. Supporters believe that stablecoins can help promote financial innovation and bring new economic growth momentum to South Korea. However, critics are concerned that stablecoins may pose financial risks and affect the transmission of central bank monetary policy.

The South Korean government previously stated that it would introduce legislation on stablecoin regulation within 2023. However, due to significant differences among stakeholders, the legislative process has been repeatedly delayed. The proposal from both parties may accelerate the legislative process, but the differences still need to be coordinated.

Industry insiders point out that the intensity of stablecoin regulation will directly impact South Korea's position in the global stablecoin competition. Excessively strict regulation may hinder innovation, while overly lenient regulation could bring financial risks. South Korea needs to seek a balance between protecting investors and promoting the development of financial technology.

3. The Nigerian Securities and Exchange Commission released a regulatory framework for stablecoins.

As the largest economy and most populous country in Africa, Nigeria has taken a key step by incorporating digital assets into the financial mainstream and announcing an official regulatory framework for stablecoins.

The Nigerian Securities and Exchange Commission articulated its vision for building a structured, secure, and inclusive digital finance industry at the stablecoin summit held in Lagos, emphasizing robust investor protection and market stability. This regulatory framework marks a significant shift in Nigeria's cautious, even restrictive, stance on cryptocurrency over the years, indicating its clear intention to harness the potential of blockchain technology to promote national economic development.

Under the new framework, Nigeria will implement strict regulations on stablecoin issuers. Issuers must hold sufficient reserve assets, establish a comprehensive risk management system, and be subject to ongoing supervision by the Securities and Exchange Commission. At the same time, regulators will strengthen measures against money laundering and the financing of terrorism.

Dr. Emomotimi Agama, the Director of the Nigerian Securities and Exchange Commission, stated that the framework aims to provide a favorable environment for digital assets while ensuring the stability of the financial system and public confidence. He emphasized that Nigeria will become a leader in digital financial innovation in Africa.

Industry insiders generally believe that Nigeria's regulatory measures will set a precedent for other countries in Africa. As the adoption rate of cryptocurrencies continues to rise across the African continent, establishing clear regulatory rules is crucial for attracting more investment and innovation.

However, experts also remind that Nigeria needs to balance regulatory strength to avoid overly restricting industry development. At the same time, regulatory enforcement and infrastructure construction are also key challenges. Nigeria needs to learn from international experience and maintain close communication with the industry.