**Global Regulatory Dynamics of Virtual Money on March 8, 2025**


Multiple countries around the world accelerate the legislation of Virtual Money: the U.S. Senate held a hearing today to advance a bipartisan legislative framework focusing on stablecoins and market structure; a report from China's Supreme Procuratorate shows that there were 3032 cases of money laundering using Virtual Money prosecuted starting from 2024, strengthening compliance supervision. The EU's MiCA regulations are fully implemented, requiring crypto operators to enhance customer identification. The German Free Democratic Party calls for relaxing Bitcoin regulation and exiting the Eurozone, while Hong Kong is advancing stablecoin pilot projects and strategic reserve research. Japan and South Korea continue strict entry requirements and user protection policies, while Singapore enhances its stablecoin regulatory framework. The global market is moving towards compliance, with risks and opportunities coexisting.
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