#加密货币监管 Hong Kong's recent evolution in virtual asset regulation is worth paying attention to. The Q3 spot ETF size increased by 33% to HKD 5.47 billion, and tokenized money market funds are even more impressive, with assets soaring by 557%—what does this indicate? Both institutional and retail demand are being activated through compliant channels.

From a copy-trading perspective, what does this mean? The clearer the regulatory framework, the stronger the willingness of large funds to enter, and the trading styles within exchanges will become more rational and prudent. The previously aggressive, gambler-like strategies will gradually be squeezed out by institutional thinking, which is good news for players like us who follow when we see opportunity—at least we don't have to worry about our copy trades suddenly blowing up due to policy crackdowns.

However, the joint risk warning issued by the Securities and Futures Commission and the Hong Kong Monetary Authority cannot be ignored, especially regarding stablecoins. When copy trading, be more cautious of traders with excessive exposure to stablecoins; tightening regulations often mark the point to cut losses. In the process of compliance, the most profitable opportunities are often reserved for those who adapt to new rules and adjust their risk models in advance.

Observe who can make stable moves during this transitional period in the coming months—that's the real target worth following.