Wu Xiong mentioned Hong Kong, so I'll add another country that is relatively positive about #Crypto—Vietnam. This week, I received a shared document from a Vietnamese friend titled "Tokenized ETF Pilot Plan." The plan was proposed by Dragon Capital, one of the early asset management companies in Vietnam, currently managing assets worth $6 billion, making it a significant local capital team in Vietnam. The proposal suggests using blockchain technology to promote the digitization of capital in Vietnam, enhance retail investor participation, and provide a basis for the government to formulate future regulatory frameworks. In simple terms, it aims to promote Vietnam's crypto market and use practical experience to help the Vietnamese government improve relevant laws and regulations, including taxation, capital controls, and anti-money laundering. According to several key data points presented in the report: 1. The number of local digital asset accounts in Vietnam has already surpassed that of securities accounts by more than double, with 20 million vs. 9.25 million, indicating a crypto trend, with a rapid increase in investors forming a mainstream trend. 2. Vietnam has ranked among the top five in the Chainalysis Digital Asset Adoption Index for several consecutive years, ranking first in 2021-2022. 3. The rapid development of the crypto market supports the Vietnamese government's goal of transforming Ho Chi Minh City into an international financial center by 2030, proposed in 2021. The tokenized ETF mentioned in the proposal mainly refers to ETFs issued on the blockchain, anchored to real assets, and can be legally bought and sold through CEX or P2P with compliant asset management. I believe the main anchoring direction is stablecoins and RWA (Real World Assets). The significance of this approach is to help regulators (the Vietnamese government) grasp the flow of funds and trading behavior through on-chain testing, which aids in establishing an effective tax system and capital flow control. Additionally, by accumulating experience over time, it aims to successfully establish future regulations and a regulatory sandbox for digital assets. What challenges lie ahead? Although this plan is intended to assist the Vietnamese government in improving the regulatory tax system and establishing future digital management systems and regulatory sandboxes, the relevant policies in Vietnam are still "blank" at present. Therefore, the initial launch will inevitably face significant challenges regarding regulations, supervision, taxation, and other systems. Problems will arise, solutions will be found, regulations will be adjusted, and ultimately an effective compliance legislative mechanism will be established. Despite the challenges, having a local Vietnamese capital team undertake this task is a positive signal. Once successfully promoted and the regulatory and tax systems are improved, Vietnam's openness and welcoming attitude towards Crypto will undoubtedly increase significantly and accelerate. Especially in light of the goal to transform Ho Chi Minh City into an Asian financial center by 2030, this objective will greatly accelerate the development and growth of Crypto in Vietnam. Personally, I am quite optimistic about the crypto development in Vietnam. Interested friends can pay more attention to this.