Market trend insight: Global Web3 policy game escalates! Singapore tightens, Hong Kong opens, the United States legislates, Vietnam enters the market, who will dominate the future of trillions of digital assets?

Here's the English translation: How to easily grasp the market hotspots, technological trends, ecosystem developments, and governance situations in the Web3 industry...? The "Market Trend Insight" column launched by Web3Caff Research will deeply explore and filter current hot events, providing value interpretation, commentary, and principle analysis. Looking beyond the phenomenon to its essence, immediately follow us to quickly capture the frontline market trends of Web3. **Author:** wuyue.eth, Web3Caff Research Researcher **Cover:** Typography by Web3Caff Research **Word Count:** Over 2400 words Since June 2025, Web3 policy news has been emerging globally, involving stablecoin regulation, virtual asset service provider (VASP) compliance, blockchain technology applications, and multiple other aspects. These policies not only reflect each country's attitude towards Web3 but also profoundly influence the global Web3 industry's development direction. This article will organize recent key policy news, analyze their impact, and explore the industry's future opportunities and challenges. First, the Monetary Authority of Singapore (MAS) issued a new regulatory response document for Digital Token Service Providers (DTSP) on May 30th, strengthening compliance requirements for Web3 enterprises, including anti-money laundering (AML) and know-your-customer (KYC) standards. The policy will be officially implemented on June 30th with no buffer period, requiring all unlicensed digital Token service providers to either cease operations or apply for a license, otherwise facing penalties of up to 250,000 Singapore dollars or three years imprisonment. The regulatory scope is extremely broad, covering not only exchanges, DeFi platforms, and Non-Fungible Token projects, but also independent developers, key opinion leaders, and content creators. Nevertheless, Singapore continues to attract Web3 enterprises, such as Ant Group's plan to apply for stablecoin licenses in Hong Kong and Singapore, demonstrating its continued optimism about the Singaporean market.