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Crypto is building quietly while policy argues loudly Thailand approved the use of crypto as underlying assets in derivatives markets, while the US debated stablecoin yield rules and parts of Europe weighed higher crypto taxes. Adoption is advancing, just along uneven paths.

Regulators delivered sharply mixed responses The UK tapped HSBC Orion to pilot tokenized government bonds, while Poland’s president vetoed MiCA-aligned legislation again, pushing local crypto firms to seek licenses abroad. That divergence is now playing out globally. 6/7