The global social and economic development has faced unprecedented problems in the last two
years as a result of numerous causes such as a pandemic, economic slump, energy constraint,
escalation of geopolitical conflicts, and increased worldwide rivalry. At the same time, the global
blockchain sector is experiencing rapid change: blockchain technology’s efficiency, security, and
scalability have continued to progress, as the advent of emergent areas such as the Metaverse
and NFT marketplace has allowed blockchain to thrive. The industry has now entered the 3.0 age.
From the standpoint of policy oversight, as regulatory agencies and the general public get a better
grasp of cryptocurrencies and blockchain technology, the regulations of various nations in the
area of cryptocurrency are diverging dramatically. Governments throughout the globe have three
approaches to cryptocurrency regulation: welcoming support, ambiguous restrictions, and
rigorous limitations. Although governments’ views toward cryptocurrencies vary, based on laws
implemented in the first half of the year, 2022 will surely mark the start of a new age of crypto
regulation, as the cryptocurrency industry is heading toward compliance.
Opportunities and obstacles for the growth of the blockchain sector coexist from the standpoint
of industrial empowerment. Blockchain technology is progressing from “accessible” to
“user-friendly.” Blockchain is accelerating the integration with traditional industries in the context
of promoting the digital transformation of various industries, such as the explosive growth of
blockchain “dual-carbon” applications, which not only represents the urgent global need to
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address climate change and promote sustainable development, but also represents the rapid
integration of the “green revolution” and emerging technologies. Furthermore, the rapid rise of
smart contract applications, the emergence of new industry blockchains, and the arrival of
additional applications in data and other industries, demonstrate that blockchain is playing an
increasingly important role in driving business throughout a variety of fields.
In terms of market development, cryptocurrencies experienced incredible turmoil in the first half
of the year due to the collapse of prices, the collapse of the DeFi protocols, and the bankruptcy of
CeFi. On the other hand, many emerging trends and themes are forming, the number of
cryptocurrency users and Web3 developers are increasing overall and the form of the
meta-universe is gradually emerging. The cumulative international cryptocurrency market value
as of June 30 topped $905.1 billion, according to CoinMarketCap statistics, and the global
blockchain industry as a whole is still thriving.
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