Study Times: We should strengthen special supervision and legislation on virtual currencies and actively participate in the formulation of international rules.

According to Foresight News , the *Study Times*, the official newspaper of the National Academy of Governance, published an article titled "Preventing and Handling Virtual Currency Risks According to Law." The article states that since its inception, virtual currencies have rapidly attracted market attention due to their decentralized and anonymous characteristics; however, the risks and hidden dangers accompanying their development have also become increasingly prominent. Due to the lack of clear legal definitions and regulatory frameworks, virtual currency-related activities have, for a period of time, faced blurred boundaries between risk and responsibility, posing numerous challenges to financial order and the protection of investor rights. In light of the real-world problems in the virtual currency market and the evolution of relevant regulatory policies in my country, further efforts to prevent and manage virtual currency risks within the existing institutional framework require sustained efforts in the following areas: strengthening specialized supervision and legislation; unifying judicial ruling rules and clarifying legal application standards; strengthening cross-border supervision and extraterritorial application; and actively participating in the formulation of international rules to enhance governance influence.