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Odaily Planet Daily News: The Bank for International Settlements (BIS) has released a paper exploring the financial stability risks of cryptocurrencies and decentralized finance (DeFi), which points out that although it is widely believed that the connection between cryptocurrencies and traditional finance (TradFi) is minimal, with the issuance of Bitcoin ETFs, the expansion of stablecoins, and the continuous development of tokenization of real-world assets (RWA), the size of the cryptocurrency market has reached a critical point that triggers financial stability risks. In addition, the report from the Bank for International Settlements also pointed out that during market crises, small investors usually increase their exposure to cryptocurrencies, while "wealthy" investors withdraw, thus concluding that the cryptocurrency market has become a means of transferring wealth from the poor to the rich. The report from the Bank for International Settlements suggests that DeFi should implement regulatory requirements similar to TradFi, including "know your customer" compliance constraints, information disclosure, and adequate training and qualification certification for market professionals. （LedgerInsights）