The article "Viewpoint: Why has the traditional regulatory system become a joke on blockchain?" (Author Spinach on Web3) takes the latest BIS briefing as the starting point, pointing out that the KYC/AML system of traditional finance is basically ineffective in the decentralized encrypted world, and the promotion of Travel Rule is a "regulatory farce". The author emphasizes that different countries have varying standards, high implementation costs, and limited effectiveness, which not only fail to deter criminals (such as by splitting transactions to evade), but also raise compliance barriers, stifle innovation, and lead to regulatory arbitrage.