According to CoinMeta, the State Administration for Market Regulation has issued the "Regulations on Discretion in Administrative Penalties for Market Supervision and Management," which systematically regulates the discretion in administrative penalties for market supervision in the form of departmental regulations. Building upon the existing "Guiding Opinions on Regulating Discretion in Administrative Penalties for Market Supervision and Management," these regulations elevate the discretionary rules from normative documents to departmental regulations, thereby enhancing the rigidity and authority of the system. At the same time, the regulations clarify the entities responsible for establishing the discretionary benchmarks, the procedures for formulation, the main contents, and the requirements for adjustment and application, further improving the scientific nature and precision of these benchmarks. The regulations categorize administrative penalties into five levels: no penalty, reduced penalty, lighter penalty, standard penalty, and heavier penalty, and specify the circumstances under which each level applies.