In the past two years, you can clearly feel that the overall trend in the crypto space has changed.

In the past, everyone competed over who could go live faster, jump on hot topics quickly, and aggressively acquire new users.
In the past, many exchanges would simply register in an offshore jurisdiction and dare to operate globally.
Now, this approach is becoming increasingly difficult.
Because traditional finance is truly entering the scene.
Banks, payment institutions, funds, and even some established financial companies are now researching stablecoins, RWA, on-chain payments, and related areas.
But the problems are also very real.
They come with hundreds of billions or even trillions of dollars, and it’s impossible for them to play in the gray areas with you.
So now, the most core issue is no longer about who markets most aggressively.
Without licenses, many markets are simply inaccessible.
Especially in places like the US, Europe, and Japan, where regulatory thresholds are extremely high, but the value is also the greatest.
Getting licensed is not just about spending money.
It also requires time, a team, and long-term investment capacity.
Some licenses take a year or more to apply for, and many platforms give up halfway through.
Because it’s too costly.
The industry has now started to stratify.
Small platforms are finding it increasingly difficult.
In the past, regulatory arbitrage could keep some afloat, but now, as global regulations tighten, many platforms are forced to exit the market.
Meanwhile, those platforms that have begun early compliance planning are gradually gaining advantages.
Among them, @Gate_zh has been quite active over the past two years.
Many people still hold onto their old impressions of exchanges,
but in reality, #Gate has been working on global compliance early on.
Long before the industry paid much attention to regulation, it had already started applying for various core licenses.
Including high-threshold licenses like the US MTL, Japan FSA, Europe’s MiCA, and Dubai’s VARA, which Gate has now secured.
Especially in the US, which is actually the most difficult.
The US doesn’t have a unified license; you have to apply for each state one by one.
It’s time-consuming, costly, and the process is complex.
Many platforms simply can’t hold out.
But #Gate has already obtained MTL licenses in 35 US states, covering 46 jurisdictions.
This might look like just a number on the surface,
but behind it is real, long-term financial investment.
Including local teams, legal frameworks, risk control systems, fund segregation, and audit requirements—all must be in place.
It’s not just about submitting documents and finishing the process.
Europe is the same.
Now, MiCA is basically regarded by many institutions as the golden ticket to enter the European market.
Because obtaining authorization from one member state theoretically covers the entire EU market.
But the thresholds are also very high.
The application process takes at least half a year, and spending hundreds of thousands of euros is normal.
#Gate has been accelerating its European expansion over the past few years.
Including payment, custody, and trading business lines, which are also expanding simultaneously.
And the Middle East.
Dubai is increasingly becoming a new financial hub for the crypto world.
Although VARA’s regulation is open, the review process is strict.
After obtaining a license, ongoing regulation and audits are required.
But the benefits are also clear.
The Middle East now has a very friendly environment for crypto in terms of capital, policy, and taxation.
So many leading platforms are competing for this entry point.
Ultimately,
the core of this industry shift is one sentence:
Crypto is truly entering the mainstream world.
And the rules of the mainstream world have never been just about growth.
They focus more on long-term stability, compliance, and platforms that truly build global and compliant systems.