The era of "blacklisted" crypto assets is coming to an end. You will find that those digital currency businesses that once hid in the shadows are now being "brought under control" by top global financial centers in their own ways.

The turning point is clear: Hong Kong opening its arms to retail investors, the issuance of spot ETFs in the Middle East, major US institutions entering the market one after another, Singapore tightening its regulatory framework... These seemingly unrelated measures are actually telling one story — the mainstream financial system is no longer rejecting cryptocurrencies but is choosing to tame, integrate, and ultimately incorporate them into its ecosystem through regulation.

In simple terms, cryptocurrencies have shifted from being "driven out" to being "managed." And the significance of this shift goes far beyond opening compliance channels; more importantly, the floodgates for traditional capital have been opened.

The invisible race among global financial centers is becoming especially fierce in 2025. Meanwhile, in Asia, the attitude is completely opposite.

In Singapore, after the big storm earlier this year (the collapse of a stablecoin project), the country has become extremely cautious. The financial regulators have made it clear: as long as your trading platform mainly serves overseas clients, you must exit by June 30th unless you can obtain a license that is considered an "impossible mission." What’s the result? Many exchanges are turning around and heading to Hong Kong and Dubai.

And in Hong Kong? They are opening their arms wide. The city has already issued 11 virtual asset trading platform licenses and launched a project called "ASPIRe" — just the name indicates a major plan, focusing on five key areas: access mechanisms, investment protection, product innovation, infrastructure, and international relations.

The most impressive move? Hong Kong has also announced a tax exemption policy for crypto earnings for institutional investors. This strong tax incentive sends a clear signal to global capital — this is a great place to do crypto business.