I stopped chasing pumps. Instead, I read the chain. The Hong Kong SFC has published a new list of virtual asset platform applicants — including Spark Fintech (Bybit), Bitcoin World Technology, and Spread Technologies (BitMart). But being on the list doesn’t mean getting licensed. This isn’t a stamp of approval; it’s a starting line. Investors must ask: Who’s truly prepared for regulation? Not everyone who shouts is listening. The data doesn’t lie — but the noise does.