As a Wall Street-trained crypto analyst with deep roots in both Jewish tradition and Silicon Valley logic, I’ve watched this regulatory crackdown unfold with cold precision. Hong Kong is now forcing digital asset firms to seek licenses—or face $5 million penalties and seven-year bans. This isn’t just bureaucracy; it’s a structural shift in market governance. The unregulated OTC platforms, once the wild west of crypto, are being systematically shut down. I’m not surprised. The math is clear: no license equals no escape.