As a crypto analyst with a fintech degree and a slideboard in my garage, I’ve been watching the buzz around Guotai Junan International's new Hong Kong crypto license. Sure, it’s historic — but don’t get swept up in the hype. The real story isn’t about freedom; it’s about friction. From strict forex controls to identity checks that feel like airport security, China’s 1.4 billion users remain just out of reach. Let’s talk cold hard truths — and why optimism needs more than just a license to land.