Hong Kong built the rails. Will the trains arrive?

Hong Kong’s crypto market doesn’t look like a casino anymore. It looks like a bank.

Over the past two years, the SAR methodically dismantled the unregulated exchange model, pushed out crypto-native giants like OKX and Bybit, and rebuilt itself as an institutional settlement hub. By Q1 2026, it has completed the infrastructure: VATP licenses, stablecoin regulations, Project Ensemble.