Hong Kong's move has the entire crypto community watching. The new regulations for crypto banks, officially launching in January next year and fully implemented by 2026, are based on Basel Committee standards, marking a shift from a vague regulatory environment to a clear framework.

The core of the rules is straightforward: banks holding crypto assets must allocate capital based on risk weights. Some cryptocurrencies have risk weights as high as 1250%, meaning that holding $1 worth of such assets requires setting aside $1 in capital to cover the risk. Compliance costs have indeed increased, which is undeniable.

But this is not a sign of industry cooling down; rather, it is a turning point. The previously ambiguous regulatory environment? It was precisely the biggest obstacle for institutions like BlackRock, HSBC, and Guotai Junan International to enter. Now that Hong Kong has clarified the rules and set clear bottom lines, it provides certainty. Just look at the market response—licensed crypto ETF sizes are expanding, RWA tokenized asset trading has surged by 233% year-over-year, JD.com and Ant International are applying for stablecoin issuance, and enterprise-level tokenized bills and AI computing power financing schemes are emerging one after another. These are all tangible actions from traditional finance entering the space.

The essence of the new regulations is market clearing. Unlicensed, custodial, and unaudited wild projects will be accelerated out. Compliant licensed platforms and truly supported crypto assets are now facing an unprecedented development window. From wild growth to mature compliance, Hong Kong's move has drawn a new industry dividing line.