As governments from Abu Dhabi to Washington advance new frameworks, regulation is shifting from reactive oversight to proactive rule setting, with the aim of safeguarding stability while fostering innovation. Regulators face the challenge of balancing risks such as volatility, fraud, and misuse with opportunities for transparency, efficiency, and financial inclusion. At the same time, institutional investors are exploring tokenized assets, digital bonds, and payments infrastructure as new sources of value. Central banks are testing digital currencies, while stablecoins and decentralized networks push the boundaries of financial architecture. How can regulators strike the right balance between mitigating risk and enabling innovation in digital assets? From tokenization to payments infrastructure: where will institutional investors find the most durable opportunities in the years ahead?