Is the crypto winter finally passing? As it rebuilds itself for a more mature, stable future, cryptocurrency enterprises and adjacent industries are working to re-establish products and solutions more in line with real-world applications and government regulations. From regulated stable coins and crypto ETFs to asset tokenization, crypto companies are continuing their push to be more integrated into the broader financial and digital ecosystem. Hong Kong in particular has been a global hub for this transformation and has maintained a progressive position that encourages innovation and investment. Is the future of crypto one of retreat, or revitalization? Are investors warming to the idea of a significant return of crypto, stable coins, digital exchanges, and other adjacent industries? How are companies re-positioning their products and strategies to have greater real-world applications and be more compliant with regulations?