Hong Kong looks less like a market being shut down and more like one being formalized. Recent CSRC penalties on brokers like Tiger, Futu, and Longbridge suggest Beijing is targeting gray-area cross-border activity, not ending financial openness outright. At the same time, Hong Kong is expanding its regulated digital-asset stack: it issued its first fiat-backed stablecoin licenses to HSBC and an Anchorpoint Financial consortium, and Standard Chartered launched Hong Kong’s first G-SIB-backed insti...