The cryptocurrency industry is transitioning from the regulatory ambiguity phase to the "permitted growth" phase, during which legitimate companies can operate under clear rules. The Office of the Comptroller of the Currency (OCC) has proposed stablecoin regulations, the UK Financial Conduct Authority (FCA) has set a licensing timetable for 2026-2027, and Hong Kong has established a stablecoin regulatory framework, but currently no issuers have obtained licenses. The core of this trend is stablecoins, with product design and operations becoming central to compliance. For institutional investors, the future belongs to companies that can navigate genuine licensing and regulation, rather than those relying on offshore regulatory ambiguity.