Regulatory policies have long been a major obstacle to the expansion of these markets. Regional bans restrict user access and market liquidity, while complicated licensing approval processes discourage many institutions. Even more complex are the significant differences in compliance requirements across regions, requiring companies to adapt accordingly.

The good news is that recent policy adjustments have gradually loosened some restrictions, reopening a window for market growth. However, corresponding supervision and regulation still exist, and the industry must continue to find a balance between innovation and compliance.