Emerging regulatory frameworks, such as the EU’s Marketplaces in Crypto Assets (MiCA) and Singapore’s Payment Services Act (PSA), are providing much-needed clarity. Historically, private blockchains have been the preferred choice of institutions, serving as secure, compliance-friendly sandboxes. However, their restricted and siled nature limits participation, leading to low liquidity, inefficient pricing, and volatility for otherwise stable assets. With clearer regulation, decentralized blockchains, like Ethereum or Solana, will likely become the preferred route for institutions.
