I think the core is not in the specific park, but in the overall political and international environment changes in Southeast Asia. From 2025 to 2026, geopolitical tensions in Southeast Asia will intensify: border friction between China, Thailand, and Cambodia, as well as Thai military actions directly affecting the Cambodian complex The combination of continuous pressure from China (wanted+extradited), heavy sanctions from the US and UK (freezing huge BTC assets), exposure of human rights issues in UN/Amnesty International reports, and escalation of travel warnings in multiple countries has formed an unprecedented international containment force. The Cambodian government has shifted from the past "gray tolerance" to open cutting, and Hong Manet personally promoted the Anti Fraud Committee, demonstrating a reassessment of internal interests - the cost of diplomatic isolation, economic sanctions, and image collapse has exceeded short-term gray benefits. This external pressure+internal adjustment is a double-edged sword for the cryptocurrency ecosystem. Negative: The grey industry chain has extensively used cryptocurrency for money laundering/fraud, resulting in the entire Southeast Asian Web3 being labeled as "high-risk", institutional funds being diverted, exchange risk control being strengthened, and regulation becoming stricter. The Thai SEC, the Cambodian central bank, and others have tightened licensing and AML requirements, limiting liquidity and innovation in the short term. Positive: After clearing the gray area, clean funds and legitimate projects are more likely to flow in. The real demand for the cryptocurrency industry in Southeast Asia is strong, and regulations in Thailand, Vietnam, Malaysia, and other places are becoming increasingly friendly, which may usher in a healthier growth window in 2026. Transforming to compliance and building authentic products is the sustainable path. The general trend is that international pressure is driving regional "de ashing", and crypto is shifting from "grey coexistence" to "independent development". I am still optimistic about the potential of Southeast Asia, but the prerequisite is to remove the tumor. How to get there in 2026? What do you think? Welcome to discuss. Southeast Asian Crypto