The era of regulatory arbitrage is coming to an end, and the market has been cleared. The ECB (European Central Bank) has taken a bold move this time, supporting the unified transfer of regulatory authority over large platforms to ESMA (European Securities and Markets Authority). This means that the regulatory arbitrage game of "exploiting loopholes and finding loopholes" in various European countries in the past is completely out of reach. There are three truths to this' clean-up ', brothers need to see them clearly: From "cat and mouse game" to "open label competition": In the past, choosing a small country with lax regulations and obtaining a license could radiate throughout Europe, but now Paris has unified orders. If small and medium-sized platforms cannot afford this' compliance protection fee ', they are likely to fall behind in this reshuffle. The "signature" of the old money entering the market: Only with regulation and complete transparency of the rules, can the real big funds and institutional old money dare to leave. In the short term, it is a pain, but in the long run, it is a major cleaning up of liquidity. The 'safe turn' of position logic: Previously focused on volatility, but in the future, focused on safety margins. If your target is highly dependent on regulatory gray areas for survival, now is the time to be vigilant. After the clearance, what remains is the true 'gold'. If you feel that the operation is difficult and your mentality is unstable now, it is actually normal. This kind of reshuffling is often a 'sweeping of the courtyard' before the next wave of market trends begins. Finally, let me ask everyone: Tightening regulation, do you think funds will accelerate their flow to top compliant CEX, or will they completely hide in DEX for decentralization? Please share your opinion in the comment section. B-Circle MiCA regulates cryptocurrency BTC ETH