At the Hong Kong crypto 2026 forum, a roundtable on the revaluation of cripa provided answers for the new cycle.The industry consensus is shifting from launching tokens for the sake of it to pursuing sustainability, compliant business models, and real-world applications. Trading volume has become the new benchmark and one of the three engines of this new cycle, with compliance being highlighted.The first batch of digital payment tool licenses for rwa AI payments and sovereign blockchain has been issued in Hong Kong.On-chain transactions of compliant assets are accelerating in the AI space.There is a need for a native digital asset payment infrastructure upgrade in sync. Crypto is transitioning from narrative-driven to application-driven.