Introduction: Security Is Becoming Foundational Infrastructure in Digital Asset Markets In the early stages of the digital asset industry, trading efficiency and product innovation were the primary drivers of platform competition. Platforms competed on matching speed, market depth, and the breadth of asset offerings, while security was often viewed as a necessary but non-differentiating baseline capability. However, as the market matures and institutional capital continues to enter the space, this logic is changing fundamentally. The growing presence of institutional investors has raised the bar for stability and reliability across the industry. At this stage, security is no longer merely a technical defense against cyberattacks; it is becoming a core layer of infrastructure that determines whether a platform can support long-term capital flows. For institutions, security extends far beyond asset protection. It includes access controls, transaction monitoring, data transparency, and regulatory alignment.…