On Whose Terms? Power, Regulation, and the Adoption of Digital Assets.

The rise of digital assets has moved from the margins of financial experimentation to the centre of policy, regulatory, and institutional debate. This research examines the institutional adoption of digital assets, focusing on how economic incentives, technological infrastructures, and regulatory architectures interact to shape their integration into mainstream financial systems. Moving beyond narrow technical or speculative perspectives, the study conceptualises adoption as an institutional process influenced by structural tensions, symbolic legitimacy, and evolving governance logics. Drawing on interviews with senior stakeholders from financial institutions, law firms, global consultancies, and technology providers, the study employs qualitative thematic analysis to identify six interlocking themes: regulatory certainty, institutional readiness, stablecoin utility, public trust and usability gaps, and projected adoption trajectories. The findings reveal a landscape of partial transformation, where adoption is frequently simulated rather than fully realised - constrained by internal misalignment, reputational risk, and forms of a compliance theatre. Although technological solutions are largely available, systemic uptake remains limited by regulatory uncertainty, inconsistent policy frameworks, and siloed institutional priorities. Meanwhile, offshore innovation ecosystems - operating beyond traditional governance regimes - further complicate the prospects for cohesive global integration.