The crypto world just got two strong signals from regulators and they’re hard to ignore. First, the dismantling of Garantex, a Russian crypto exchange tied to illicit finance. Then, a major shift in the Cayman Islands, a longtime crypto-friendly jurisdiction, which will now require licenses for custody and trading firms starting April 1. On the surface, these look like two separate stories. But taken together, they paint a clear picture of how global oversight in crypto is evolving — and what...