Mainland China VS Hong Kong: Cryptocurrency Policies in Two Extremes Mainland China: Crackdown on Cryptocurrency Speculation 2013: Five ministries prevent Bitcoin risks 2017: Seven ministries ICO ban 2021: Ten ministries crack down on mining 2025: Eleven ministries crack down on RWA and stablecoins Hong Kong: Cautious regulation, gradual opening 2018: First proposed "regulatory sandbox + licensing framework" 2020: Virtual Asset Trading Platform (VATP) licensing system 2022: Issued the "Virtual Asset Policy Declaration" August 2025: Stablecoin regulations passed and come into effect December 2025: The first compliant exchange HashKey submits for listing The differences in the approaches of the two regions also reflect different market positioning and regulatory philosophies. What does everyone think?