In 2025, two completely different Crypto Assets scripts will be staged on the same land.

On the mainland? The iron fist remains. Trading and mining have become history, and virtual coins are nailed to the pillar of shame for illegal financial activities. Funds are like migratory birds, flocking south, with only one destination - Hong Kong.

But Hong Kong's approach is quite special. On August 1, the "Stablecoin Regulation" was officially implemented, creating the world's first regulatory framework linked to fiat currency: licensing access, 100% reserve requirements, and monthly audits, which kept a certain e-commerce giant and a certain payment giant at bay, while traditional banking institutions became more favorable.

Is this what is called the "One Country, Two Systems Financial Version"? The mainland has zero tolerance, while Hong Kong is implementing a sandbox. Retail investors can trade, but KYC checks are stricter than customs; multi-currency stablecoins are expected to drive the internationalization of the RMB, and the concept of RWA cross-border payments is being heatedly discussed. Do mainland companies want to play? They have to first register a shell company in Hong Kong, and the cross-border data approval process is comparable to passing through security checks.

To put it bluntly, this is not regulatory divergence, but precise division of labor: one manages risks and maintains the bottom line, while the other serves as a testing ground to attract capital. As for who will win? The hegemony of the US dollar has probably already caused a heated debate in the conference room.

That being said, do you choose the compliant license game in Hong Kong, or continue to watch from the gray area? For this generation of traders, the choices are becoming increasingly difficult.

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