#密码资产动态追踪 Strict control over crypto assets in mainland China, while Hong Kong is accelerating its openness—this seems contradictory, but upon closer reflection, it makes sense.

The logic in mainland China is clear: financial security first, risks must be properly isolated. Hong Kong’s approach is different. As an international financial center, it chooses to experiment within a framework—using clear rules to maintain order, rather than a one-size-fits-all ban.

This does not mean that cryptocurrencies are being rejected. On the contrary, it indicates that the industry is evolving. The era of reckless expansion is over, and we are now entering a new cycle of layered regulation and formalized operations.

For an asset class, the truly valuable moment is when it is taken seriously—whether under strict regulation or openness, the key is having systems and rules. While it may not seem particularly significant in the short term, in the long run, this is precisely a sign of the industry’s path toward genuine maturity. The market is adapting, and so are the participants.