Chinese regulators have instructed mainland tech and financial firms to reduce their cryptocurrency activities, as reported by Caixin Global. This directive follows attempts by some companies to bypass domestic restrictions by engaging in crypto-related business in Hong Kong. The crackdown specifically targets Bitcoin and Ether transactions and prohibits state-owned banks from seeking stablecoin licenses in Hong Kong. China has consistently maintained a stringent stance against cryptocurrencies for over a decade, implementing bans on ICOs, local exchanges, and virtual mining equipment in 2021. This latest move underscores the country's ongoing efforts to control and limit cryptocurrency activities within its borders.