China has reiterated its longstanding ban on cryptocurrency-related activities, emphasizing enforcement under the 2021 framework that classifies such activities as illegal financial operations. This stance, consistent since 2017, does not introduce new legal prohibitions but reinforces existing measures. In contrast, Hong Kong continues to uphold its open and rules-based approach to virtual assets. The region is advancing with stablecoin legislation and real-world asset (RWA) initiatives, maintaining a regulatory environment distinct from mainland China's stringent policies.