Mainland China's regulatory stance on cryptocurrencies remains unchanged, but enforcement has intensified with increased coordination across departments. Authorities reaffirm that cryptocurrency-related activities are illegal financial operations, now including stablecoins. The focus is on curbing foreign platforms' covert operations targeting mainland users, such as marketing through influencers and over-the-counter channels. Recent content removals from platforms align with this stricter enforcement approach, not as new bans but as a reinforcement of existing policies. Meanwhile, Hong Kong's regulatory framework remains stable, enhancing its value as a compliance hub due to clearer regulatory boundaries. Hong Kong is set to continue as a testing ground for virtual asset regulation, while mainland China tightens control over gray areas and strengthens risk prevention measures.