The United States is accelerating its efforts to lead the global blockchain order by promoting the tokenization of financial assets. Meanwhile, China is exploring its participation through a pilot zone in Hong Kong, aiming to manage risk spillovers while engaging with the global blockchain economy. Hong Kong is expected to have limited participation in the global blockchain economy, while deeper involvement from mainland China remains restricted. This period is seen as a regulatory transition window, with DeFi identified as a critical area for breakthrough, though participants are advised to proceed with compliance and caution.