"Understanding the Logic Behind Regulation: The 'Changes' and 'Stability' of Mainland Virtual Currency Regulation" (Author: Researcher Zach ZHENG) The regulatory bottom line for virtual currency in mainland China has not changed, but the enforcement intensity, norms, and inter-departmental collaboration have been comprehensively improved. Regulatory authorities have reiterated that virtual currency-related businesses fall under illegal financial activities and have included stablecoins in the same category, focusing on cracking down on overseas platforms' recruitment, Delegated Investment, KOL marketing, OTC channels, and other forms of 'covert infiltration' targeting mainland users. The recent delisting of virtual currency content by content platforms follows the same logic. This move is not a new ban but rather pushes existing prohibitive policies toward a more systematic and stricter implementation level. Meanwhile, the regulatory path in Hong Kong remains unchanged, and its compliance ecosystem is highlighted due to clearer regulatory boundaries; in the future, Hong Kong will continue to serve as an institutional testing ground for virtual assets, while mainland China will continue to tighten the gray area and strengthen risk prevention and control. Read more: