《Understanding the Logic Behind Regulation: The 'Changes' and 'Constants' in Mainland China's Virtual Currency Regulation》 (Author: Researcher Zach ZHENG) The regulatory bottom line for virtual currencies in mainland China remains unchanged, but enforcement, standardization, and cross-department collaboration have been comprehensively enhanced. Regulatory authorities have reiterated that virtual currency-related activities are considered illegal financial activities and have included stablecoins in the same category. They are focusing on cracking down on overseas platforms targeting mainland users through customer acquisition, proxy investments, KOL marketing, OTC channels, and other forms of 'covert infiltration.' The recent removal of virtual currency content from content platforms follows the same logic. This move is not a new ban but rather an effort to push existing prohibitions to a more systematic and stricter level of enforcement. Meanwhile, Hong Kong's regulatory approach remains unchanged, and its compliance ecosystem is gaining value due to clearer regulatory boundaries. Hong Kong will continue to serve as a pilot zone for institutionalized virtual assets, while mainland China tightens its grip on gray areas and strengthens risk prevention. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=52695