[Caixin: Bitcoin, Stablecoins, and Other Financial 'Testing Grounds' Will Not Be Placed in Hainan] BlockBeats News, December 29, according to a report by Caixin, China's Hainan Island has officially commenced its customs closure operations. Its geographical advantage lies in being backed by the domestic market of the world's second-largest economy, with physical space and area surpassing Hong Kong. However, the Hainan Free Trade Port and Hong Kong are more complementary in nature—Hong Kong serves more as a global trade center, while Hainan acts as a domestic and international node and hub. In terms of finance, the two will also have functional differentiation. For instance, financial 'testing grounds' for Bitcoin, stablecoins, and the like will be placed in Hong Kong rather than Hainan.