At the Finternet 2025 roundtable on November 4, Livio Weng, CEO of New Fire Technology, discussed the shift in mainland China's crypto policy from support to control. Weng compared the current situation to the 2017 halt following licensing rumors and issues like pyramid schemes, attributing the change to complex national conditions and public perception differences. Weng also highlighted Hong Kong's regulatory journey from 2022 to 2025, noting significant developments such as the relaxation of the Type 7 license, global liquidity connectivity, and the approval of the Solana Staking ETF. These steps indicate growing regulatory confidence, with Weng predicting accelerated industry growth driven by regulation over the next three years.