A16z's article 'Markets Need Rules, and Crypto Is No Different' emphasizes the necessity for the crypto market to adhere to traditional financial rules, focusing on stability, property rights, transparency, and fair competition. In China, regulatory efforts prioritize risk control and capital management, with stringent restrictions on crypto activities on the mainland, contrasting with Hong Kong's more open regulatory framework. Web3 startups in China face the challenge of navigating a dual regulatory environment. On the mainland, stability is maintained through clear regulatory boundaries, while Hong Kong's frameworks for VASPs and stablecoins offer a regulated space for asset-based ventures. Property rights are limited to data and NFTs, excluding tokens. Transparency and fair competition are significant hurdles, with Hong Kong providing clearer disclosure requirements and regulatory oversight. The article concludes that Web3 projects must align with these rules for sustainable success.