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The roundtable discussion titled "Roundtable Discussion: Has Hong Kong and Mainland Encryption Policy Shift? Has the Bull-Bear Transition Arrived? How to Resolve DAT Predicaments" was held at the Finternet 2025 Asia Digital Finance Summit. Colin Wu, founder of Wu said Blockchain, OSL CEO Kwan Choi, Huaxing Capital advisor Pan Zhiyong, and New Fire Technology CEO Weng Xiaoqi engaged in in-depth discussions on market cycles, DAT challenges, and the changes in encryption policies between Hong Kong and Mainland China. The guests believe that the current market is still in the mid-phase of a bull run and is experiencing fluctuations, with macro factors being active but liquidity under pressure. After excessive speculation, DAT has entered a淘汰 phase, where only top projects have survival space, and premiums will return to rational levels. In terms of policy, Hong Kong's regulation continues to open up and establishes a high ground position for encryption policies, while the Mainland tends to be conservative. Overall, Hong Kong's Web3 ecosystem is entering a more mature and stable development stage. Read more: