Caixin: Financial "test fields" such as Bitcoin and stablecoins will not be placed in Hainan

According to Deep Tide TechFlow, on December 29, Caixin reported that Hainan Island has officially launched its customs closure operations. Its geographical advantage lies in being backed by the domestic market of the world’s second-largest economy, and it surpasses Hong Kong in terms of physical space and area. However, the Hainan Free Trade Port and Hong Kong are mainly complementary: Hong Kong serves more as a global trade center, while Hainan acts as a hub and node connecting both domestic and international markets. In terms of finance, the two will also have differentiated functions. For example, financial “pilot zones” for bitcoin, stablecoins, and other innovations will be set up in Hong Kong rather than Hainan.