To use Regioning make a picture box without a border (BorderStyle=0) and paste your image in there.
Here's a demo showing the code you need to turn it into a nice circular picturebox. It works by taking the colour of the 1st pixel of the image (at 0,0) as the background colour and then cutting that colour from the outside of the image; so it's pretty flexible in that you can paste an image with any colour in. Even pink.
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