Family, the atmosphere in the cryptocurrency circle has been a bit subtle these days—on November 28, there was an authoritative interpretation of the central bank-led virtual currency regulatory coordination meeting (referred to as the "1128 meeting"). Lawyer Xiao Sa awakened the market with one sentence: this is not a "new policy," but a "precise strike"—the gun is pointed directly at illegal foreign exchange of stablecoins and money laundering! As an old hand who has been in the circle for many years, I have to break it down for my brothers: what exactly is this wave of regulation preventing? How should we ordinary players protect ourselves?
1. Why is the 1128 meeting described as "repeating old tunes" but "hiding deadly traps"?
First, let's highlight: The core of the 1128 meeting is to "continue the spirit of the 924 notice"—which means the policy of "completely banning the business of virtual currencies" from that wave in 2021 remains unchanged. However, this time, two new signals were particularly emphasized:
1. Stablecoins have become a "disaster zone": USDT, USDC, and other "dollar stablecoins" have become tools for many to "bypass foreign exchange controls" due to their convenience for cross-border transfers and strong anonymity. Some people buy USDT with RMB through "off-market OTC" and then transfer it to foreign exchanges to trade for USD—this is essentially "illegal foreign exchange trading", which could severely constitute "money laundering"!
2. Cryptocurrency merchants and funding channels are being targeted: In the past two years, the number of cryptocurrency merchants has surged, and some merchants, in order to profit from the difference, help people with "unlimited exchange" and "underground bank-style transfers", even "laundering" funds from fraud and gambling. This meeting clearly stated that it will target the entire chain from "cryptocurrency merchants - transactions - funds"; in simple terms: in the future, being a cryptocurrency merchant or engaging in OTC without compliance qualifications will be a "high-risk occupation"!
2. Ordinary players must see: These 3 types of behavior must not be touched now!
Don't think that "regulation is far from me"; the scenes targeted in this crackdown may be hiding right beside you:
1. "Exchanging U privately" for large foreign exchange amounts? Be careful of "money laundering" knocking on your door!
Some people think, "I’m just exchanging a few tens of thousands of dollars, it’s fine"—this is a huge mistake! Our country has clear foreign exchange controls: each person has an annual limit of $50,000, and it must be done through formal channels (like banks or the foreign exchange bureau). If you find an "off-market merchant" to buy USDT with RMB and then transfer it abroad to sell for USD, even if it’s "your own money", it could still be deemed as "illegal foreign exchange trading", leading to fines or even criminal liability. There have already been cases recently: someone exchanged $300,000 and was convicted of "illegal business operations", receiving probation and a fine of 500,000!
2. Helping others "hold" or "trade cryptocurrencies"? You might become an "accomplice"!
Don't kindly help friends "manage money to trade cryptocurrencies", and definitely don't touch "capital preservation financial products" or "managed trading"—these all belong to "business activities of virtual currencies" and have been completely prohibited since the 924 notice. More dangerously, if the other party's source of funds is not clean (like fraud money or gambling funds), helping them buy cryptocurrencies or transfer money could constitute "aiding and abetting" or "money laundering", a typical case of "getting shot while lying down"!
3. Posting "U advertisements" in small groups/friends' circles? Be careful of "phishing"!
Recently, many people have been posting "collecting U and exchanging U" and "instant arrival" in WeChat groups, even leaving personal Alipay and bank card information. Be aware: OTC trading without compliance qualifications is a key target for regulatory crackdowns! Some even pretend to be "cryptocurrency merchants", taking your USDT and blocking you, or tricking you into transferring RMB first—it's the end of the year, and scammers are also trying to meet KPIs; avoid this kind of "off-market black market" at all costs!
3. Good news: The compliant market in Hong Kong is unaffected, and the regulatory "dual-track system" is clearer!
Many people are worried, "Will we not be able to play with cryptocurrencies in the future?" Don't worry:
• Mainland: Prohibit "business activities", but not personal holdings: If you buy Bitcoin and keep it in your wallet without trading or selling to others, it is completely legal;
• Hong Kong: Licensed institutions can operate in compliance: Virtual asset exchanges in Hong Kong (like HashKey under the Hong Kong Stock Exchange) and compliant cryptocurrency merchants can provide services normally as long as they have licenses. In the future, if you want to trade, recognize the "SFC license of Hong Kong" and avoid "unqualified small platforms"!
In simple terms: regulation is not a "one-size-fits-all ban on cryptocurrencies", but rather "kick out the lawbreakers and leave space for the compliant ones".
Finally, let me say something from the heart:
In these two years, the cryptocurrency space has gone from "barbaric growth" to the "strong regulatory era"; we ordinary players must learn to "respect the rules". Stay away from "high-risk gray areas" and don't take criminal risk for a small price difference. Remember: true "wealth freedom" has the premise of "safe landing".
Let's chat in the comments: Have you encountered "being scammed while exchanging U off-market"? What do you think about the 1128 regulation? #1128监管会议 #虚拟货币监管 $BTC
