It is essential to recognize a fact: our country has clearly defined virtual currency-related businesses as "illegal financial activities"; it does not have monetary status and is not allowed to circulate.
In the short term, there is absolutely no possibility of lifting the ban, the core reason being: once it is lifted, it will become a huge loophole for capital outflow. Thus, this policy is aimed at cutting off illusions and clarifying the bottom line—this path is blocked.
In other words:
Engaging in these activities domestically:
Development, operation, maintenance, community, events, conferences...
All fall under "illegal".
But the reality is:
As long as you do not act ostentatiously, do not deceive, and do not engage in large-scale capital flows, they generally will not specifically trouble you.
This is the principle of "the people do not raise issues, the officials do not investigate".
"Stablecoin risk is the highest"—this is the core,
Why?
Because stablecoins bypass foreign exchange controls, equivalent to:
Quietly establishing an "unregulated small dollar system" domestically.
This is the most sensitive for the state, hence the strictest investigations.
To summarize whether the impact is significant or not:
The reasons for the low impact:
Everything that can be controlled has already been controlled.
Industry personnel are all overseas.
The market has long given up hope for mainland policies.
Funds and transactions primarily occur abroad.
This time, it is a statement of attitude, not a devastating blow.
However, points you need to pay attention to:
Do not publicly promote cryptocurrency domestically.
Do not flaunt wealth.
Do not lead the trend.
Do not engage in gray OTC, score running.
Do not conduct large-scale cross-border capital flows.
Self-media content should not touch the red line.
Keeping a low profile is the best safety.
In conclusion:
This policy will not crash the market, nor will it change the bull and bear trends, but continues to emphasize one thing:
"Prohibited domestically, active abroad" will be the long-term state.
You can play if you can,
But—
Keep a low profile, pay attention to boundaries, and do not touch gray lines,
This is the most correct posture.
