The core content and signals are very clear, summarized in the following points:

1. **Official Definition Upgrade**: Virtual currency-related businesses are clearly defined as "illegal financial activities", no longer using vague terms like "illegal public offering of securities, illegal issuance of securities, illegal provision of payment and settlement", but directly classified as illegal financial activities, emphasizing that they completely lack the "legal status equivalent to that of legal currency". This is one of the most severe definitions in recent years.

2. **Full-chain crackdown, no dead angle coverage**:
- It not only targets transaction speculation but also includes "stablecoins" (specifically naming stablecoins as a form of virtual currency).
- Crack down on payment institutions that provide services for virtual currency trading, token issuance financing, and related derivatives *
- Crack down on activities such as money laundering using virtual currency, cross-border asset transfers, and evading foreign exchange controls.
- Emphasize that "foreign virtual currency exchanges providing services to residents of our country through the internet also constitute illegal financial activities"

3. **Key Focus Areas**:
- Over-the-Counter (OTC) Trading
- Fund pool, capital pool
- Illegal cross-border transfer of funds
- Money laundering using virtual currency

4. **New Terminology Under the Guidance of "Socialism with Chinese Characteristics" After the 20th National Congress**:
- Emphasize the need to "guide with the thought of socialism with Chinese characteristics for a new era"
- Raise the prevention and control of virtual currency risks to the political height of "maintaining the stability of the national financial order", "preventing and resolving financial risks", and "maintaining the stability of the economic and financial order".

5. **Actual Impact and Execution Level**:
- This means that after the "924 Notice" in 2021, China’s regulation of cryptocurrencies has further escalated from "essentially a complete ban" to "full criminalization crackdown + cross-border blockade".
- In the coming months, there is a high probability of a new round of concentrated rectification actions, including but not limited to: banning more overseas exchange IPs, tightening payment channels further, strengthening monitoring and punishment for OTC trading of stablecoins such as USDT, and focusing on cracking down on underground industrial chains that provide settlement services for virtual currencies, such as "score running" and "card merchants".
- It is not illegal for ordinary users to hold Bitcoin, Ethereum, and other cryptocurrencies, but any actions involving the exchange of RMB ↔ cryptocurrencies, providing trading services, or organizing transactions for others may be considered illegal.

In summary:
The attitude towards cryptocurrency has evolved from the "fundamental zero" policy in 2021 to a comprehensive upgrade to "zero tolerance, full chain, criminal crackdown" by 2025. This may be the most severe stance among major global economies in the past four years, almost categorizing any financial activity related to virtual currency as illegal.

For industry participants, this is equivalent to another "clearing-level" regulatory signal, further significantly compressing the space for gray areas.

#暴跌 # China #虚拟币 # OTC