The regulatory authorities have recently spoken again, and as soon as the title came out—"Severe Crackdown on Virtual Money Violations," many frens panicked directly: Is this going to be the prelude to another big dump like in 2021?

Don't be nervous yet. To be honest, this commotion feels more like a regular announcement, with a deterrent effect far greater than the actual impact. Let's clarify the matter.

What exactly is the regulation focusing on? Two key points are particularly clear: stablecoins have become the target. Tokens like USDT and USDC, which are pegged to the US dollar, have become the preferred tools for certain gray operations—money laundering, scams, and circumventing foreign exchange regulations—due to their convenience in cross-border fund transfers, which is terrifyingly efficient. In the future, any scenarios involving large-scale cross-border exchanges or suspicious funds will likely attract significant attention. Small personal use might be fine, but going big could be dangerous.

Information dissemination must also be tightened. In the future, publicly organizing activities, holding offline gatherings, community promotions, and self-media heavily promoting coins within the country will all be considered high-risk operations. At best, accounts may be banned and content deleted; at worst, more serious inquiries may be faced. In simple terms, the space for those wanting to operate in this field in a high-profile manner within the country has become very small.

Why is it unlikely to reproduce the 519-style crash? The reason is simple - those who could transfer their assets have already done so. In recent years, trading platforms, project teams, mining companies, and large holders have basically completed their offshore arrangements. What remains domestically are mainly retail investors and small-scale participants. Even if regulators want to take action, it's hard to find centralized targets for enforcement. Therefore, this time it is more of a statement of attitude, with limited actual impact.

The real meaning behind the announcement actually has three layers: Is cryptocurrency legalized within the country? Don't even think about it; this line will not be loosened. Engaging in development, operations, promotion, and other related businesses domestically is theoretically all against the rules — but in reality, as long as you don't do something stupid, don't deceive people, and don't make a big fuss, generally no one will specifically keep an eye on you. Stablecoins are the core concern because they directly touch the bottom line of foreign exchange control; whoever dares to make a big deal out of this is the most dangerous.

So what is the conclusion? This round of policy is more like a routine statement plus targeted strikes against stablecoins. Real market participants have long been operating globally, and the impact of domestic policies on the global market is minimal.

Ordinary people just need to remember these points: act low-key, don't be greedy and reckless, and don't cause a stir domestically. Work steadily, earn quietly, and there will still be opportunities to move forward steadily in 2025.