Recently, I read a study on the encryption regulation in Mainland China and found an interesting phenomenon—the policy baseline has actually remained unchanged, but the enforcement aspect has become increasingly "professional."

In simple terms: virtual currency-related activities are still classified as illegal financial activities, and this red line has not been touched at all. However, the regulatory authorities have upgraded their methods; law enforcement has clearly strengthened, and the cooperation between departments has become more tacit.

The key point has arrived: stablecoins are now officially included in the regulatory scope. In the past, some may have thought that stablecoins like USDT existed in a gray area, but now it's clear - they are treated the same as other encryption currencies.

The current key focus of the crackdown is also very clear: various marketing methods used by overseas platforms targeting mainland users, such as代投, finding KOLs to bring in orders, and OTC off-exchange trading, are all on the key monitoring list. In simple terms, if you open a platform overseas but mainly serve mainland users, it will still be investigated.

Overall, the regulatory approach feels more systematic; it is no longer a series of scattered bans, but rather a relatively complete enforcement logic has been formed.