Policy Interpretation (Take it seriously, but don't be overly anxious)

These two documents, once released, are really not that complicated.

Throw aside all the convoluted legal language, you just need to remember one simple thing:

In the country, apart from quietly buying cryptocurrencies yourself and holding them, almost all other ways to “participate” are in the danger zone.

This is the current situation.

If you are not satisfied with “buying and leaving, with losses or gains at your own risk,” and want to extend your hand even slightly, even just to earn some information difference or transaction fees, the risk is no longer just about “getting your card frozen.”

Why do I say this?

Let’s use a scenario that everyone can understand.

In the eyes of regulators, this market resembles a strictly prohibited “nightlife” circle.

What is the attitude?

It is not about “regulation,” not about “guidance,” but three words: don’t touch it.

If you secretly go play on your own, it's equivalent to an adult consuming privately. As long as you don’t make a fuss, no one will watch you every day. But one point must be made clear —

There is no after-sales service here.

If you lose money, are scammed, or deceived, there is no one to back you up. If you complain, you will only receive one response: this is a risk behavior you chose yourself.

Therefore, the existence of individual retail investors is only because regulators do not have the energy to monitor every “person who goes secretly,” not because it is legal.

Taking a step further, the nature changes.

Someone sets up a platform for centralized trading.

No matter if it’s called an “exchange,” “matching system,” or “technical service,” in the view of the domestic market, the essence is the same —

You are no longer a consumer; you are organizing trades, and this step directly crosses into the gray area and into the scope of criminal law.

So what you see as so-called “clearing out” or “going overseas” is not a transformation; it is risk avoidance.

It's the same logic as organizing prostitution.

What about the layer in between?

This is the place where many people are most likely to fall in.

If you don’t set up a platform but simply help people buy and sell, introduce channels, and earn some transaction fees, it sounds very innocent, right?

In the real world, this is called “making connections”;

in a regulatory context, this is called illegal matching or illegal brokering.

Whether you earn the price difference or receive service fees, as long as you shuttle back and forth between “fiat currency and virtual currency,” the nature is already determined.

If the amount is large enough and the role is clear, handcuffs are just a matter of time.

There’s a more straightforward crime called the crime of introducing prostitution.

As for those “advanced plays,” let's not mention them.

Setting prices for currencies, acting as a counterpart, doing kickbacks, recruiting people, issuing tokens, selling points…

The more you think ahead, the more landmines you step on.

You think you are innovating, but in the eyes of regulators, it’s all old cases:

illegal operations, illegal fundraising, unauthorized issuance of securities, each charge heavier than the last.

When you lay the entire chain open, it is actually very clear.

The only role that can barely exist is the individual retail investor who does not speak out, does not recruit, does not touch the fund pool, and does not provide services.

Buy, hold, and accept losses or gains as fate.

Once you start to “participate in building,” whether as a boss, an intermediary, a promoter, or even just a “well-meaning person,” you have already changed from “no one manages you” to “an object that should be managed.”

This is not pessimism; this is reality.

So, instead of listening to people talk about policy trends every day, it is better to ask yourself a question:

If there is a problem with this matter, will anyone be responsible for me?

If the answer is no, then you better withdraw your hand.

In this market without a safety net, living longer is more important than being clear.

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