People's Bank of China Governor Pan Gongsheng: Focus on Converging Major Financial Risks, Maintain High-Pressure Crackdown on Illegal Financial Activities such as Virtual Currency Speculation

Let's break it down. The regulation truly targets the part identified as illegal financial activities. The core categories are probably 👇
1️⃣ Trading Platforms — Operating exchanges domestically, matching trades for Chinese users, is completely prohibited.
2️⃣ Token Financing — ICOs and similar activities, essentially fundraising from the public.
3️⃣ Fund Pools and Pyramid Schemes — Promising returns, recruiting others, static income schemes—familiar formulas.
4️⃣ Providing Financial Channels for Trading — Banks and payment institutions facilitating fund transfers, recharges, and other channels for exchanges.
5️⃣ Promoting Trading or Projects — Large-scale user acquisition, rebate systems, team agents, community promotion, etc.
Therefore, regulation targets those who use cryptocurrencies to conduct financial business.
If you're just trading on your own, writing research reports, tweeting, or observing the market,
regulators probably won't pay much attention to you.
But if you often say: "Brothers, go all in on this coin, tenfold profit is guaranteed."
That’s a different story altogether.