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"How Much Will the Impact Be on China's Cryptocurrency Circle After the Implementation of the Financial Law?" (Author: Lawyer Liu Zhengyao)
The draft of the "Financial Law" will comprehensively regulate financial activities; transactions, issuance, and promotion related to virtual currencies are all considered illegal financial activities.
KOLs promoting products will become unlicensed financial marketing, OTC funds are more likely to be frozen, and overseas coin issuance will also be restricted under transparent regulation;
For mainland project parties, issuing coins is illegal, and transparent supervision will hold the actual controllers accountable, with restrictions on leaving the country possibly being implemented in advance.
In summary, risks in the crypto circle are significantly increasing, and regulatory channels from administrative to criminal are becoming more streamlined.
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