Regarding the new regulation 7.1, this is the most concerning issue in the crypto space. The answer is actually more complex than many people imagine.

First-level impact: Limited direct influence because China's current regulatory framework for cryptocurrencies does not rely on this "Regulations on Outbound Investment."
Main basis: Financial regulatory rules, anti-money laundering systems, and foreign exchange management systems.
Therefore, simply holding Bitcoin or Ethereum is not directly targeted by this document.
After the regulation takes effect, if stablecoins, exchanges, or on-chain wallets are used to purchase overseas equity, RWA, tokenized securities, or offshore funds, it could essentially be penetrated as domestic funds investing abroad.
So, the biggest impact of this document on individuals is not immediate restrictions, but rather formally incorporating personal overseas asset allocation into the national outbound investment regulatory framework.
The rules are not fully implemented yet, but in the future, whether it’s U.S. stocks, ETFs, RWAs, on-chain securities, or some cryptocurrencies, as long as they ultimately correspond to overseas assets and income rights, they will be more easily managed under the outbound investment logic.
For cryptocurrency investors, the greatest risk may not be price volatility.
It’s that major global economies are gradually incorporating: stablecoins, cross-border payments, and digital asset flows into the national capital regulation framework.
This means the era of "borderless capital migration" relying on on-chain free flow is slowly coming to an end.
A new era is beginning: capital can still flow globally, but increasingly based on national rules.
This may be what the "State Council Regulations on Outbound Investment" truly intends to convey.