Policy interpretation (take it seriously, don't be overly anxious) These two documents are not that complicated as soon as they come out. Put aside all those convoluted legal language, all you need to remember is one sentence: In China, except for quietly buying coins and holding them yourself, almost all other ways to "participate" are in the minefield. This is the current situation. Once you are no longer satisfied with "just buying and leaving, taking responsibility for your losses", and want to extend your hand, even if it's just to earn some information asymmetry or transaction fees, the risk is no longer as simple as "frozen cards". Why do you say that? Change the scene to one that everyone can understand. In the eyes of regulators, this market is more like a forbidden "nightlife" circle. What is attitude? Not 'standard', not 'guidance', but three words: don't touch it. If you secretly play by yourself, it's like an adult privately consuming. As long as there is no commotion, no one is watching you every day. But one thing needs to be made clear—— There is no after-sales service here. Losing money, being cut off, and being deceived, no one can provide you with a safety net. If you file a complaint, you will only receive one sentence: This is a risky behavior of your own choice. So, individual retail investors can exist only because regulators don't have the energy to target every 'sneaker', not because it's legal. Taking one step further, the nature changes. Someone has set up a platform for everyone to concentrate on trading. Whether it is called "exchange", "matching system" or "technical service", in China, the essence is the same—— You are no longer a consumer, you are organizing transactions. This step directly crosses the gray area and enters the perspective of criminal law. So what you see as' retreat 'and' going out to sea 'is not transformation, but risk avoidance. It's just like organizing prostitution. What about the middle layer? The easiest place for many people to fall into. You don't use platforms, just help people buy and sell, introduce channels, and earn some transaction fees. Sounds innocent, right? In the real world, this is called 'matchmaking'; In the regulatory context, this is called illegal matchmaking or illegal intermediaries. Whether you earn a price difference or charge a service fee, as long as you shuttle back and forth between fiat and virtual currencies, the nature has already been determined. Once the amount is large and the role is clear, the handcuffs are just a matter of time. There is a more straightforward crime called the crime of introducing prostitution. As for those 'advanced gameplay', let alone. Pricing coins, trading against competitors, earning rebates, attracting customers, issuing tokens, selling points Every time you think one more step, you step on another layer of thunder. Do you think it's innovation? In the eyes of regulators, it's all old cases: Illegal business operations, illegal fundraising, and unauthorized issuance of securities are getting heavier and heavier. Looking at the entire chain, it is actually very clear. The only role that can barely exist is the retail investor who remains silent, does not attract people, does not touch the fund pool, and does not provide services. After buying, take it and accept your fate at a loss. Once you start to "participate in construction", whether it's as a boss, intermediary, promoter, or even just a "warm-hearted person", you have already gone from "nobody to manage" to "the object that needs to be managed". This is not pessimism, this is reality. So, instead of listening to people talk about policy trends every day, it's better to ask yourself a question first: Is there anyone who will take responsibility for me if there is a problem with this matter? If the answer is negative, then you'd better retract your hand. In this bottomless market, living long is more important than explaining it clearly.