Yesterday the market fell below 86,000, and the already fragile sentiment was directly hit by the domestic Central Bank's reaffirmation to crack down on Virtual Money, striking the market's most sensitive nerve.

In fact, from the perspective of regulatory logic, this is not a new policy, but a reiteration of the old attitude. However, when the market itself is falling and liquidations exceed 1 billion dollars, any regulatory voice will be amplified into panic.
This warning primarily targets "illegal activities related to stablecoins," indicating that the regulatory focus is shifting from "trading" to "fund flows" and "off-chain settlement ports."
In other words, the state has begun to focus on the core lifeline of the crypto industry: the fiat currency entry and stablecoin channels.
In the short term, Asian funds will be more cautious, and the plunge in stablecoin stocks in Hong Kong is a precursor;
But in the long run, this is accelerating a trend: the shift of crypto from the gray area to a "financial system within a compliant framework," painful but necessary.