8 departments jointly issued a notice, the surface appears bearish, but the structure is relatively favorable.
The key is not just another ban, but the boundaries have been clearly defined at once: RWA tokenization, domestic entities issuing coins overseas, and stablecoins (especially the renminbi stablecoin) have been explicitly named, effectively ending the fantasy of gray arbitrage and compliant chain hanging.
It is clear who this is negative for, but for information and content platforms that do not issue, do not touch funds, and do not facilitate transactions, it is rather favorable.
The more regulators compress financial activities, the greater the users' demand for discussion, cognition, and information access becomes.
Strong regulation is not a bad thing; the bad thing is vague regulation. This time, China has cleared away the gray areas, leaving a cleaner space.
