The views of Chinese cryptocurrency enthusiasts regarding compliance and policies can completely be dismissed as nonsense.
In a somewhat chaotic emerging industry, the type of regulatory policy that arrives in a country completely depends on the "communication situation" between industry leaders and the regulatory authorities of that country.
The domestic situation is a complete failure case; the fantasies of overseas Chinese cryptocurrency enthusiasts regarding policy regulation are useless, and the culprits are all of you.
There are many industries more chaotic than the cryptocurrency sector, and none have been completely eradicated.
High-interest online loans have been cut down a few times, yet they are still thriving domestically.
The medical beauty industry, second only to the chaos of "prostitution," is also doing just fine.