As a retail investor with ID #中国加密新规 , I am a bit confused by the new cryptocurrency regulations in China for 2025. The government still does not allow casual trading of Bitcoin, banks are monitoring transfers, and it has become more difficult to purchase coins across borders. The government supports blockchain technology, but trading and mining are still restricted due to concerns about money laundering and disrupting the financial system. The digital yuan is being promoted vigorously, with pilot programs all over the country, and it seems the government wants it to replace Bitcoin. Hong Kong is quite open, allowing stablecoin licenses to attract foreign investments. I've heard that there may be new platforms in the second half of the year that will regulate exchanges and taxation, which makes me feel that regulation is getting stricter. If you want to trade coins, you need to be cautious; policies are tight, and if you're not careful, you could face risks. In the future, there may be some relaxation in certain special zones, but it must be compliant, and retail investors need to be careful.