What impact does the strict crackdown on encryption policies have on the cryptocurrency market? @BiteyeCN's summary is very complete, and I also thank Biteye for reposting my content! The core of my sentence is that the impact on global cryptocurrency prices is becoming smaller and smaller, the impact on the security of mainland practitioners is increasing, and the structural opportunities for Hong Kong are wavering. But no one can truly determine the global encryption cycle. -The encryption policy in mainland China has remained consistent for 12 years, maintaining high pressure on the encryption industry, and there is currently no sign of relaxation, -The encryption policies in mainland China actually have a certain lag, as they are only taken action when the hype reaches a certain stage and causes impact on investors and the financial system, rather than being prepared for the future, -The long-term impact of mainland China's encryption policies on the cryptocurrency market is becoming weaker and weaker. From the statistics in the following article, it can be seen that, except for the periodic impact of regulation on Bitcoin prices in 2013, there was either no impact or the impact was very short-lived afterwards, -Hong Kong and mainland China have taken completely different attitudes, with mainland China cracking down and Hong Kong opening up. Mainland China classifies RWA as illegal finance, while Hong Kong's Hashkey, which uses RWA as its narrative, is about to ring the bell on the Hong Kong stock market. In 2028, Hong Kong may impose taxes on cryptocurrencies.