#BTC Why doesn't China actively establish a fully compliant virtual currency exchange? How difficult is the road to compliance for virtual currency exchanges?

Actually, China does have the capability to establish fully compliant cryptocurrency exchanges. Technically, issues such as anonymity and exchange rug pulls can be effectively addressed through methods like KYC authentication, independent custody, independent settlement, and independent trading.
At the same time, by binding personal forex quotas, compliance flow of funds can be achieved, and transaction income tax can be obtained from it, blocking the black and gray channels. But the reality is that China's development in the field of virtual currency is far behind the United States.
Once, we had one of the top three exchanges in the world and the largest Bitcoin holding community. But now, mining has disappeared, exchanges have fled, and trading is even treated as a crime. Meanwhile, the US SEC has approved BTC ETF, which means BTC has officially entered the global capital market as an asset. We have lost the opportunity to lead the US in the financial field, which is undoubtedly a great regret.
In the face of such a situation, we should not hesitate or wait and see. Establishing a fully compliant virtual currency exchange is not only in line with the plan of building a financial powerhouse proposed at the Central Economic Work Conference, but also a crucial step to stimulate domestic capital vitality and seize the commanding heights in the future financial field. $BTC $ETH