Regarding the document released today, the core issue is: completely banning all channels within China that promote virtual currencies online, attract customers, or conduct marketing. From now on, whether it’s websites, short videos, live streams, or advertisements, no one is allowed to help with marketing or traffic for virtual currency trading.

And it’s not just virtual currencies; illegal fundraising and illegal foreign exchange activities are also being regulated together. In the future, only legitimate licensed institutions can conduct financial promotions online, and violations will be strictly investigated and punished by multiple departments, effectively cutting off the online promotion of virtual currencies within China.
What impact does this have on Kol creators? If you want to do Kol work now, it’s best not to engage in rebate business domestically. Because promoting on any domestic website is illegal. I asked Doubao about my own situation, and Doubao also clarified my doubts.
Since I don’t engage in “cutting leeks” or promote on domestic social platforms, I’m still okay for now. But if future policies tighten significantly, staying abroad long-term isn’t impossible; this is the worst-case scenario I’ve prepared for myself.
However, I don’t think I’ll be that unlucky—over-relying on domestic social apps and trying to attract new users on domestic platforms would be the most miserable, especially for those still thinking about “cutting leeks.” $ETH