I noticed an interesting phenomenon in the past couple of days: Seven government agencies in China have just jointly issued a risk warning about virtual currencies, while across the ocean, the US is also restricting its citizens from participating in crypto trading, with many platforms simply blacklisting IPs from certain regions.

On the surface, both seem to be “tightening” regulations, but if you look deeper, their approaches are completely different.

China’s logic is pretty straightforward—the decentralized nature of virtual currencies is fundamentally at odds with the existing financial regulatory framework. This isn’t a technical issue; it’s a matter of system compatibility. In the US, on the other hand, it feels more like “they haven’t figured out what to do yet”: How should taxes be collected? Which department is responsible? Is it a security or a commodity? These fundamental questions are still being debated. Once they sort things out internally, their attitude might change.

So don’t just jump in because things look exciting. Policy risk is no joke.

The market will always be there, but if your money’s gone, it’s truly gone. Instead of getting envious of others making fast money, it’s better to first understand the rules of the game. After all, in the world of cryptocurrency, surviving longer is more important than running faster.