[Barrin92]

The lesson China took from 2008, when they successfully avoided a financial recession and ensuing political chaos that was widely visible across the West was to start a campaign to clean up the financial sector. China is acutely aware of the risk that unregulated private finance poses to the security of the state but also the economy, and this is why they're hyper-vigilant when it comes to financial products, and I don't blame them to be honest.

There is virtually no social upside to people YOLOing their live-savings into crypto. "Well people should be allowed to do stupid stuff" has never had much pull in China. It's not the US.