The new asset management regulations require KYC for cross-border transactions over 5,000 yuan. With the recent strict checks on overseas investments and tax payments, the situation is becoming increasingly serious. It's like boiling a frog in warm water; the water is about to boil. For crypto players, you need to have either your body or your wallet overseas. With this kind of regulation, forget about stablecoins in yuan; it might be possible to create a standalone chain version.