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Regarding the CARF international compliance framework, there's a detail that is easily overlooked—it currently does not include Chinese users in its reporting scope. In other words, Chinese users are not temporarily covered by this mechanism. But that doesn't mean there is no impact. The real killer feature of CARF lies in transforming the ecosystem of fiat on-ramps and off-ramps. Changes in compliant exchanges' payment channels, cross-border transfer methods, and fund clearing pathways—the underlying infrastructure—are the key. These reshape the compliance foundation of global cryptocurrency asset trading.