The announcement will take effect immediately to crash the market because China is big and more cryptonian are there.
True, but as we seen the effect not really huge and we started to recover it. A rich man and real crypto believer probably would leave china to avoid the rules there, like what Miners done before after the government forbid mining activity.
Or give access to another person to their assets who is not in the country. The most important thing is that their funds are safe and they can deal with cryptocurrency from anywhere in the world, and I think they will solve the problem in the near future. I'm sure the state wants to control this industry but does not know yet how.
Rich people will find ways to continue. This implementation from the government is not in their hands,
But the fate of their investment inside crypto always rely with them. If they are a believer, they will seek for the better way to make
sure that the government will not hit them with cases against these rules.
Some may flyaway and relocate and others may paused for a while and store everything inside a safe wallet.
whatever plans they've got, for sure, believers will hold and not abandoned this investment.