My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.
Nothing will happen to the crypto market. Maybe a small crash and it will recover soon. Didn't the central bank already issue warning to their people about bitcoin? They have been doing this for years and now literally no one cares. You are correct. Those laws won't get rid of crypto currencies. People will still use it. As long as they are not getting involved with fiat or the banks, there is no way the government can do anything.