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.
It could be makes another problem if we trust another person outside country to save our assets, i dont think hiding crypto would be that hard. As long the cryptocurrency in our own wallet (new one preferred), its easy to say that its wallet isnt mine. The only problem when the country ban crypto is that we cant exchange it with fiat on that country.