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China's regulatory authorities have come close to taking action against ICO



Reportedly, regulators in China have decided to crack down on the original coin offerings (ICOs), a nascent funding mechanism through which the projects of the blockers have now raised more than $ 1.8 billion.



02.Sep.17 3:37 PM
By Daria Zaytseva
Photo Toinnov.com

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China's regulatory authorities have come close to taking action against ICO

According to the Caixin report, although official statements have not yet been published, regulators believe that the ICO violates the laws on fund-raising, which can lead to stringent regulations on the use of the blockade.

The conference on the ICO in Beijing, scheduled for September 2, was canceled.

The decision is noteworthy, since it occurs at a time when global regulators are considering their position with respect to the ICO, and the main bank of this group is the People's Bank of China, the central bank of the country and the financial regulator.

Quoting an anonymous source, Caixin reported that researchers from PBoC are studying ICOs and concluded that many of them are victims of illegal activities.

Adding to this, the source noted that the authorities and legal experts came to the conclusion that many of the ICO simply "have hope for legitimacy", although, in fact, they are illegal collection of funds.

It is noteworthy that even if ICO are released from suspicion of illegal fund-raising, they may violate fraud laws, the source said.

However, the report is not convincing, since it is not clear whether regulators see the value of using cryptographic tokens to finance start-ups, although the source suggested that possible differences and seizures can be made.




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