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Chinese Fintech controller activates the supervision of ICO

A self-regulatory association which attracts support from China's banking and securities sector is promising to increase its supervision over cryptocurrencies and initial coin offerings (ICO) in 2018.

11.Feb.18 11:56 PM
By Daria Zaytseva


Chinese Fintech controller activates the supervision of ICO

At its annual meeting on February 9, the China National Internet Finance Association (NIFA) showed that while it has made special efforts to supervise the sector in 2017, it expects this work to become a regular part of the 2018 agenda.

Although the self-regulatory organization and not the regulatory body, NIFA was first initiated in 2015 by the People's Bank of China (PBoC) in cooperation with the banking and value commissions of the country, and approved by the State Council, the main administrative authority of China.

NIFA was also formed to monitor projects that schedule new courses in internet finance, such as peer-to-peer lending and cryptocurrency transactions. The last step also gives an idea of ​​how the association is planning to play a much more rigorous role in monitoring actions associated with cryptocurrencies.

This step occurs after the NIFA issued several warnings about the cause of 2017 and early 2018. In fact, the association issued a strong warning of the ICO on September 1 last year, just three days before PBoC issued an official ban on the use of the blockchain case.

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