Chinese Blockchain Association Aims to Regulate ICOs

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Six Chinese Blockchain industry associations have jointly issued a protocol to better manage and control financial risks for initial coin offering (ICO) in China, in the country’s first voluntary framework to regulate the development of one of the hottest areas in financial technology.

According to the Chinese media, Guizhou Blockchain Industry Technology Innovation Alliance, Zhongguancun Blockchain Industry Alliance, Blockchain Finance Association, Guiyang Blockchain Innovation Research Institute and two other unnamed entities together released “Guiyang Blockchain ICO Consensus” yesterday in Guiyang with an eye to offer investor protection and maintain financial system stability.

The growth of Chinese ICO market has been wild. Currently there are 43 platforms providing ICO services in China. The accumulative ICO fundraising value reached RMB2.6 billion (US$420 million), with around 105,000 people participated. Guangdong, Shanghai and Beijing are the three cities with most ICO platforms. The three cities together have over 60% of the total platforms. Bitcoin and Ethereum are top two currencies, together accounting for 90% of ICO fundraising, according to data from China Internet Security Technology Commission.

The explosive growth and financial risks associated with it have led the Chinese blockchain associations to gather and release the protocol. It’s unclear how much enforcement power the document has on ICOs in China, but the move highlights the urgency industry leaders feel regarding risks arising from an increasing number of ICOs across the country.

There are currently 43 platforms in China that provide ICOs. The most, of which, are located in Guangdong, Shanghai and Beijing, which account for more than 60 percent of the total number of platforms.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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