Chinese Regulators Ponder Crackdown on Token Sales – ICOs

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According to an exclusive report from financial writer Liu Peng Zhou Chun (刘鹏 周纯) at Tencent Finance, Chinese regulators have held closed door meetings on the current chaos in China concerning ICOs. The central bank, the Securities and Futures Commission, the China Banking Regulatory Commission and other regulators, have held a number of internal meetings, and, according to sources, are brewing up new regulatory measures.

An insider told Tencent Finance, a joint meeting of all regulators and government officials  took place on the morning of August 18, 2017 with the central bank financial market division, the SFC, the CBRC and a number of major divisions and representatives of the China Internet Finance Association.

The source told Liu Peng Zhou Chun that regulators were considering more control over the ICO market, to strengthen information disclosure, close supervision of the raising of digital currencies, and investment risk warnings.

The regulators will even suspend all ICO behavior and rectify if it continues to spiral out of control. Another close to the central bank sources told Tencent Finance that the current regulatory thinking is strictly supervised, “or even one size fits all.”

Article in Chinese here.

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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