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.
- 18 Organisations Launch The Convergence Alliance To Enable A New Open Data Economy Built On The Decentralized Web - July 9, 2019
- Bittrex Acquires Tradedash - July 3, 2019
- Korea’s Cube Systems Rolls Out New Blockchain eCommerce Platform - July 3, 2019
- Clinlogix Joins ALTEN Calsoft in Launching Blockchain for Clinical Trials - July 3, 2019
- Binance Charity forms alliance with 46 companies to unveil a stablecoin for the alleviation of period poverty - July 3, 2019
- Nestlé Breaks from IBM Food Trust Blockchain Group for New Milk Supply Chain Trial - July 3, 2019
- Tokeny Solutions Digital Asset Platform Gets €5 Million Backing from Euronext - July 3, 2019
- Blockchain Venture Capital Funding Reaches $822 Million in 2019 - July 1, 2019
- Toronto’s Creative Destruction Lab Joins Facebook’s Libra Association - June 19, 2019
- Australia’s Power Ledger to bring P2P Energy Trading to Austria - June 19, 2019
- Litecoin Foundation Teams Up With Bibox And Ternio On Special Edition Litecoin Debitcard - June 19, 2019
- US Legislators Call for Halt to Facebook’s Cryptocurrency Plans – And to Face Congress - June 19, 2019
- Hyperledger Welcomes Diverse Line-up of New Members for Identity Project - June 18, 2019
- Facebook Announces Calibra Digital Wallet and Libra Cryptocurrency - June 18, 2019
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019
- Bitcoin Inc. CEO Morgan Rockcoon Busted – 21 Months in Prison and Fines - June 3, 2019
- Reshaping a Nation’s Logistics Sector: Singaporean Blockchain Company PLMP Cuts Multimillion Dollar Deal With Indonesia - June 3, 2019
- Swisscom TV Opens Blockchain-based Art Gallery - June 3, 2019