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Tuesday, October 26, 2021
Home News Chinese Regulators Ponder Crackdown on Token Sales - ICOs

Chinese Regulators Ponder Crackdown on Token Sales – ICOs

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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