-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business
Regulators close to take action against ICOs
    2017-September-4  08:53    Shenzhen Daily

REGULATORS in China have reportedly decided to crack down on initial coin offerings (ICOs), the nascent funding mechanism through which blockchain projects have now raised more than US$1.8 billion.

A Saturday report from Caixin said although the official statements have not been published yet, regulators have deemed ICOs to be violating fundraising laws, a determination that could lead to harsh regulations on the blockchain use case.

The decision is notable as it comes at a time when global regulators are considering their position on ICOs, and the People’s Bank of China, the country’s central bank and financial regulator, has been chief among this group.

Quoting an anonymous source, Caixin reported that researchers in the central bank have been studying ICOs and have reached a conclusion that many are covers for illicit activity.

“More than 90 percent of the ICO projects could be violating illegal fundraising or fund fraud laws. The percent of project that is actually raising funds for investments is less than 1 percent,” the report said, quoting the source.

Launches of ICOs have shaken up social and economic order, created hidden financial risks, and in some cases may amount to fraud, China’s National Internet Finance Association said last week.

ICO investors should be wary and report any suspected crimes to police, the State-backed association said in a sign of growing official concern about ICOs.

China had seen 65 ICOs and 2.62 billion yuan (US$397.19 million) raised from 105,000 individuals, Xinhua reported in July, quoting data from a government organization that monitors online financial activity.

The rise of coin offerings has “disrupted social and economic order and created relatively large hidden risks,” said the association’s announcement.

(SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn