As many have risked and lost a lot of investment because of the not-regulated or secured in any possible way Initial Coin Offerings – China is taking under consideration to ban all ICO-s startups in the country.
On Aug 18 during a meeting taken place by the financial market department of PBoC (People’s Bank of China) with officials from China’s security, insurance and bank regulatory attending, a taking-action plan was put on table by regulators – Based on Tencent Finance.
According to the source, the safety-strategy will be putting borders around ICOs, taking notice and supervising tokens and publishing investment risk alerts. In the event of a market risk, the plan concludes with a high-chance of denying and suspending all Initial Coin Offerings.
Even in the of many that could be a little to much, it should be known that with PBoC actions for domestic exchange trading, effectively taking the world’s largest market offline overnight over concerns about customer safety.
Another plan to be put on function was confirmed by Caixin yesterday, stating that movements and actions that will be taken related to ICOs will be base don an executive order formed in 1998 by State Counil.
“Illegal financial business activities include: fund-raising targeting not specific objects without legal approval, or other activities that the People’s Bank of China identified as illegal.”
This event followed the ICO safety developments that are happening around the globe, with the U.S., Canada and Singapore recently offering guidance as to their views on the fast-emerging market.