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Tuesday, September 5, 2017

China Outlaws ICOs: Financial Regulators Order Halt on Token Trading

China Outlaws ICOs: Financial Regulators Order Halt on Token Trading

China has officially outlawed ICOs.

In a joint statement issued by seven financial regulators today, the world's most populous nation outlined why it believes that nascent fundraising mechanism is illegal under domestic law. Authorities backing the statement include the People's Bank of China, the Central Network Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission.

A translation of the statement reads:

"ICO financing refers to the activity of an entity raising virtual currencies, such as bitcoin or ethereum, through illegally selling and distributing tokens. In essence, it is a kind of non-approved illegal open fund raising behavior, suspected of illegal sale tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities."


Full story at http://bit.ly/2gIhfIe


Source: CoinDesk


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