Chinese national Association to strengthen oversight of the cryptocurrency and ICO

Chinese national Association of financial activities on the Internet (NIFA), which enjoys the support of the banking sector and the securities sector China intends to strengthen oversight of the cryptocurrency and ICO in 2018.

At its annual meeting held February 9, NIFA stated that although she had made a special effort to monitor the cryptocurrency sector in 2017, this will become a regular part of the agenda of 2018.

«Special monitoring projects in 2017 include warnings on digital currencies, ICO, and the «veiled» ICO. In 2018, the Association normalizes and standartisied their efforts invested in these projects», – said in a statement NIFA.

NIFA was established in the year 2015, people’s Bank of China (PBoC) as a self-regulatory organization, and not as a regulatory body. It cooperates with the banking and securities commissions of the country and approved by the State Council, the chief administrative authority of China.

The primary function of NIFA is to monitor projects, outlines of new courses in Internet Finance such as peer-to-peer lending and crypto operations. Recent statements indicate that the Association plans to play a much stronger role in monitoring actions related with cryptocurrencies.

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