The Deputy head of the law faculty of Renmin University of China Yang Dong (Dong Yang) gave to understand that the country is preparing a new regulation for cryptocurrency and ICO. Speaking at the summit of Southeast Asia Blockchain Summit, Ian, who is also Director of the Centre for financial technologies, denied a complete ban on the cryptocurrency trading and talked about the possibility of lifting the ban on ICO.
In the autumn of last year the Chinese authorities first denied the ICO, and then ordered the cryptocurrency exchanges to stop working. Given the current background to the regulation of cryptocurrency mining in China, the statement Yana it seems a bit surprising.
The website 8btc reports that the OTC trade and access to foreign exchange will «strictly regulated». He also added that the ban ICO in China was due to the need to close the «bad» ICO-projects and to enable credible proposals to thrive. In an interview with 8btc Yan said:
«Good ICO projects can develop in a legal and controlled environment. Regulatory Commission China securities in the near future can launch a pilot program in the stock of funding, which will be an opportunity for the ICO to bring their activities into compliance with the law.»
Chinese regulators are not the only ones who are trying to take control of the cryptocurrency industry. Recently in South Korea passed new rules banning anonymous cryptocurrency trading and access trading for minors and foreigners.