The China Banking Regulatory Commission (CBRC) published the results of a study in the field of distributed ledger and cryptocurrencies, recommending the licensing of activities related to digital assets, including ICOs.
The conducted research summarized the existing practice of management and regulation in the field of blockchain projects, cryptocurrency, derivatives and ICOs in various jurisdictions.
The result of the work done was the published document “Study of the development and regulation of accounts in a distributed ledger of digital currencies.”
As the authors note, the document is not of an official nature, but is of an advisory nature on the issue of developing a position on the crypto-economy by Chinese regulators. Researchers are confident that the development of the crypto industry is only possible if all digital operations are brought to a standard financial framework. The entire range of services is nothing more than financial services and must be provided on the basis of financial legislation and licensing grounds. This position does not yet give the green light for the development of the industry, but it does give hope for a softening of the position of the Chinese banking regulator.
The Central Bank of China is a representative of an extremely conservative and tough policy regarding the crypto industry. In the fall of 2017, the National Bank of China made a statement that 90% of the companies whose activities were investigated by the regulator use ICOs to illegally raise funds from the public with fraudulent intent. After which the ICO procedure, and a little later the work of cryptocurrency exchanges and exchangers came under a state ban.
In a speech at the 2018 conference, the vice president of the People's Bank slightly softened his tone regarding the crypto-economy and even made a statement about considering the main directions for further development of policy in the field of the digital economy. At the same time, one of the initiatives in this area was the idea of creating digital currency of the Central Bank of China.
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