People's Bank of China, Office of the Central Leading Group for Cyberspace Affairs, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission, Announcement on Guarding Against the Risks of Coin Offerings and Financing

中国人民银行、中央网信办、工业和信息化部、工商总局、银监会、证监会、保监会关于防范代币发行融资风险的公告

October 12, 2017 | BY

Susan Mok &clp articles &

China cracks down on ICOs.

Issued: September 4 2017

Main contents: All coin offering and financing activities shall cease from September 4 2017 (Article 2).

No so-called token financing trading platform may engage in exchange between legal tender and tokens or “virtual money”, trade in or as a central counterparty trade in tokens or “virtual money” or provide pricing, information intermediation or other such services for tokens or “virtual money” (Article 3).

No financial institution or non-bank payment institution may directly or indirectly provide account opening, registration, trading, clearing, settlement or other such product or service for initial coin offerings or “virtual money”, or underwrite insurance relating to tokens or “virtual money” or incorporate tokens or “virtual money” within the scope of insurance liability (Article 4).

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