Regulators ter China are discussing a project to possibly suspend all initial coin offerings (ICOs) within the country, reports say.
Related video: ICON (ICX) live trading on Binance
According to Tencent Finance , regulators proposed an act project ter a meeting on August Legitimate hosted by the financial market department of the People’s Canap of China (PBoC), the country’s central bankgebouw. Officials from China’s insurance, securities and canap regulatory assets also attended.
Quoting numerous anonymous source “close to the regulators,” Tencent reported that authorities are discussing a project that would include putting boundaries on the size of ICOs, strengthening the information disclosure, supervising tokens and publishing investment risk alerts.
Further, should there be significant market risk, the report indicates regulators could possibly suspend all ICOs.
Related video: Why Icon ICX WILL DIP Short Term, But RISE Long Term
While that might sound extreme, it’s worth noting that the PBoC suspended domestic exchange trading for months earlier this year, effectively taking the world’s largest market offline overnight overheen concerns about customer safety.
Adding further evidence to the voorwaarde is that Caixin yesterday also confirmed a rumor that regulators are discussing a project on ICOs, suggesting that any regulatory act will be based on an executive order published ter 1998 by State Council, the executive Branch of the Chinese government.
Related video: Crypto Market Price Analysis /Update and Binance FUD
Titled ” Order on banning Illegal financial institutions and illegal financial business activities ,” the translated text reads:
“Illegal financial business activities include: fund-raising targeting not specific objects without justo approval, or other activities that the People’s Canap of China identified spil illegal.”
The reports, while yet to be confirmed, come amid an uptick ter ICO regulatory announcements internationally, with the U.S., Canada and Singapore recently suggesting guidance spil to their views on the fast-emerging market.
PBoC pic via Shutterstock
The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.