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What time did China ban ICOs? (Did China ban ICO projects?)

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What time did China ban ICOs? According to the China Securities Journal, recentl

What time did China ban ICOs? (Did China ban ICO projects?)

What time did China ban ICOs? According to the China Securities Journal, recently there have been media reports that on January 15, 2018, the People’s Bank of China initiated a cleanup and regulation of ICOs in an Announcement on Preventing Risks of Token Offering and Financing. According to the regulations, any form of ICO or STO activities within China in 2017 are considered illegal. In early November 2018, the central bank and four other ministries jointly issued the Regulations on the China (Beijing) Pilot Free Trade Zone, which explicitly prohibits the public raising of funds for new technologies or new currency funds, project investments, and providing consulting services. It also requires relevant enterprises to conduct business activities in accordance with national legal requirements and assume full responsibility. At the end of 2017, the People’s Bank of China had previously issued a Notice on Preventing Risks of Token Offering and Financing (Yinfa [2017] No. 19), which included virtual currencies and other types of investment businesses under regulatory supervision. The Notice pointed out that the ICO mentioned in the Whitepaper is not a legal digital currency, but a new type of information technology based on blockchain technology or similar to “financial products created in a code-based manner that are circulating and unique”, with the aim of preventing losses caused by fraud.

Did China ban ICO projects?

Recently, there have been media reports that China will implement restrictive regulation on ICO projects. In a previous statement, Yao Qian, Director-General of the Financial Stability Bureau of the People’s Bank of China, stated: the prohibition of all currencies and payment systems based on blockchain technology and distributed ledger technology; the prohibition of any enterprise that provides token or digital asset services to individuals to raise funds through domestic issuers or foreign companies through ICOs; the prohibition of illegal public financing activities conducted overseas in China, and so on.

As for the attitude towards this policy, we do not know, but it is also necessary to understand the attitude of the Chinese government and the laws and regulations. The following is a translation of the original text:

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