Bitcoin Forum

25 July, Guiyang– 300 participants  from government, enterprise, research institutes gather in Guiyang for the first ICO Regulatory conference.The theme of the ICO meeting is “”prevention and control of financial risk, serving real economy “. The conference is hosted by the Blockchain Financial Association, Guiyang Blockchain Innovation Research Institute and Zhongguancun Blockchain Industry Alliance. The Guiyang ICO Consensus was released after the meeting.

The Guiyang ICO sandbox plan intends to give inclusive exemption to ICO projects, which are mainly reflected in the following aspects:

1. Fundraising amount control and whitelist management
2. ICO financing plan management;
3. Token issuer is forced to disclose relevant information continuously while emphasizing on anti-fraudulent and other liability terms.
4. Strengthen the role of intermediate platform.
5. Regulators can intervene at early stage and reserve the right of intervention and restriction during the whole process.
6. Develop relevant regulatory technology, such as digital asset management, automated sandbox testing, online real-time monitoring, big data analysis;
7. Support and encourage development of self-discipline and industrial sandbox
8. Strengthen international regulatory cooperation and coordination, including exchange of information.
Guiyang is the capital city of Guizhou Province and the city seems to be very friendly to blockchain startups. Back in May, the city announced to build a Blockchain Town in Gui’an District  and a blockchain vocational college.

http://news.8btc.com/guiyang-release-ico-regulatory-sandbox-consensus

I find this story refreshing amid the copntinuing popularity of ICO issuance. ICO can be a good platform for crowdsourcing but can also be a very easy tool to abuse and scam gullible potential investors that is why there is a need for industry self-regulation. There must be steps taken to prevent fraud and scams using ICO.

Chinese regulators have already detected some scams in the name of ICO.