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Author Topic: Translation of PBOC's regulation on ICOs  (Read 484 times)
piglegzzang (OP)
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September 05, 2017, 06:18:43 AM
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七部门关于防范代币发行融资风险的公告
Announcement on the Prevention of ICO Funding Risk from 7 Relevant Agencies of the People’s Bank of China


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
PBOC Central network security and information technology leading group MIIT SAIC CBRC CSRC CIRC

关于防范代币发行融资风险的公告
Announcement on the Prevention of ICO Funding Risk from 7 Relevant Agencies of the People’s Bank of China



近期,国内通过发行代币形式包括首次代币发行(ICO)进行融资的活动大量涌现,投机炒作盛行,涉嫌从事非法金融活动,严重扰乱了经济金融秩序。为贯彻落实全国金融工作会议精神,保护投资者合法权益,防范化解金融风险,依据《中华人民共和国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国网络安全法》、《中华人民共和国电信条例》、《非法金融机构和非法金融业务活动取缔办法》等法律法规,现将有关事项公告如下:
Large-scale funding through ICOs and other methods of token issuance have been on the rise in China and cases of speculative trading and price manipulation have led to a disturbance in the financial order stemming from illegal financial activities.  In order to uphold the spirit of National Financial Work Conference, protect the rights of investors, prevent financial risk, and in accordance with relevant laws such as , , , , , , we proclaim the following.

一、准确认识代币发行融资活动的本质属性
1. Understand the fundamental characteristic of ICO activities


代币发行融资是指融资主体通过代币的违规发售、流通,向投资者筹集比特币、以太币等所谓“虚拟货币”,本质上是一种未经批准非法公开融资的行为,涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。有关部门将密切监测有关动态,加强与司法部门和地方政府的工作协同,按照现行工作机制,严格执法,坚决治理市场乱象。发现涉嫌犯罪问题,将移送司法机关。 
ICOs are activities wherein organizations illegally issue and distribute tokens to raise ‘cryptocurrencies’ such as Bitcoin and Ethereum. This qualifies as illegal open financing activity and encompasses illegal issuance, illegal securities and fund-raising, financial fraud, and multi-level marketing. The relevant authorities will closely monitor the relevant activities, strengthen cooperation with legal authorities and provincial governments to monitor and oversee the chaotic market. If illegal activities regarding this matter are brought to attention, the entities in question will be handed over to the legal authorities.

代币发行融资中使用的代币或“虚拟货币”不由货币当局发行,不具有法偿性与强制性等货币属性,不具有与货币等同的法律地位,不能也不应作为货币在市场上流通使用。
Tokens or ‘cryptocurrencies’ used in ICOs are not legal tender issued by the government, have no backing and have no legal status as currencies. They may not be used in the market like currencies.

二、任何组织和个人不得非法从事代币发行融资活动
2. No individual or organization may participate in ICO funding activities


本公告发布之日起,各类代币发行融资活动应当立即停止。已完成代币发行融资的组织和个人应当做出清退等安排,合理保护投资者权益,妥善处置风险。有关部门将依法严肃查处拒不停止的代币发行融资活动以及已完成的代币发行融资项目中的违法违规行为。
As of this announcement, ICO activities are immediately prohibited. Individuals and organizations that have already completed ICOs must independently refund the assets raised, protect the rights of investors, and manage risk reasonably. The relevant agencies will rigorously investigate illegal activities for ongoing and completed ICOs according to the relevant laws.

三、加强代币融资交易平台的管理
3. Strengthen management for ICO trading platforms


本公告发布之日起,任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务,不得买卖或作为中央对手方买卖代币或“虚拟货币”,不得为代币或“虚拟货币”提供定价、信息中介等服务。
As of this announcement, ICO trading platforms will comprehensively stop trades between tokens/‘cryptocurrencies’ and fiat currency. Listing the price of ‘cryptocurrencies’ and providing information mediation services are also prohibited.

对于存在违法违规问题的代币融资交易平台,金融管理部门将提请电信主管部门依法关闭其网站平台及移动APP,提请网信部门对移动APP在应用商店做下架处置,并提请工商管理部门依法吊销其营业执照。
Regarding the illegality of ICO trading platforms, the MIIT will close relevant platforms and apps, confiscate their business registration and cancel their authorization.

四、各金融机构和非银行支付机构不得开展与代币发行融资交易相关的业务
4. Financial institutions and non-bank financial institutions may not conduct ICO-related activities.


各金融机构和非银行支付机构不得直接或间接为代币发行融资和“虚拟货币”提供账户开立、登记、交易、清算、结算等产品或服务,不得承保与代币和“虚拟货币”相关的保险业务或将代币和“虚拟货币”纳入保险责任范围。金融机构和非银行支付机构发现代币发行融资交易违法违规线索的,应当及时向有关部门报告。
Financial institutions and non-bank financial institutions may not directly or indirectly participate in ICOs and may not offer accounts, trades, settlement, or payment services for ‘cryptocurrency’ related activity. They may not serve as guarantors of insurance for ICOs or ‘cryptocurrency’ activities. ICOs and ‘cryptocurrencies’ may not be covered by insurance. If financial institutions and non-bank financial institutions detect activities related to ICOs, they must immediately notify the relevant authorities.


五、社会公众应当高度警惕代币发行融资与交易的风险隐患
5. The people must be aware of the ICO risk and take caution.


代币发行融资与交易存在多重风险,包括虚假资产风险、经营失败风险、投资炒作风险等,投资者须自行承担投资风险,希望广大投资者谨防上当受骗。对各类使用“币”的名称开展的非法金融活动,社会公众应当强化风险防范意识和识别能力,及时举报相关违法违规线索。
ICO is exposed to various risks such as asset virtuality, business failure, and investment speculation. An investor must bear such investment risks, and more investors must be cautious of fraud. Regarding illegal financial activities under the name of “coin,” the people should strengthen the awareness to prevent risks and the capability to recognize them, and must immediately report illegal activities.


六、充分发挥行业组织的自律作用
6. Voluntary participation of industry


各类金融行业组织应当做好政策解读,督促会员单位自觉抵制与代币发行融资交易及“虚拟货币”相关的非法金融活动,远离市场乱象,加强投资者教育,共同维护正常的金融秩序。
Various organizations in the financial industry must faithfully adhere to the policy, and instruct its members so that they do not consciously partake in illegal financial activities related to ICO and ‘cryptocurrency.’ They should strengthen the investor education and construct a proper financial order together.


https://www.cryptopic.com/topics/ico-outlawed-by-pboc

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