February 4, Beijing (Xinhua News)- According to the People’s Bank of China, Chinese cryptocurrency investors have headed to offshore crypto activities since the ICO ban last September, considering the various risks of offshore transactions, China is taking a series of regulatory measures.
Last year, Chinese regulators make continuing effort to ban ICO (initial coin offerings), shut down local cryptocurrency trading exchanges and then limit bitcoin mining. But activity in the cryptocurrency and bitcoin craze has continued through alternative channels in China despite the escalated crackdown. Exchanges previously based in China simply moved their servers abroad and continues providing services for Chinese investors. Considering that investors are faced with various risks involved in offshore cryptocurrency transactions, Chinese regulators are making strike again.
“To prevent financial risks and safeguard financial stability, the state will pay close attention to crypto practices and adopt a series of regulatory measures to ban all crypto-related commercial business including banning and blocking both domestic and offshore cryptocurrency trading platform websites.
Once found, will be immediately shut down. The future depends on its development and does not rule out the possibility of unveiling further regulatory measures.”
http://news.8btc.com/china-to-regulate-offshore-cryptocurrency-exchanges
