China Weighs Calls for Crypto Regulations

March 31, 2019

The People’s Republic of China has taken a notably harsh regulatory approach to the cryptocurrency industry over the past several years, as evidenced by its complete ban on crypto exchange platforms, crypto trading, and initial coin offerings (ICOs), among other crypto-related activities.

Nevertheless, the Chinese government has recently introduced new anti-anonymity regulations to allow for what it describes as “orderly development” in its blockchain sector.

Chinese legislative delegates and political advisors are also calling for clear and strict crypto regulations during the country’s largest annual political meeting, the ongoing “Two Sessions,” when both the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) convene for two weeks

The Question of Crypto Regulations

Shi Guilu, a deputy of the NPC, China’s legislator, and chairman of Shaanxi Rongmin Holdings Group, stressed the importance of formulating a clear regulatory framework for virtual currencies. His proposal to this year’s NPC session is to define digital assets as non-fiat currency.  Shi is also advising the government to tighten its control on the cryptocurrency market and introduce strict, concise regulations.

Meanwhile, Gong Fuwen, member of the CPPCC, believes cryptocurrency tradings should be banned in their entirety to prevent financial risks. He also proposes regulating digital tokens as private equity securities if they raise funds via ICOs, arguing that these types of projects should be barred from “raising hype” by relying on the concept of blockchain to sell their products.

Such proposals by key political advisors and legislative delegates indicate an overall push for strict regulatory measures, aiming to eliminate fraudulent ICO projects and what is being perceived as overblown hype surrounding crypto assets.

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    An Update On Disruption Of Trickbot – Microsoft’s Tom Burt
    As of October 18, Microsoft has worked with partners around the world to eliminate 94% of Trickbot’s...

    October 24, 2020

    U.S. Says Google Breakup May Be Needed To End Violations Of Antitrust Law
    According to Reuters, the U.S. sued Google on Tuesday, accusing the $1 trillion company of illegally...

    October 24, 2020

    Nokia Selected By NASA To Build First Ever Cellular Network On The Moon
    Nokia has announced further details after being named by NASA as a partner to advance “Tipping Point...

    October 23, 2020

    Singapore FinTech Company, STACS, Co-Develops Blockchain Platform with EFG Bank
    STACS, a Singapore FinTech company focusing on Blockchain technology solutions, announced its partne...

    October 22, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us