The China Banking Regulatory Commission (CBRC) has published a working paper recommending domestic authorities to start issuing licenses for cryptocurrency and IPO activities.
The document states that any transactions with virtual currency, its derivatives, ICOs and trading operations, as well as capital associated with the digital ledger, should be equated to financial services. Therefore, they need to create an appropriate regulatory framework and start licensing to provide them with a legal basis to operate..
China exchange and ICO ban explained. What will happen to cryptocurrency?
Chinese researchers have actually proposed a scheme that is now in effect in the United States. Therefore, if licenses are introduced, they will affect not only cryptocurrency with derivatives, but also related services..
CBRC experts studied ways of regulatory control of blockchain, virtual currencies and reviewed developments in this area.
The study focuses exclusively on legal issues and existing regulatory practices. The document states that the recommendations may not reflect the opinion of the Commission, but this is the first conclusion of state experts, which provides for the internal circulation of any digital assets..
As a reminder, Malta is becoming one of the most attractive destinations for crypto companies.
text: Ivan Malichenko, photo: CNS photo, Visual Hunt