Yang Dong, the Vice-President of the Law School at People’s University in China, noted that the People's Republic of China will prepare a new cryptocurrency and the ICO regulation in 2018.
Yang held a speech during the Southeast Asia blockchain summit on January, 19. He announced that there wouldn’t be any ‘blanket ban’ on ICOs and cryptos in China any more. We want to remind that the Chinese Republic restricted the legal access to cryptocurrencies in the last 6 months. Trading cryptos was under a clampdown too.
A constant moratorium of all the ‘crypto-to-fiat’ solutions was created on September 2017, after China saw the shutdown of crypto-exchanges. The Chinese lawmakers were aiming at ending all activities concerning cryptocurrency exchange.
A halt on ICOs also took place in September as project connected to them had to return the investments even without launching. Taking into consideration the backdrop of restricting the Bitcoin mining activity in China, Yang’s announcement sounds rather surprisingly.
Local news platform 8btc adds that except the strict regulation of overseas and over-the-counter exchanges, Yang’s aim is weeding out bad scam ICOs allowing normal projects to prosper.
In parallel with the new Chinese attitude to Bitcoin and other cryptocurrencies, South Korea is going to soften its statements regarding the cryptocurrency ban. Regulating crypto exchanges seems to be essential now, while ICOs will obviously stay out of the Seoul jurisdiction. The renewed Korean rules that will outlaw any incognito cryptotrading will become valid on January, 30.
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.