China intensifies supervision of ICO [↻60%]

China intensifies supervision of ICO

The self-regulating association, which attracts support from China's banking and securities sector, promises to increase its supervision over crypto-currencies and initial coin offerings (ICO) in 2018.

At its annual meeting, the China National Financial Online Association (NIFA) reported in an official statement:

Special monitoring projects in 2017 include issuing warnings about virtual currencies, ICO, as well as "disguised ICO." 2018 will be critical for the association in order to normalize and standardize its existing efforts in this direction.

Detailed results in NIFA news: https://goo.gl/Q63eEk

Despite the self-regulating organization and regulatory body, NIFA was first initiated in 2015 by the People's Bank of China (PBoC) in cooperation with the commission regulating banks and securities, the country and approved by the State Council - the key administrative body of China.

The company's new course is the search for peer-to-peer platforms and crypto-currencies. The last step also gives an idea that the association will take a much more rigorous position in monitoring actions related to the crypto currency.

The organization's actions intensified after NIFA issued several warnings in 2017 and early 2018. In fact, it was this association that imposed a ban on # ICO on September 1 last year, just three days before PBoC issued an official ban on using blockade in the country.