China ICO Ban Official Update – It’s only temporary - Good news

China ICO Ban Official Update – It’s only temporary

In his interview with the state-owned national television network – CCTV-13, Bing explained that “the suspension on ICOs and the government’s declaration of ICOs as an illegal fundraising method are only temporary, until local financial regulators introduce necessary regulatory frameworks and policies for both ICO investors and projects,” as provided by a translator.

Bing tried to put light onto the fact that it is a must for the Chinese Cryptocurrency Community to understand that the Chinese Government has only “paused” ICOs and not forbidden them. He demonstrated the intention of the Government to resume ICOs in the near future while noting that the potential of allowing ICOs to raise money in a controlled environment, through a proper licensing program is being considered by the Government and it’s financial regulators.

Fundamentally, if the government decides to legalize and regulate the ICO market, its licensing program would probably be structured similarly to the BitLicense program of New York State Department of Financial Services (NYSDF). (BitLicense requires companies to obtain a license from the state in order to operate and serve people of New York)