Control over crypto-currencies in China will be undertaken by a self-regulatory organization

In 2018, China intends to standardize measures to regulate the country's crypto-currency market. This was reported by representatives of the China National Association for Financial Activity on the Internet (NIFA), CoinDesk reports.

According to them, the practice of overseeing this sphere has already yielded positive results for the year 2017.

"Specialized monitoring projects in 2017 included the issuance of warnings for virtual currencies, ICO, as well as" disguised "ICO. 2018 will be a key year for the association, which seeks to normalize and standardize existing measures applied within these projects, "the ministry said.

It is worth noting that NIFA oversees the projects that work with new types of payments on the Internet, including crypto-currencies, being at the same time a self-regulating organization, and not an acting government regulator. The Office was established in 2015 by the People's Bank of China and was approved for conducting its activities in the State Council of the country.

Recall, in January, NIFA warned consumers and investors from the "primary mining proposals," based on the sale of mining equipment, set up for the extraction of a specific crypto currency.