The director general of the Beijing Municipal Bureau of Financial Work has warned that Security Token Offering fundraising is "Illegal" activity, independent Beijing-based media outlet Caijing reported on Dec.1.
The Beijing Municipal Bureau of Financial Work had hosted a "2018 Global Wealth Management Forum" on Dec. 1 where Huo Xuewen, the Beijing financial watchdog's director, underlined the risks associated with fundraising through an STO:."I will make a risk warning to those who are propagating in Beijing and want to issue [an] STO. Don't do it in Beijing. If you do it in Beijing, you will be taken away for illegal financial activities."
Last month, the People's Bank of China, the national central bank, had already warned against "Speculation, market manipulation and other irregularities" related to blockchain financing and investments, as Cointelegraph reported Nov. 7.Back in the summer, the head of the international department of the China Banking and Insurance Regulatory Commission had noted that blockchain technology "Is a useful innovation but that doesn't mean cryptocurrencies," Cointelegraph wrote Jul.
10.The Thai Securities and Exchange Commission also brought up the legality of STOs this week, underlining that Thai-related STOs released in international markets would break the law.
China: Beijing Financial Authority Warns Against 'Illegal' Security Token Offerings
gepubliceerd op Dec 3, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.