China’s central bank has banned companies from
raising funds via initial coin offerings (ICOs), a further sign
it is stepping up efforts to regulate the booming local token
A People’s Bank of China (PBoC) committee
outlawed ICOs in a September 4 notice because of the disruption
they cause to the 'economic and financial order,’
alleging instances of fraud and criminal activity arising from
It echoes a similar move made by the Monetary Authority of
Singapore (MAS) which warned in August that token sales can be
vulnerable to money laundering and terrorist financing.
However, MAS has chosen to regulate them as opposed to
preventing them, along with the US and the UK.
Chinese regulators have been increasing their oversight of
cryptocurrencies since the beginning of the year, and this
latest announcement has left the market unsure of the way
"By criminalising ICOs, China has...