Two kinds of research from CBRC have published a research dedicated to development and regulations regarding Blockchain accounts and crypto industry.
Brief contents
The paper mentions a variety of different attempts in various countries to regulate any initiatives to do with Blockchain, virtual coins and ICOs.
The authors suggest that the Chinese regulators could consider all capital transactions related to Blockchain or cryptocurrencies to be financial services. For this reason, they should be put in a regulatory framework and be allowed to work legally through a license.
Even though, the document says that the comments do not represent the official position of CBRC, the suggested ideas have got the attention of the crypto community since no Chinese regulators have yet expressed any opinion on introducing licenses for working with virtual coins.
Scale of possible regulatory measures
The report also suggests that the scheme of potential steps to introducing regulation should only touch upon activities to do with digital assets and initial coin offerings. The authors believe that it should be regarding any service that offers transactions connected with Blockchain accounts.
No changes since 2017
Last year the Central Bank of China in collaboration with a few other governmental agencies, including CBRC, stated that ICOs and cryptocurrency trading for fiat money are not covered by governmental licenses and therefore should be prohibited.
However, since then the regulators have not expressed any further opinion as to any plan on implementing any legal framework to let crypto and Blockchain companies work with compliance to the law.
Denys Serhiichuk
Vladislav Sopov
Tomiwabold Olajide