Published On: Tue, Aug 29th, 2017

Chinese Regulators are Targeting ‘Pyramid Scheme’ ICO’s

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After initiating withdrawal controls on Chinese cryptocurrency exchanges, Chinese regulators are now shifting their focus to Initial Coin Offerings.
China to Crack Down on ICOs?
According to a new draft legislation, Chinese regulators have expressed their intentions to implement stricter regulatory measures for Initial Coin Offerings or ICOs.
China Securities Regulatory Commission is currently in talks with a few Blockchain enterprises. The Commission has expressed their particular concern with pyramid schemes in the form of ICO projects. The parties are now in the process of gathering expert advice and public comments.

CN State Council released draft targeting illegal fund-raising. Raising virtual currencies may be investigated by gov’t. (Draft section 15)
— cnLedger (@cnLedger) August 25, 2017

Currently, most ICOs have only blocked United States’ citizens from participating in their fundraising process. However, some ICO-based projects are already starting to block Chinese citizens from taking part following the news.
One such project is Red Pulse, a platform specifically tailored for the Chinese market, which today announced it will discourage Chinese citizens from investing in its ICO.

Due to stricter ICO regulations, we’ve had to make the difficult decision to disallow Chinese citizens from participating in our ICO.
— Red Pulse (@red_pulse_ …

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