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A Quick Guide to Crypto Regulators and Companies in China

Overview

China does not recognize cryptocurrencies as legal tender and the banking system is not accepting cryptocurrencies or providing relevant services. The government has taken a series of regulatory measures to crack down on activities related to cryptocurrencies for purposes of investor protection and financial risk prevention. Those measures include announcing that initial coin offerings are illegal, restricting the primary business of cryptocurrency trading platforms, and discouraging Bitcoin mining. In the meantime, China’s central bank is reportedly considering issuing its own digital currency.

Source: Library of Congress


Important Regulators to Know

Important Regulators to KnowQuick DescriptionIn chinese
Ministry of Industry and Information Technology (MIIT)state department responsible for the administration of China’s industrial branches and information industry工业和信 息化部
China Center for Information Industry Development (CCID)part of MIIT, publishes monthly rankings of Cryptocurrency中国电子信息产业发展研究院
People’s Bank of China (PBOC)China’s central bank中国人民银行
China Banking Regulatory Commission (CBRC)regulates banking and financial institutions in China under the State Council银监会
Leading Group of Internet Financial Risks RemediationChina’s top internet-finance regulator互联网金融风险专项整治工作领导小组
Cyberspace Administration of Chinacentral Internet regulator, censor, oversight, and control agency for the People’s Republic of China国家互联网信息办公室

List of crypto-related companies and exchanges

CompaniesExchangeProjects
BitmainBinanceTRON
AlibabaOKExNEO
TencentHuobiOntology
EOS

comment: there are many crypto companies and projects in China, but aforementioned ones are the most relevant ones and largest by revenue

December 2013: The People’s Bank of China issues a warning notice on the risks of Bitcoin, and prohibits all crypto operations for financial institutions

December 2016: The Chinese government adds blockchain technology to its five-year technology plan

June 2017: The People’s Bank of China begins testing a prototype state-backed digital currency — the Bank sends several transactions between it and some of the country’s commercial banks.

September 2017: The Chinese government imposes regulation banning all Initial Coin Offerings (ICOs) and crypto-to-fiat exchanges

January 2018: The Chinese government imposes regulation banning P2P sales and over-the-counter markets

February 2018: The Chinese government blocks access to foreign crypto exchanges and ICO websites

May 2018: President Xi Jinping makes a speech about the importance of pursuing technological research and mentions blockchain amongst revolutionary technologies such as artificial intelligence and the Internet of Things.

May 2018: China Center for Information Industry Development (CCID) Research Institute of the Ministry of Information and Technology releases the world’s first technology-focused public blockchain assessment index placing Ethereum as the number one contender.

May 2018: CCID Research Institute of the Ministry of Information and Technology announces that a committee is being set up to establish a national standard for blockchain, with an expected completion date at the end of 2019.

June 2018: China Central Television hosts a one hour special on blockchain technology with participants from the Chinese government; broadcaster touts blockchain as having an economic value “10 times that of the internet.”

June 2018: China Center for Information Industry Development (CCID) Research Institute of the Ministry of Information and Technology releases an updated public blockchain assessment index placing EOS in front, knocking Ethereum off the top spot.

SOURCE: https://hackernoon.com/navigating-crypto-regulation-china-fbae88697a21

To learn more about the rest of Asia, start off with our GCR Asia Assessment grid:

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