Regulatory Commission China banking (CBRC) pointed to the need for licensing by local regulatory authorities activities related to the cryptocurrency.
“Study of the development and regulation of technologies of the distributed registry of blockchain and digital currency”conducted by the employees of CBRC Whether Wangon (Wenhong Li) and Jiang Czechen (Jiang Zeshen).
An important part of the study was the analysis of global changes of the legal field, implemented by various jurisdictions in determining the nature and functions of cryptocurrency and ICO.
“Currently, any capital transaction related to the distributed registry, blockchain, cryptocurrency and its derivatives, ICO and swaps should be treated as financial services.
Therefore, they should be placed in the appropriate financial regulatory framework for the legitimate operation under the license,” — says the document. Apparently, the Chinese regulator has determined the legal nature of cryptocurrencies and equated to finances.
This statement is quite revolutionary for the Chinese authorities. Earlier, China implemented a ban on transactions with cryptocurrencies, ICO and mining.
The document notes that potential regulation should not be limited to only ICO and cryptocurrency trading and should apply to any service which deals with transactions related to Baccano.
The most famous examples of licensing activities cryptocurrency companies in the United States and Japan. In new York city rules Regulations were so draconian that many of cryptocurrency and blockchain startups fled the state and now started a public discussion about the abolition of the controversial regulation.
In Japan the situation is somewhat better — where the system operates to regulate the activities of stock exchanges and not to suppress innovation. But recently, the FSA of Japan has tightened licensing requirements on cryptocurrency exchanges in connection with the frequent break-ins and problems in the security system platforms.