Financial Regulation Move Comes From China!

China has closed known platforms such as “Love Stocks APP” and “Captain Jack Macro Strategy” on the grounds that they spread misleading and speculation-based investment advice. It also accused platforms related to the cryptocurrency market, such as ‘’Hou Ge Chats Cryptocurrency’’, of manipulating users with fake profit screenshots. Overseas-based exchanges such as PKEX and HTX were added to the scope of the operation for providing channels for such transactions.

The Cyberspace Administration of China announced that it has started close monitoring of platforms or social media accounts that aim to mislead and deceive users and will close all accounts involved in such transactions.

Why Did China Expel This Man?

In recent years, the Chinese Government has not hesitated to take drastic measures to maintain financial stability and protect investors from fraudsters. It wants to keep investors in a safer environment and protect safe investments, keeping them away from possible speculation or fraud. It continues to do this through the Cyberspace Administration of China. In particular, it aims to combat misinformation in the sector, prevent crypto speculation and ensure security in the financial market.

Strict Supervision of Cryptocurrency Policy Continues in China

China continues its strict controls in the cryptocurrency sector, which it sees as the most suitable environment for speculation and misleading moves. In 2021, cryptocurrency mining and trading were banned in China. However, some platforms continued their activities via VPN and overseas exchanges. With the latest operation, the Chinese government aims to completely close such illegal passageways.

It aims to prevent investors from resorting to unsafe ways and incurring losses in these ways. Especially in the cryptocurrency community, although it adopts blockchain technology, it maintains its strict stance against speculation transactions.

Wang Wei, director of the Cyberspace Administration of China, said:

”This operation demonstrates our commitment to building a healthy digital finance ecosystem. We will not tolerate misleading information and fraud.”

in a statement. After this statement, we can see that the Chinese side will resort to new sanctions or ways to protect investors.

These moves made by China can occasionally cause uncertainties in the cryptocurrency sector. For this reason, it is seen as suspicious for Chinese cryptocurrency investors to remain active in the sector in an uncertain environment.

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*DOES NOT CONTAIN INVESTMENT ADVICE*

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China Accelerates Legal Research on Crypto Amid Trading Ban

China’s legal authorities are speeding up their research on handling legal cases related to cryptocurrencies while continuing to enforce its ban on crypto trading and mining in the mainland.

A Beijing court announced on Tuesday that representatives from the Supreme People’s Court and several other high-level judicial authorities and universities held a seminar on Sunday to discuss the legal treatment of cryptocurrencies and related research studies.

Legal Handling of Crypto Cases: Yang Dong’s Research Project

A research project led by Professor Yang Dong from Renmin University of China focuses on how to address legal cases involving cryptocurrencies. Dong stated that such cases involve “national financial security issues” and argued that these studies could help improve the local crypto regulatory system. Tuesday’s statement did not provide further details on specific measures.

The seminar also emphasized the need for further research on strengthening cooperation between judicial and regulatory agencies, and proposed practical solutions for handling crypto-related cases.

The acceleration of legal research on crypto comes during a period when the country has enforced a ban on crypto trading in the mainland. In September 2021, the People’s Bank of China and several other central authorities issued a notice banning all crypto trading and mining activities on the mainland. However, Hong Kong has opened its doors to crypto firms.

In December, the People’s Bank of China highlighted crypto regulation in its latest annual financial stability report, stating that it aims to develop an international regulatory framework for crypto assets.

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Speaking on Saturday at a banking and economic symposium in Beijing, Zhu stated during a roundtable discussion that cryptocurrencies do in fact have negative effects and “We must fully recognize their risks and the harm they pose to capital markets.However, we must also study the latest international developments and policy adjustments, particularly the influence of U.S. bipartisan policies, as this is a crucial aspect for the development of the entire digital economy,”

Zhu made the comments during the Tsinghua PBCSF Chief Economists Forum, an extensively observed gathering of eminent economists, scholars, and former officials of the Chinese government.

Noting all crypto trading activity on the mainland, the People’s Bank of China, the Supreme People’s Court, and numerous other central authorities sent a warning in September 2021 prohibiting The restriction made clear that services rendered to mainland Chinese citizens by foreign crypto exchanges are regarded as illicit financial activity. Still, a lot of investors figured out ways to trade crypto outside the regulations.

With the Republican Party endorsing crypto as part of its presidential campaign, Zhu said the U.S. seems to be undergoing substantial changes in how it intends to handle crypto. Zhu claims that the U.S.’s earlier this year spot crypto exchange-traded fund listing shows a basic change in crypto governance.

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Reports from local police in northeast China‘s Jilin province revealed the arrest of six suspects believed to have played a key role in organizing illegal operations spanning China and South Korea.

The suspects facilitated unauthorized currency exchange activities by taking advantage of cryptocurrency’s inherent features such as transaction privacy and decentralized management, police said.

Investigations revealed the group’s modus operandi, which included leveraging local accounts for the receipt and transfer of funds, as well as executing over-the-counter cryptocurrency transactions. Its clients included a variety of organizations such as South Korean purchasing agents, cross-border e-commerce platforms, and import-export businesses, and it assisted them in exchanging Chinese yuan for South Korean won.

China’s strict capital control policies over the years have led some individuals and organizations to turn to cryptocurrency as a way to bypass regulatory restrictions.

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The post Chinese Authorities Take Action Against Illegal Crypto Transaction appeared first on Coin Engineer.

This move is likely to raise concerns among privacy advocates as it could grant the government unprecedented power to monitor and track its citizens. However, BSN claims that by using decentralized identity (DID) technology, the system will protect user privacy. China will create digital identities for people using blockchain.

For Chinese social media users, real-name registration is mandatory. The six largest social media platforms in China, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, currently require content creators with 500,000 or 1 million followers to disclose their real names or the names of their financial supporters.

This policy was implemented in October 2023 and was reported to be designed to ‘enhance credibility and ensure public oversight.’ BSN claims the new system will safeguard user privacy. BSN asserts that the new RealDID system will be the world’s first national-level decentralized identity system with real names. The system will use DID technology to allow users to register and log in to websites anonymously.

In a press release, BSN stated, ‘Through the RealDID service, users will be able to register and log in to websites anonymously using their DID addresses and private keys. Thus, business data and transactions will be kept separate from personal information.’

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Concerns about data privacy persist

Despite BSN’s claims, some experts are concerned that the RealDID system could be used to track and monitor citizens’ online activities. They argue that the government could use the system to identify and suppress dissent.

The future of the RealDID system is uncertain

It is unclear how the RealDID system will be implemented or utilized by the Chinese government. However, the announcement will undoubtedly raise concerns among privacy advocates worldwide. Time will tell whether the RealDID system will be a force for good or a tool for repression.

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Pan Gongsheng, stated that the People’s Bank of China will adopt a prudent monetary policy. He also stated that strict pressure would be applied against illegal fund collection and money laundering activities, emphasizing that financial activities should be conducted under the appropriate licenses.

The Governor announced a five-point plan to reduce financial risks. This plan aims to strengthen the robustness of the financial system, focusing on risks associated with “fake gold exchanges” and third-party asset management companies. It also includes strict controls against illegal fundraising activities and a comprehensive study on local virtual currency transactions.

Pan’s statements came at a time when China is increasing its pressure against cryptocurrency trading and mining activities. Despite banning local cryptocurrency exchanges since 2017, some investors continue their activities through overseas platforms or peer-to-peer transactions.

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Li Zhikai, the Chief Commercial Officer of OKX, stated in a recent statement that they are actively engaged in discussions with banks and are eagerly anticipating the issuance of a license to commence their services. The exchange has already initiated preparatory activities, such as technology integration.

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In 2023, Hong Kong has evolved into a crypto-friendly jurisdiction, with the introduction of a licensing regime for crypto exchanges, including OKX, to serve individual clients. This has attracted numerous crypto companies, contributing to the transformation of Hong Kong into a cryptocurrency hub. Recent license recipients, such as HashKey and OSL, exemplify this trend.

HashKey began offering individual cryptocurrency trading services to Hong Kong users on August 28th. The regulatory authority in the country has limited individual customers to Bitcoin (BTC) and Ethereum (ETH) trading to mitigate some of the risks associated with investing in new crypto tokens.

Furthermore, in addition to HashKey and OSL, Huobi and Gate.io have also applied for individual cryptocurrency trading services and are awaiting regulatory approval.

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