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The People's Bank of China Central Office of the Ministry of Industry and Information Technology Ministry of Industry and Commerce, Banking Regulatory Commission, China Insurance Regulatory Commission on the Prevention of the Risk of Tokens Issued Fin
The People's Bank of China Central Office of the Ministry of Industry and Information Technology Ministry of Industry and Commerce, Banking Regulatory Commission, China Insurance Regulatory Commission on the Prevention of the Risk of Tokens Issued Fin
ThePeople'sBankofChinaCentralOfficeoftheMinistryofIndustryandInformationTechnologyMinistryofIndustryand
Commerce,BankingRegulatoryCommission,ChinaInsuranceRegulatoryCommissiononthepreventionoftheriskof
tokensissuedfinancing
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Recently,thedomesticthroughtheissuanceoftokens,includingthefirsttokens(ICO)financingactivitiesinlargenumbers,speculationprevails,suspectedof
engaginginillegalfinancialactivities,seriouslydisruptedtheeconomicandfinancialorder.InaccordancewiththeLawofthePeople'sBankofChina,the
CommercialBankLawofthePeople'sRepublicofChina,theSecuritiesLawofthePeople'sRepublicofChina,thePeople'sRepublicofChina,thePeople's
RepublicofChina,thePeople'sRepublicofChina,thePeople'sRepublicofChina,thePeople'sRepublicofChina,thePeople'sRepublicofChina,thePeople's
RepublicofChina,thePeople'sRepublicofChina,thePeople'sRepublicofChina,TheRepublicofChinaNetworkSecurityLaw,thePeople'sRepublicofChina
TelecommunicationsOrdinance,"illegalfinancialinstitutionsandillegalfinancialbusinessactivities,"andotherlawsandregulations,therelevantmattersareas
follows:
First,anaccurateunderstandingoftheessentialpropertiesofthecustodyfinancingactivities
Tollcoinfinancingreferstothefinancingofthemainbodythroughthetokenofillegalsale,circulation,toinvestorstoraiseBitcoin,currencyandothersocalled
"virtualcurrency"isessentiallyanonapprovedillegalopenfinancingbehavior,suspectedofillegalsaleTokens,illegalsecuritiesissuanceandillegalfund
raising,financialfraud,pyramidschemesandothercriminalactivities.Therelevantdepartmentswillcloselymonitorthedynamics,strengthencooperationwith
thejudicialdepartmentsandlocalgovernments,inaccordancewiththeexistingworkingmechanism,strictlawenforcement,resolutelycontrolthemarketchaos.
Foundsuspectedcriminalproblems,willbetransferredtothejudiciary.
Thetokensor"virtualcurrency"usedincoinagefinancingarenotissuedbythemonetaryauthorities,donothavelegalandmonetarypropertiessuchas
indemnityandcoercion,donothavelegalstatusequivalenttomoney,andcannotandshouldnotbecirculatedasacurrencyinthemarketuse.
2.Noorganizationorindividualmayengageinunauthorizedcustodyfinancingactivities
Asofthedateofthisannouncement,alltypesofcurrencyissuancefinancingactivitiesshallceaseimmediately.Theorganizationsandindividualswhohave
completedthefinancingofthetokensshouldmakearrangementsforrepatriationandsoon,reasonablyprotecttheinterestsofinvestorsandproperlyhandlethe
risks.Therelevantdepartmentswillseriouslyinvestigateanddealwithnonstoptokensissuedfinancingactivitiesandthecompletionofthetokensissued
financingprojectsintheillegalacts.
Third,strengthenthemanagementoftokensfinancingtradingplatform
Asatthedateofthisannouncement,anysocalledtokensfinancingtradingplatformshallnotengageintheexchangeoflegalcurrencyandtokens,"virtual
currency",andmaynotbetradedorsoldasacentralcounterpartytoselltokensor"virtualcurrency"Notforthetokensor"virtualcurrency"toprovidepricing,
informationservicesandotherservices.
Fortheexistenceofillegalproblemsonbehalfofthecoinfinancingtradingplatform,thefinancialmanagementdepartmentwillbesubmittedtothe
telecommunicationsauthoritiesinaccordancewiththelawtoclosetheirwebsiteplatformandmobileAPP,tothenetworklettertothemobileAPPinthe
applicationstoretodothenextframedisposal,andtothebusinessadministrationRevokeitsbusinesslicense.
4.Financialinstitutionsandnonbankpaymentinstitutionsshallnotcarryoutbusinessrelatedtotokensfinancingtransactions
Financialinstitutionsandnonbankpaymentagenciesmaynotdirectlyorindirectlyprovidefinancingand"virtualcurrency"toprovideaccountopening,
registration,trading,liquidation,settlementandotherproductsorservices,shallnotbecoveredandtokensand"virtualcurrency"Oftheinsurancebusinessor
thetokensand"virtualcurrency"intothescopeofinsuranceliability.Financialinstitutionsandnonbankpaymentagenciesfoundthatthecurrencyissuanceof
financingtransactionsillegalcluesshouldbepromptlyreportedtotherelevantdepartments.
Fifth,thepublicshouldbehighlyalerttotheriskofcurrencyissuancefinancingandtradingrisks
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html 1/2
9/5/2017 The People's Bank of China Central Ofce of the Ministry of Industry and Information Technology Ministry of Industry and Commerce, Banking Regulatory Co
Therearemultiplerisksintheissuanceofcoinsandtransactions,includingfalseassetrisk,riskofbusinessfailure,andriskofinvestmentspeculation.Investors
arerequiredtobeartheriskofinvestment.Wehopethatthemajorityofinvestorswillbedeceived.
Theuseofthe"currency"ofthevarioustypesofillegalfinancialactivities,thepublicshouldstrengthentheriskpreventionawarenessandrecognitionability,
timelyreportingofrelevantillegalclues.
Sixth,givefullplaytotheroleofindustryorganizationsselfdiscipline
Allkindsoffinancialindustryorganizationsshoulddoagoodjobofpolicyinterpretation,andurgethememberunitstoconsciouslyresisttheillegalfinancing
activitiesrelatedtothecurrencyissuancefinancingtransactionsandthe"virtualcurrency",awayfromthemarketchaos,strengtheninvestoreducationand
jointlymaintainthenormalfinancialorder.
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