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Tuesday,September5,2017|MyLocation:Home>Communication>News

ThePeople'sBankofChinaCentralOfficeoftheMinistryofIndustryandInformationTechnologyMinistryofIndustryand
Commerce,BankingRegulatoryCommission,ChinaInsuranceRegulatoryCommissiononthepreventionoftheriskof
tokensissuedfinancing

FamousDaZhongsmall Source:Communication 2017090415:00:00

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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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