China Banking Regulatory Commission (CBRC) recently published a study which suggests that regulators in the Chinese subcontinent should issue licenses to common crypto-related activities such as Initial Coin Offerings (ICOs) and cryptocurrency trading.
Of course, they should only operate in strict compliance with Chinese rules and regulations on said crypto-related activities, the study stressed.
The said study, entitled “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain[,] and Digital Currency,” was published only yesterday, June 27, by two CBRC researchers named Li Wenhong and Jiang Zeshen.
The study, originally written in Chinese, suggested:
“Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency, and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license.”
Additionally, the paper cited a potential framework for the said activities which must not be restrained to just ICOs and cryptocurrency trading. Instead, they could be used for virtually any service that deals with transactions, especially those that are “related to distributed ledger accounts.”
However, the authors made it clear that the views and suggestions reflected on the paper do not necessarily speak for the Chinese banking regulator.