Tuesday, August 20, 2019
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China: another restrictions for crypto-related companies

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Commercial objects located in the busy central district of Beijing received a ban on cooperation with cryptocurrency companies.

This caused a lot of rumors about whether the Chinese government intends to tighten the rules for the regulation of the cryptocurrency, given that the industry continues to flourish, despite the bans on trade last year.

According to the report, local authorities in the Chaoyang District in Beijing issued an order dated August 17 and warned businesses, office buildings, hotels and shopping centers that they should not carry out activities promoting and advertising of cryptocurrencies.

In strictness, the new restrictions seem relatively weak, and many observers, including Malcolm Lerider, senior manager at NEO, suggest that this will have little effect on the broader crypto exchange industry in Beijing.

However, according to CCN, the managing director of venture capital company Danhua Capital (DHVC) Dovey Wan believes that this ban is a continuation of the previous cryptocurrency trading.

Dovey Wan noted that Chinese regulators usually review the effectiveness of specific policies after a year to determine whether further action is necessary.

September 4 is rapidly approaching the anniversary of the cryptocurrency ban in China, and she is concerned that such a suppression of the cryptocurrency and related activities could be a harbinger of further government actions.

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