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Beijing Internet Finance Industry Association Warns: Illicit Financial Activities Involved STO and other Crypto Varieties Face Severe Punishment

Abstract : The Association called on the related institutions and individuals to jointly resist and prevent from illegal fundraising and distribution activities in the name of “virtual Currency”,”blockchain”, “ICO”, “STO”, “Stablecoin” or other varieties.

ChainDD
ChainDD

Mar 22

March 22 (ChainDD) In its Risk Alerts on Illicit Financial Activities Under Disguise of “Virtual Currency”, “ICO”, “STO”, “Stablecoin” or Other Varieties released at night on March 21, Beijing Internet Finance Industry Association (BJIFIA), a nonprofit self-regulatory industry organization, seriously warned the financial industry related institutions and individuals located in Beijing that all the financial businesses and activities should be governed by China’s regulations, and any groups suspected to illicit financial activities will face eviction, closure of its online platform or mobile application, suspension of business license and other severe punishment. It specially mentioned STO, with a full name of Security Token Offering, as an example.

The document called on the related institutions and individuals to jointly resist and prevent from illegal fundraising and distribution activities in the name of “virtual Currency”,”blockchain”, “ICO”, “STO”, “Stablecoin” or other varieties, caution outlaws issue tokens under various covers such as IFO and IEO, or marketing under the watchwords including “sharing economy”, “tokenized economy”, “crowdfunding”, “consensus economy”, or conduct cryptocurrency hype in forms of IMO. It also called out the public to treat blockchain rationally and not put blind faith in those unscrupulous promises of investment.

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