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What Beijing's new crackdown means for crypto in China

SHANGHAI, May 19 (Reuters) - Chinese regulators have tightened restrictions that ban financial insti

What Beijing's new crackdown means for crypto in China

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Crypto-related information services, insurance and derivatives trading are also banned.\nFirms were also urged to step up monitoring of money flows involved in cryptocurrency trading.\nWHAT WERE EARLIER RULES IN CHINA AGAINST CRYPTOCURRENCIES?\nChina does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services.\nIn 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.\nHowever, later that year, financial regulators, including the PBOC, banned banks and payment companies from providing bitcoin-related services.\nIn September 2017, China banned Initial Coin Offerings (ICOs) in a bid to protect investors and curb financial risks.\nThe ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa.\nThe restrictions prompted most such trading platforms to shut down with many moving offshore.\nThe ICO rules also barred financial firms and payment companies from providing services for ICOs and cryptocurrencies, including account openings, registration, trading, clearing or liquidation services.\nBy July 2018, 88 virtual currency trading platforms and 85 ICO platforms that had withdrawn from the market, the PBOC said.\nWHY HAS CHINA TIGHTENED REGULATION?\nThe global bitcoin bull run has revived cryptocurrency trading in China.\nTuesday's industry directive warned speculative bitcoin trading had rebounded, infringing \"the safety of people's property and disrupting the normal economic and financial order.\"\nMany Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China's over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.\nChina-focused exchanges, which also include Binance and MXC, allow Chinese individuals to open accounts online, a process that takes just a few minutes. They also facilitate peer-to-peer deals in OTC markets that help convert Chinese yuan into cryptocurrencies. Such transactions are made through banks, or online payment channels such as Alipay or WeChat Pay.\nRetail investors also buy \"computing power\" from cryptocurrency miners, who design various investment schemes that promise quick and fat returns.\nMeanwhile, cryptocurrencies' potential threat to China's fiat currency, the yuan, has spurred the PBOC to launch its own digital currency.\nWHAT'S THE IMPACT OF THE CRACKDOWN?\nThe fresh crackdown makes it more difficult for individuals to buy cryptocurrencies using various payment channels, and could impact miners' business by making it harder for them to exchange cryptocurrencies for yuan.\nBut banks and payment companies also face challenges of identifying money flows related to cryptocurrencies.\nHong Kong's Bitcoin Association said in a tweet in response to China's reiterated ban: \"For those new to bitcoin, it is customary for the People's Bank of China to ban bitcoin at least once in a bull cycle.\"","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Beijing's new crackdown means for crypto in China\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nReuters \n2021-05-19 15:34\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nSHANGHAI, May 19 (Reuters) - Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins.\nMany of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.\nWHAT ARE THE NEW MEASURES?\nThree financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement.\nThe directives were made in a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, and posted by the People's Bank of China (PBOC).\nAdditionally, institutions were prohibited from providing cryptocurrency saving, trust or pledging services and issuing financial products related to cryptocurrencies. Crypto-related information services, insurance and derivatives trading are also banned.\nFirms were also urged to step up monitoring of money flows involved in cryptocurrency trading.\nWHAT WERE EARLIER RULES IN CHINA AGAINST CRYPTOCURRENCIES?\nChina does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services.\nIn 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.\nHowever, later that year, financial regulators, including the PBOC, banned banks and payment companies from providing bitcoin-related services.\nIn September 2017, China banned Initial Coin Offerings (ICOs) in a bid to protect investors and curb financial risks.\nThe ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa.\nThe restrictions prompted most such trading platforms to shut down with many moving offshore.\nThe ICO rules also barred financial firms and payment companies from providing services for ICOs and cryptocurrencies, including account openings, registration, trading, clearing or liquidation services.\nBy July 2018, 88 virtual currency trading platforms and 85 ICO platforms that had withdrawn from the market, the PBOC said.\nWHY HAS CHINA TIGHTENED REGULATION?\nThe global bitcoin bull run has revived cryptocurrency trading in China.\nTuesday's industry directive warned speculative bitcoin trading had rebounded, infringing \"the safety of people's property and disrupting the normal economic and financial order.\"\nMany Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China's over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.\nChina-focused exchanges, which also include Binance and MXC, allow Chinese individuals to open accounts online, a process that takes just a few minutes. They also facilitate peer-to-peer deals in OTC markets that help convert Chinese yuan into cryptocurrencies. Such transactions are made through banks, or online payment channels such as Alipay or WeChat Pay.\nRetail investors also buy \"computing power\" from cryptocurrency miners, who design various investment schemes that promise quick and fat returns.\nMeanwhile, cryptocurrencies' potential threat to China's fiat currency, the yuan, has spurred the PBOC to launch its own digital currency.\nWHAT'S THE IMPACT OF THE CRACKDOWN?\nThe fresh crackdown makes it more difficult for individuals to buy cryptocurrencies using various payment channels, and could impact miners' business by making it harder for them to exchange cryptocurrencies for yuan.\nBut banks and payment companies also face challenges of identifying money flows related to cryptocurrencies.\nHong Kong's Bitcoin Association said in a tweet in response to China's reiterated ban: \"For those new to bitcoin, it is customary for the People's Bank of China to ban bitcoin at least once in a bull cycle.\"\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAN":"嘉楠科技","PYPL":"PayPal","COIN":"Coinbase Global, Inc.","GBTC":"比特币ETF-Grayscale","NCTY":"第九城市","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136191376","content_text":"SHANGHAI, May 19 (Reuters) - Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins.\nMany of the new rules expand on previous restrictions aimed at cryptocurrencies and close loopholes that had allowed some finance and payment firms to continue in the trade.\nWHAT ARE THE NEW MEASURES?\nThree financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement.\nThe directives were made in a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, and posted by the People's Bank of China (PBOC).\nAdditionally, institutions were prohibited from providing cryptocurrency saving, trust or pledging services and issuing financial products related to cryptocurrencies. Crypto-related information services, insurance and derivatives trading are also banned.\nFirms were also urged to step up monitoring of money flows involved in cryptocurrency trading.\nWHAT WERE EARLIER RULES IN CHINA AGAINST CRYPTOCURRENCIES?\nChina does not recognise cryptocurrencies as legal tender and the banking system does not accept cryptocurrencies or provide relevant services.\nIn 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.\nHowever, later that year, financial regulators, including the PBOC, banned banks and payment companies from providing bitcoin-related services.\nIn September 2017, China banned Initial Coin Offerings (ICOs) in a bid to protect investors and curb financial risks.\nThe ICO rules also banned cryptocurrency trading platforms from converting legal tender into cryptocurrencies and vice versa.\nThe restrictions prompted most such trading platforms to shut down with many moving offshore.\nThe ICO rules also barred financial firms and payment companies from providing services for ICOs and cryptocurrencies, including account openings, registration, trading, clearing or liquidation services.\nBy July 2018, 88 virtual currency trading platforms and 85 ICO platforms that had withdrawn from the market, the PBOC said.\nWHY HAS CHINA TIGHTENED REGULATION?\nThe global bitcoin bull run has revived cryptocurrency trading in China.\nTuesday's industry directive warned speculative bitcoin trading had rebounded, infringing \"the safety of people's property and disrupting the normal economic and financial order.\"\nMany Chinese investors were now trading on platforms owned by Chinese exchanges that had relocated overseas, including Huobi and OKEx. Meanwhile, China's over-the-counter market for cryptocurrencies has become busy again, while once-dormant trading chartrooms on social media have revived.\nChina-focused exchanges, which also include Binance and MXC, allow Chinese individuals to open accounts online, a process that takes just a few minutes. They also facilitate peer-to-peer deals in OTC markets that help convert Chinese yuan into cryptocurrencies. Such transactions are made through banks, or online payment channels such as Alipay or WeChat Pay.\nRetail investors also buy \"computing power\" from cryptocurrency miners, who design various investment schemes that promise quick and fat returns.\nMeanwhile, cryptocurrencies' potential threat to China's fiat currency, the yuan, has spurred the PBOC to launch its own digital currency.\nWHAT'S THE IMPACT OF THE CRACKDOWN?\nThe fresh crackdown makes it more difficult for individuals to buy cryptocurrencies using various payment channels, and could impact miners' business by making it harder for them to exchange cryptocurrencies for yuan.\nBut banks and payment companies also face challenges of identifying money flows related to cryptocurrencies.\nHong Kong's Bitcoin Association said in a tweet in response to China's reiterated ban: \"For those new to bitcoin, it is customary for the People's Bank of China to ban bitcoin at least once in a bull cycle.\"","news_type":1,"symbols_score_info":{"COIN":0.9,"SQ":0.9,"TSLA":0.9,"NCTY":0.9,"MBTmain":0.9,"XBTmain":0.9,"CAN":0.9,"PYPL":0.9,"GBTC":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1926,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["JE"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":54,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4377324,"commentId":"4377324","gmtCreate":1621412697600,"gmtModify":1680789680446,"authorId":3575639353998529,"author":{"id":3575639353998529,"idStr":"3575639353998529","authorId":3575639353998529,"name":"Rahyenong","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.11.03","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":197066253,"objectIdStr":"197066253","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Wow","text":"Wow","html":"Wow","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}