China to ban initial coin offerings

Nation to curb illegal cryptocurrency exchanges via overseas platforms

Further regulatory measures to ban initial coin offerings (ICOs) and cryptocurrency exchanges, especially via overseas platforms, are on the way after some illegal activities were unearthed by regulators following the ban on trading of these products on domestic platforms last year.

A source close to the matter told China Daily on Monday that a package of measures to further restrict ICOs - an activity to raise funds akin to an initial public offering, and cryptocurrency trading both domestic and overseas, is being prepared by the People's Bank of China, the central bank, and other financial regulators. It is expected to be launched when "conditions are ripe".