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China Seeks to Regulate Fundraising Through Virtual Currencies

By Wu Yujian and Liu Xiao
Draft legislation on fundraising using virtual currencies further clarifies the division of labor among regulators, and includes measures to prevent illegal fundraising. Photo: IC
Draft legislation on fundraising using virtual currencies further clarifies the division of labor among regulators, and includes measures to prevent illegal fundraising. Photo: IC

The State Council, China’s cabinet, has released draft rules to oversee fundraising through virtual currencies amid surging investor interest in cryptocurrencies.

The draft legislation, which builds on policies released in February 2016, was released by the State Council’s Legislative Affairs Office on Thursday. The policy document further clarifies the division of labor among regulators, and measures to prevent illegal fundraising as well as investigation procedures.

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