China bans Crypto promotion hosting by Venues


Reportedly, China bans crypto promotion hosting by public venues. According to online news outlets, the new rule bans all public spaces in the Beijing’s Chaoyang district from hosting any cryptocurrency-related promotions. 

24 August, AtoZ Markets China has decided to reportedly ban all of the commercial venues from hosting cryptocurrency-related events. According to a number of online reports, the new legislation will be put into effect in Beijing’s Chaoyang district.

China bans Crypto promotion hosting by Venues

Many news outlets in China report that the ban could also be extended to other districts. The reports note that Chinese media has stated that the ban both does and does not apply to other areas in Beijing. As per one of such outlets, the new rule bans all public spaces in the district from hosting any cryptocurrency-related promotions. The ban allegedly applies to shopping malls, hotels, and office buildings.

As for the reasoning for such move, the regulatory notice refers to the “protection of public property rights,” “prevention of money laundering,” and maintaining “the security and stability of the financial system.”

Moreover, the new limits in the Chaoyang district coincide with a sweep of wider measures that are aimed at communication channels or so-called “loopholes” via which Chinese investors still can gain access to Initial Coin Offerings (ICO) or crypto-related activities.

China Blocks 124 Crypto Websites

Yesterday, AtoZ Markets has reported that the China National Fintech Risk Rectification Office has reportedly identified 124 cryptocurrency trading platforms that have foreign IP addresses and intend to provide their services to locals. Chinese authorities have moved to block the internet access to those websites.

The office has decided to improve its efforts to monitor the sector and moved to block the internet access to these cryptocurrency trading exchange platforms. According to the report, the National Fintech Risk Rectification Office is a government agency that is responsible for managing the financial risks that are connected to the issues related to peer-to-peer lending and cryptocurrency trading.The agency has been authorized by China’s State Council back in 2016.

In September 2017, the People’s Bank of China has announced the ban on Initial Coin Offerings (ICO) and cryptocurrency trading in the country. After this rule has been put into effect, some of the major crypto exchanges in China have moved their services overseas. 

WeChat Cryptocurrency Accounts Suspension

In addition, earlier this week, AtoZ Markets has reported that China’s primary social media platform WeChat has permanently blocked a number of cryptocurrency and Blockchain-related accounts that were associated with publishing ICO and cryptocurrency trading “hype.” This reportedly violates the company’s “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools” terms.

According to local media sources, the Chinese platform that has been developed by Tencent has moved to block an unconfirmed number of crypto and Blockchain related accounts.

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