- Additional rules and regulations imposed for the crypto industry in China.
- Even off-shore crypto trading now becomes illegal.
- China’s Judicial management consists of several bodies, now responsible for these new regulations.
The adaptation of the crypto regulations among various nations across the globe is getting severe with the passing of each day. These rules and regulations are not only a threat for the crypto exchanges alone but for the entire crypto industry.
Amidst all these, the worse factors these days are making the already existing regulations even more aggressive. In such terms, China has newly imposed certain regulations upon its already prevailing crypto regulations. In spite of these new regulations, it seems there would not be any future for the crypto industry in the nation. Also, it’s well known that China has been into such regulations way back since 2013, upon Bitcoin (BTC).
The New Regulations
On 24th September, China announces officially certain new regulations in addition and upon effect immediately for the crypto industry. However, it seems these new additional regulations are much worse than the already existing ones and previous regulations.
In spite of this, the People’s Bank of China (PBoC) is one of the head council members for imposing these regulations.
Accordingly, the official notice which was given out on 24th September states that all banks and other financial services providing firms to immediately cease all their services related to crypto trading, converting fiat to crypto, crypto to fiat and crypto to crypto, etc.
Moreover, any individual who indulges in crypto trading with off-shore crypto exchanges, but presently living in China is also now illegal and against the law.
Agencies Responsible for New Regulations
Although, it’s well known that these new implementations and regulations are done as many members brainstorming together. Apart from the PBoC, there are nearly ten agencies of the government together.
On the other hand, the main agencies involved in these new regulations are the Cyberspace Administration of China (CAC), Public Security Bureau (PSB), Supreme People’s Procuratorate (SPP), and the Supreme People’s Court (SPC).
In spite of all this, it’s quite evident that China is now targeting the criminal aspects of the crypto industry.
On the contrary, it’s well known that judicial and legal entities, Civil entities, and law enforcement entities are on par with these new regulations.
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