The latest development in the Chinese crypto crackdown saw the Central Bank announce, “normalized supervision”, along with revealing the completion of the nationwide virtual currency transactions crackdown.
In the recent China Financial Stability Report, the People’s Bank of China stated that their long-term and ever-expanding crypto crackdown finally comes to, what can be called an end. As the necessary regulatory amendments throughout the country in several digital spheres reach completion, the Central Bank revealed that the supervision will change from crackdown mode to routine operations.
“Online asset management, equity crowdfunding, Internet insurance, virtual currency trading, internet foreign exchange trading, and fields have basically completed the rectification work and have been transferred to normalized supervision.”, stated the People’s Bank of China.
The Chinese government has categorically dealt with illegal economic operations throughout the country. From illegitimate fund-raising and scams to cross-border gambling and unregistered virtual asset platforms, all have been resolved as China undergoes the ultimate financial evolution.
In the month of August, the bank announced in a press briefing that the cryptocurrency trading frenzy has seen a drastic fall since the government intensified the crypto crackdown. However, the briefing did not speculate the crackdown was nearing its end. Henceforth, the latest report confirming the success of China’s crypto crackdown has come as a shock to the crypto community.
“Illegal financial activities have been vigorously encountered. Illegal financial activities such as illegal financing have been severely cracked down. Some illegal fund-raising cases that have been accumulated for many years and have been delayed for a long time have been dealt with. Large-scale and systematic OTC funding risks have been effectively resolved. Severely crackdown on illegal and criminal activities such as cross-border gambling and underground money houses and maintain the healthy order of the payment service market and the foreign exchange market.”
Last month, when the People’s Bank of China had to reinstate its crypto crackdown stance, it appeared that another phase of the crackdown will be unveiled. The government seemed concerned in lieu of a “possible rebound in virtual currency trading operations”. Nevertheless, the plot twist in the Chinese Crypto Crackdown was in fact the Climax.
Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…
The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…
Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…
Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…
MARA announced that it now holds $5.9 billion worth of Bitcoin. This cements its position…
The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…