China Searches for "Cryptography" Law-breakers

On November 21, the local financial supervision bureau conducted a raid to identify violators of the law. They found 39 companies suspected of illegal operations with digital currencies.

They are accused of:

• Trading digital currencies and opening clandestine cryptocurrency exchangers.

• Providing service channels for foreign exchanges, including agent trading.

• Buying tokens from different accounts, helping with ICO, STO and other forms of attracting investments in cryptocurrencies.

Recall that China adopted the law on the regulation of cryptocurrency on October 26. One of its main points is to ensure national security. The international community took the news pretty well.

Michael Novogratz tweeted that while the United States goes too far with regulation, China has successfully seized the initiative.

The cryptocurrency regulation law comes into force on January 20, 2020. By that time, the Central Agency for Cryptography will develop fundamental policy principles for the use of cryptocurrencies and the development of blockchain technologies. Chinese companies working in the crypto sphere going to have more than one check yet.

Neironix analytic agency — the latest cryptocurrency news!