The People’s Bank of China is planning to ban ICO’s because of “large risks” to consumers, The Cointelegraph reports.
The bank is actively assessing possible limits on ICO activities in China.
A source told the local news outlet Tencent that The People’s Bank of China held a meeting with the country’s Securities and Futures Commission and Banking Regulatory Commission on this matter.
They discussed requirements for disclosure of information and more overt warnings about the risks associated with investing into ICOs.
“In addition, if a large risk is found for investors, the regulator will suspend all activities associated with ICOs and address them,” Tencent stated.
Earlier this year Chinese exchanges were shut down by the country’s regulators for several weeks in order to put new legislative framework in place.