China's Xinjiang Cracks Down on Crypto Business
Main page News, China, Mining, Crypto Market, Regulations

Xinjiang, an autonomous region of China, is tightening regulatory rules for cryptocurrency-related business, 8BTCnews reports. According to a published statement, the local authorities required all the cryptocurrency mining business to suspend its activity in the region before June 9. While the announcement does not mean a total ban, local companies should stop their services "for rectification."

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"But some miners in Xinjiang have told us that they continue their operation as usual," 8BTCnews noted.

It is worth noting that Xinjiang has deployed way more hashing power than in Inner Mongolia, which has also initiated a campaign against the cryptocurrency mining market. Xinjiang's restrictions come after that Inner Mongolia revealed a regulatory draft focused on tightening the regulation of cryptocurrency mining.

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According to the draft, the internet companies which are engaged in mining cryptocurrencies will face a raid from local regulators. The authorities also want to bring more requirement for industrial parks and data centers that provide services for cryptocurrency miners.

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