China’s remediation office of risks in internet finance has issued a list of domestic Initial Coin Offering (ICO) token distribution platforms, asking local regulatory authorities to carry out detailed investigations, the 21st Century Business Herald reported on Monday.
The move followed China Securities Regulatory Commission’s recent draft seeking opinions on regulating ICO projects, especially those with the potential of scams and frauds.
According to an unnamed source, there are a total of 60 ICO token distribution platforms on the list. Among them, Guangdong tops the list with 12 platforms. Shanghai and Beijing follow with 8 and 6, respectively.
In response to the investigations, China’s ICO token distribution platforms will have to suspend operations and file business reports to local regulatory authorities, a top executive in China’s blockchain technology business told the 21st Century Business Herald.