Latest news: ICO is not only "one size fits all", but also "one size fits all"

More than an hour ago, the Beijing News learned from an informed source that the Beijing Rectification Office (Beijing Internet Financial Risk Special Rectification Leading Group Office) located in the Beijing Financial Work Bureau had issued a notice yesterday to cooperate in the cleanup and rectification of ICO platforms. This also means that the overall document of the central bank has a specific executor.

It is said that the rectification office also gave three specific requirements:

• All platforms will place the "Announcement" from the People's Bank of China and seven other departments on their homepage before 15:00 today to warn investors of the risks.

• Each platform must submit detailed information on seven aspects, including the number of ICO projects and financing, to the Regulation Office and the Business Management Department of the Central Bank (Business Management Department of the People's Bank of China) before 16:00 today.

• Each platform shall submit a written report to the district financial office before 17:00 every day on the platform operation status, customer virtual assets and fund balances, and the status of cleanup and withdrawal work.

There are some special requirements in the notice. The first point is that during the cleanup and rectification period, all platform shareholders, actual controllers, senior managers, financial managers, and core technology managers must be in Beijing to do their best to clean up and rectify the platform.

The notice also reiterated the regulatory attitude towards ICO: all platforms must immediately stop the exchange business between legal currency and tokens, and "virtual currency"; all platforms must not buy or sell tokens or "virtual currency" or act as a central counterparty to buy or sell tokens or "virtual currency"; all platforms must not provide pricing, information intermediary and other services for tokens or "virtual currency".

Relevant sources also revealed the details of the seven types of information that each platform needs to submit before 16:00 today:

1. The number of completed ICO projects, project completion time, financing scale, number of registered users on the platform, and cumulative number of ICO participants since its establishment;

2. The storage address, flow and use of the raised virtual currency, whether it has been converted into cash and the purpose after conversion; 3. Whether the ICO project launched has been reviewed for authenticity, technical feasibility and application value; 4. Specific information of the ICO project entity, including but not limited to the composition of team members, contact information, operating entity, office location, etc.;

3. Basic information about the shareholders, actual controllers, senior managers, financial managers, and core technology managers of the token financing trading platform;

4. ICO project rates and platform revenue;

5. Details of the company’s bank accounts and related accounts.

Leifeng.com also noticed that today, ICO-related groups began to forward another suspected regulatory document from the Business Management Department of the People's Bank of China. The title of the document is "Notice of the Business Management Department of the People's Bank of China on Implementing the Cleanup and Rectification of Token Issuance Financing and Strengthening Payment and Settlement Management".

The notice mainly gave instructions to banks and payment institutions, requiring them to "immediately stop directly or indirectly providing various settlement services for existing tokens." It also required banks and payment institutions to start a comprehensive survey and take restrictive measures on related accounts to prevent them from running away with the funds.

If the document is true, it means that the "gate" of banks and payment institutions that the ICO chain must pass through has been officially cut off by the regulator. At the same time, it is believed that banks will also combine the "seven types of materials submitted" mentioned above to further realize comprehensive supervision of ICO projects through the information returned by the platform.

Leifeng.com summary : Based on the current information, the regulatory opinions on ICOs are clear - conduct a detailed survey, supervise the entire process and go directly to the comprehensive follow-up stage.