According to China’s Ostrich Blockchain News on May 1, the’Illegal Financing Prevention and Punishment Ordinance’ announced by the State Council of China was officially implemented on the 1st.
Article 19 (2) of the’Illegal Funding Prevention and Penalty Ordinance’ stipulates the issuance or transfer of stocks, the rights of creditors, fundraising, sales of insurance products, various asset management, cryptocurrency, and financial leasing. Here, illegal financing is an act that violates the national financial management regulations without legal permission from the financial management department under the State Council.
If there is a suspicion of illegal financing, the department responsible for the processing of illegal financing immediately organizes the relevant industrial authorities, regulatory authorities, and dispatch agencies of the financial management department under the State Council to conduct investigations and decisions. As previously reported, the’Illegal Financing Prevention and Punishment Ordinance’ was passed at the 119th Executive Meeting of the State Council on December 21, 2020, and was announced in February of this year.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.