Chinese Tech Capital Shenzhen Issues Warning Against Crypto Activities
Adrian Zmudzinski's original article for cointelegraph.com reduced by 40%
The Chinese technology capital of Shenzhen issued a warning against illegal activities concerning cryptocurrencies. Local finance news outlet Eastmoney reported on Nov. 21 also that Shenzhen's Leading Group for Remediation of Internet Finance Risks will investigate and collect evidence on illegal activities involving cryptocurrencies.
The Leading Group warning states that, since China banned local exchanges and initial coin offerings from operating in 2017, the illegal activities associated with cryptocurrencies and financial risks were greatly reduced. Alongside increased speculation, the number of cryptocurrency-related illegal activities in the country have also purportedly ramped up. The warning cites the issuance of crypto assets, ICOs, fictional uses of technology, fundraising in fiat or crypto and cryptocurrency exchanges as examples of illicit activity in the industry.
The regulator plans to undertake enforcement actions against such activities according to the "Announcement on Preventing the Risk of Subsidy Issuance of Financing." China is currently dealing with the increased public interest in cryptocurrencies and blockchain following President Xi Jinping's official endorsement of blockchain tech development.
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Summarised crypto news.