News from the China front: The vice president of Law School of China's People's University and the director of the Center for Financial Technology Bangkok-Yang Dong has stated in a speech that Chinese cryptocurrency regulations are forthcoming. Bangkok-Yang Dong was one of the people involved in the policy-making progress of the current Chinese regulations.
NEW REGULATIONS
During a speech during the Southeast Asia Blockchain Summit Yang Dong explained the current regulations of the Chinese government as a way to scare off 'bad projects' and ensure that only 'good projects' remain, in order to foster a healthy ecosystem for development and innovation.Yang dong further disclosed that China is 'about' to release new policy on cryptocurrencies, and that a pilot program for ICO's may be launched.
Exact details on the upcoming regulations are still unknown but Yang Dong did say that OTC trading as well as overseas exchanges would still remain strictly regulated. A total ban on cryptocurrencies and ICO's is not forthcoming, in any case.
ICO PILOT PROGRAM
Yang Dong also stated that the China Securities Regulatory Commission may in fact launch a pilot program for an ICO, within a government controlled environment, which should set a sort of legal precedent for compliant ICO's.All in all these are very positive developments. Although a time frame is still unclear other than 'in 2018', I do not think Yang Dong would mention these pieces of news at a Blockchain Summit if it was still in the distant future. I suspect the ICO pilot may take a little bit longer, but we may be seeing more loose Chinese crypto regulations before the summer?
If that happens, I'm going to be a very happy gal! It is common among investors to expect Chinese coins such as NEO and QTUM to absolutely moon the moment that China opens up the floodgates. And this is precisely the reason why I hold NEO: it's the Chinese blockchain aiming for compliancy. It's been doing pretty great lately, definitely, but once China loosens it's tight grip I believe NEO will absolutely claim the crown of 'Ethereum of China'. I can't wait.
