Chinese online shopping website Taobao, a subsidiary of retail giant Alibaba, will be banning stores on the platform from providing services related to Initial Coin Offering (ICOs), according to the press release published on Tuesday, April 10.
The official statement offers an update of the firm’s previous cryptocurrency-related restrictions, which banned Taobao’s customers from services related to cryptocurrencies like Bitcoin (BTC), as well as from offering cryptocurrency mining tutorials, Bitcoin mining machines, and other related hardware.
The new regulatory framework that will take effect starting April 17, consists of two major changes. First, the new rules expand the concept of virtual currencies by incorporating ICOs and other “similar digital products.” Secondly, they establish increased control of derivative services of digital products based on Blockchain technology.
By implementing these new regulations, Taobao aims to protect customers from financial risks associated with services related to ICOs, including illegal fundraising and easy speculation. Recalling the decision of the People's Bank of China (PBoC) to ban ICOs in September 2017, Taobao reminded users that no institution may provide trading, exchange, pricing, brokerage, payment, or other services of “digital currencies or similar digital products.”
Taobao said that stores which violate the new rules and keep offering ICO-related services such as white paper writing services, will suffer punitive measures.
Last week, Cointelegraph reported that Alibaba sued the Dubai-based Alibabacoin Foundation ICO for copyright infringement that involved “prominent, repeated, and intentionally misleading” behavior using the company’s name.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://www.bitcoininsider.org/article/23353/alibabas-taobao-expands-crypto-regulations-banning-icos-and-associated-services
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Maybe it’s because Alibaba has plans to hook up with The Tron Network in the near future. Tron is poised to make some Major moves in the coming months, and there is a friendly association amongst the two companies. Neo and Ont have made great impacts in China, and Tron has a plan to be #1, so can anybody tell me why not Tron?? Good article.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Let's hope for the best.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
WARNING - The message you received from @tauwil is a CONFIRMED SCAM!
DO NOT FOLLOW any instruction and DO NOT CLICK on any link in the comment!
For more information, read this post: https://steemit.com/steemit/@arcange/virus-infection-threat-reported-searchingmagnified-dot-com
Please consider to upvote this warning or to vote for my witness if you find my work to protect you and the platform valuable. Your support is really appreciated!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit