China is ready to legalize cryptocurrencies and ICO

The Chinese authorities determined the legal status of cryptocurrencies and equated them with classical financial assets. Activities related to the turnover of cryptocurrencies will be considered as financial services and licensed under the supervision of the Banking Regulatory Commission of China (CBRC).

In China, since September last year, the turnover of cryptocurrencies, ICO and mining has been banned. The CBRC has already issued a statement, according to which the regulator's actions will extend not only to the turnover of digital assets, but also to any services that perform financial transactions on the blockchain.