An independent organisation founded by the People’s Bank of China ‘PBoC’ named ’NIFA’ (National Internet Finance Association) has recently introduced a new category on its platform that would permit users to report illegal financial activities.
NIFA presently operates as a web portal where people file their complaints or reports any financial suspicious activities. Areas that are on the association’s red list mainly embody peer-to-peer exchanges, web insurance, equity finance and web payments.
As recent announcement made by NIFA states:
“This platform is liable for gathering reports and complaints relating to web money activities and transferring to relevant government agencies, which can strive against more actions per existing rules upon receiving such complaints from the users.”
However, for now the association has also included a new category ‘token sales’ for covering crypto related fraud in the country as trading and ICO’s are currently illegal as per the ban implemented since last year.
The new category ’token sales’ includes all the services related to crypto businesses in the country including trading directly or indirectly.
The news comes amid as per continued efforts by Chinese regulative agencies to confine on cryptocurrency commerce and ICOs.
Chinese web giants including Alibaba, Tencent etc are also cooperating with regulators in efforts to regulate crypto commerce via payments applications and are censoring on-line forums that distribute relevant info.