Is this the end for digital coins in China?
China has declared that ICOs are illegal and has frozen all new funding activity in the space. Many ICO conferences and existing ICO promoters have been shutting down or are leaving China.
It is interesting that the authorities did not touch the existing 60 odd post-ICO companies operating in China, nor did they change their view on established digital assets such as Ethereum and Bitcoin — both of which continue to trade on Chinese exchanges. So why did China clamp down on ICOs specifically?
China decided that it had to take aggressive steps to protect its citizens from the risk of fraud, malpractice, and lax regulations in the coin generating and offering space. As they did several years ago with cryptocurencies, the regulators rushed to shut things down so that they can set up rules of engagement that they are comfortable with and then reopen the market to allow the legitimate players to emerge and operate under the new rules.
We expect China to issue these rules in the next few months and allow the best ideas with the best teams to gain access to its markets. At that time, The Celsius Network (http://www.celsius.network/) will be ready to enter the Chinese market.
