China’s National Internet Finance Association (NIFA), a self-regulatory body initiated in 2015 by the People’s Bank of China (PBoC), intends to monitor initial coin offerings (ICO) more closely this year.
During its annual meeting held last Friday, NIFA announced that it would aim to make overseeing the sector a regular part of its 2018 agenda, industry website Coindesk reported earlier today.
“Special monitoring projects in 2017 included issuing warnings on virtual currencies, ICOs as well as ‘disguised’ ICOs. Moving forward, 2018 will be a critical year for the association to normalize and standardize its existing efforts put into these projects,” NIFA said in a statement, as quoted by Coindesk.
NIFA has issued several warnings against cryptocurrencies and ICOs over the past months. Its warnings on token sales last September came just a few days before China’s government decided to ban the controversial fundraising practice in the country.
Earlier this month it was reported that the Chinese authorities are looking to expand their crackown on the crypto space by blocking all websites related to cryptocurrency trading and ICOs, including offshore virtual currency exchanges. The authorities were reportedly with the effectiveness of the current measures.
“To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs,” Financial News, a publication affiliated with PBoC, reported earlier this month.
Ethereum, which is by far the most popular platform for ICOs, has enjoyed some positive price action at the start of this week. As of 16:50 GMT, the Ethereum price stood at $865.30, up 2.7% from the same time yesterday. Ethereum is the second-largest cryptocurrency, with its total market cap currently standing at $84.4 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.