China closing loopholes on cryptocurrency trading, more restrictive measures to come

China may cut the crypto traders off the domestic financial system.
Other countries are also contemplating tighter regulation.

Tanya Abrosimova Independent Analyst

China, known for its hostile approach towards cryptocurrency, is moving forward with new restrictive measures. According to Bloomberg, the country targets overseas platforms that allow Chinese residents trading digital assets.

Regulators might choose to freeze bank accounts and other assets of companies and individuals engaged in cryptocurrency trading. These measures will close the loophole that allowed Chinese citizens trading virtual coins after the country’s authorities banned cryptocurrency exchanges and blocked access to the platforms that offered similar services.

While Chinese regulators are working hard on seeking everything crypto out of the country, South Korea cannot decide what to do the volatile and highly speculative industry. The Korean regulator had to soften its attitude after massive protests against the proposed cryptocurrency trading ban.

European authorities intend to discuss the subject at G20 meeting to push for developing a global approach to dealing with crypto-related risks. According to EU’s financial services chief, the European Union may impose rules on a federal level, if the international effort is not enough to tackle the issues.

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Author

Tanya Abrosimova

Independent Analyst

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