China Fintech Watchdog to Step Up ICO Oversight

A self-regulatory association that is connected to China’s banking and securities sector is vowing to increase its oversight over cryptocurrency and initial coin offerings in 2018. In its annual meeting held in February, China’s National Internet Finance Association (N.I.F.A) revealed that special efforts into overseeing the sector will be implemented in 2018. Although they are not a regulatory authority, N.I.F.A was first initiated in 2015 by the People’s Bank of China in collaboration with the country’s banking and securities commissions, and approved by the State Council, the chief administrative authority in China.