News Snapshot:
The National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China reiterated its stance on banning crypto services on May 18. The three entities published a note confirming bans originally implemented in 2013 and 2017, respectively, that bar financial and payment institutions from providing any services related to cryptocurrency transactions and saying that initial coin offerings remain illegal. “Virtual currency’s prices have soared and plummeted recently, resulting [in] a rebound of speculative trading activities of virtual currency,” the report on May 18 said. “It has seriously damaged the safety of the people’s...
