«Automating the enforcement of
our existing financial regulations, with public blockchains, on - chain Know Your Customer (KYC) compliance and smart regulation can improve the system, not circumvent it.»
It finds that
existing financial regulations, as well as those proposed in major cap - and - trade bills, would be inadequate and could
The government emphasized that market manipulators and companies that initiate fraudulent operations will be heavily punished according to
existing financial regulations and policies.
«Automating the enforcement of
our existing financial regulations, with public blockchains, on - chain Know Your Customer (KYC) compliance and smart regulation can improve the system, not circumvent it.»
The move appeared to be in direct response to the United States Securities and Exchange Commission's warning that initial coin offering (ICOs) deemed as securities would be subject to
existing financial regulations, with Bitfinex barring all U.S - based customers from trading ERC20 tokens that were issued through an ICO within a week of the announcement.