The China Banking Regulatory Commission (CBRC) is in favor of introducing licensing of cryptocurrency activities. This is reported by CoinDesk.
According to the CBRC, any capital transactions that are linked to accounts in the distributed ledger, blockchain, cryptocurrencies, derivatives, ICO and stock transactions should be considered as financial services.
Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license.
The regulator believes that not only the crypto platforms and ICO-projects are the subjects to licensing. Requirements should be presented to any services that are associated with transactions in the blockchain.
Until this moment the Chinese regulators did not mention the topic of licensing of the cryptocurrency business.