The Chinese self-regulatory organization intends to support the state in combating illegal campaigns for the ICOs. This is reported by CoinDesk.
The Chinese National Internet Finance Association (NIFA), a self-regulatory organization founded by the People's Bank of China (PBoC), added the category of "token sales" to its platform designed to convey reports of possible episodes of illegal financial activity.
NIFA is the portal operator, through which citizens can file complaints about suspicious financial activity. Previously, most of the complaints sent through this portal were related to lending between individuals, insurance on the Internet, equity financing and online payments.
Now the association has added the option of sending messages about "sales of tokens", through which residents of China will be able to report on activities related to cryptocurrencies, recognized illegal under the last year's order of PBoC.
The activities that is offered to be informed by portal users includes the functioning of crypto exchanges, direct and indirect provision of registration, trading, clearing and settlement services during the ICO, as well as business insurance in the field of cryptocurrencies.
Last week, China's leading financial regulators issued a warning about new forms of attracting financing using cryptotokens such as "initial exchange offerings" and "initial fork offerings" despite the country's bans.
In addition, the Chinese corporations Baidu, Alibaba and Tencent expressed their readiness to cooperate with the government and promised to prevent any attempts to carry out OTC transactions with cryptocurrencies in their own services.