China's new Bitcoin rules would require exchanges to verify customers
China’s central bank is moving to regulate its domestic bitcoin industry, circulating new guidelines that, if enacted, would require exchanges to identify clients and adhere to banking regulations.
Recent scrutiny by the central bank has already led exchanges to impose trading fees and suspend withdrawals of bitcoin from their platforms. Chinese investors have fled the market.
A draft of the guidelines says Chinese bitcoin exchanges would be subject to current banking and anti-money-laundering laws, and required to collect information to verify the identity of their clients, according to people familiar with the matter.
They say the rules, if implemented, would require exchanges to install systems for collecting and reporting suspicious trading activity to authorities. The People’s Bank of China would be in charge of handling violations by the exchanges.
The people said officials could still revise the guidelines, which were given to exchanges in recent days. The PBOC didn’t immediately respond to a request for comment.
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