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A former official says China needs to reform its crypto laws

 

Xiao Gang, former chairman of China’s Securities Regulatory Commission, said the country is facing a transformation in the digital economy and needs to adopt the right regulations for the rapidly growing crypto-currency market.

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Xiao spoke at the 19th Pushan Lectures of China Finance Forum 40, or CF40, which was held online on July 7. At the event, several officials discussed lessons learned from the 30-year development of China’s capital market.

According to local news reports, Xiao said there was an urgent need to adopt digital reform:

„The development of the digital capital market faces the problem of organizational change. Typically, like the move to crypto-currency, it is bound to happen in the future. How to deal with such an organizational change is also a problem we may face.

Xiao said the boundaries of some products and services in the digital capital market are becoming blurred, so the laws and regulations that currently exist cannot follow them. He said that making mistakes in trying to protect investors and consumers could lead to serious problems.

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Further research is needed
Xiao noted that a number of challenges to the development of the digital capital market remain, including the emergence of monopolies, development paths, decentralization and information disclosure, which need to be further clarified, discussed and researched.

He advocated the need to maintain some basic principles:

„We must adhere to the principles of openness, inclusion, sharing and equity in the development of the digital capital market … we must actively adopt new technologies, prudently innovate business models … promote data connectivity and create a fair market environment.

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Cointelegraph previously reported that a Chinese Communist Party school published a book on cryptomonies. China’s new civil code will include crypto currencies such as Iq Option as part of people’s legal inheritance.