News

Hainan Proposes 8 Measures To Strengthen The Risk Supervision Of Digital Collections

Key Points:

  • 10 departments of China’s Hainan province issued the “Notice on Strengthening the Risk Supervision of Digital Collections.”
  • The notice pointed out that the hidden risks of fraud, money laundering, pyramid schemes, and illegal fund-raising in digital collections cannot be ignored.
10 departments, including the Hainan Provincial Market Supervision Administration and the Propaganda Department of the Hainan Provincial Party Committee of the Communist Party of China, jointly issued the “Notice on Strengthening the Risk Supervision of Digital Collections” and adopted eight major measures to comprehensively prevent the regulatory risks of digital collections promotes the healthy development of the digital collections industry.

The notice pointed out that the hidden risks of fraud, money laundering, pyramid schemes, and illegal fund-raising in digital collections cannot be ignored; it is required to strengthen cooperation and form a coordinated supervision mechanism of departmental linkage.

All relevant departments, cities, and counties should attach great importance to fostering a sense of responsibility and urgency in overseeing digital collections and researching and assessing existing risks combined with corresponding responsibility and local reality, and actively adopting regulatory measures to effectively purify the digital collection market environment and promote digital collections. The industry is developing in a healthy, compliant, and orderly manner.

The notice clearly stated that it is necessary to strengthen the linkage between departments so that each department can perform its tasks and responsibilities and closely coordinate and manage together to form a common regulatory force.

It is necessary to further strengthen the connectivity of administrative licensing management, data sharing, information transmission, and result notification, carry out monitoring of the entire process of the transaction chain and jointly standardize the market order in the field of digital collections.

In addition, it also emphasizes that multiple measures should be taken to prevent the regulatory risks of digital collections in an all-around way. All relevant departments and cities and counties should combine the actual situation of the province, adhere to the principle of “equal emphasis on development and regulation,” increase the supervision of the digital collection industry, guide market players to operate and legally and fully enjoy the dividends of the Hainan Free Trade Port.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

41 minutes ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

3 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

3 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

4 hours ago

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

5 hours ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

5 hours ago

This website uses cookies.