‘Illegal Financial Activity’: PBoC Deputy Governor Warns Against STOs in China

Security token offerings (STO) – essentially initial coin offerings which are backed by tangibles such as a company’s revenues, profits or assets – are now officially banned in China. This emerged after the People’s Bank of China (PBoC) deputy governor, Pan Gongsheng, warned those issuing STOs that they were violating the law. “The STO business

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