The People’s Bank of China has taken steps to ban initial coin offerings. The move at once conforms with US guidance and corresponding Canadian announcements to regulate digital currency—while also going beyond more tentative Western stances by prohibiting the ICO’s outright.
As I have mentioned elsewhere, China’s incentives are far more than just supervisory. Along with natural concerns for fraud, China’s regulators are consistently worried about the potential of ICOs to arbitrage capital controls which, up to this point, are helping to shore up the strength of the currency.