Date
17 February 2018
Authorities want to curb cryptocurrency trading amid concerns over excessive speculation, money laundering and tax evasion. Photo: AFP
Authorities want to curb cryptocurrency trading amid concerns over excessive speculation, money laundering and tax evasion. Photo: AFP

China to step up crackdown on cryptocurrency trading: report

China is stepping up its clampdown on cryptocurrency trading, and is now targeting online platforms and mobile apps that offer exchange-like services, Bloomberg reports, citing people familiar with the matter.

Authorities said alternative venues have cropped up since it banned the trading of bitcoin and other virtual currencies last year.

They now want to block domestic access to homegrown and offshore platforms that enable centralized trading, the report said, although no specific guidelines have been issued.

According to sources, authorities will target individuals and companies that provide market-making, settlement and clearing services for centralized trading.

Small peer-to-peer transactions are not being targeted, they said.

Aside from the Chinese government, other regulators around the world want to curb cryptocurrency trading amid concerns over excessive speculation, money laundering and tax evasion, Bloomberg said.

Up until early last year, China was the most active market for bitcoin trading on exchanges.

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