Former China Securities Regulatory Commission Chair: ICO Ban and Other Regulation Made Market Innovation Daunting

[ChainDD report] May 25 (ChainDD) At the 2019 Tsinghua Wudaokou Global Finance Forum held on May 25, Xiao Gang, the former chairman of China Securities Regulatory Commission (CSRC), said all the parties on security markets generally hold positive stance on innovative technology application, but regulation made market innovation daunting. The development of innovations was restricted in wake of events such as HOMS off-floor financing and ICO banning, along with participants’ taking into account of privacy protection related to big data, accountability of artificial intelligence and other factors. Xiao Gang claimed “responsive” regulation can clarify direction and approaches of innovative technology application and eliminate concerns of the whole market participants, while “campaign-style” regulation, features regulation fragmentation, always leads to U-turn policy from ignorance to sudden halt and lack of tolerance to fintech innovation, so the relevant trade system also became sort of obstacle of technology innovation.


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