Original title: the virtual currency over-the-counter trading limit will be reached? Supervision will be rectified, and the market has smelled the taste of policy risk.

Source: venture capital remittance

Author: Sun Lulu

Supervision and the market are always playing cat and mouse games.

In September last year at the beginning of the central bank, the central network information office, Ministry of industry and information technology, the State Administration for Industry and commerce, the CBRC, CSRC and CIRC 7 ministries issued "on the issue of financing risk prevention token notice", for the first time issued tokens (ICO) to make a "qualitative illegal fund-raising, financial fraud, and announced the ban after the decision, the virtual currency did not disappear, but for a vest to more subtle, more crazy, continue to attract more and more people entering the chase. However, the regulatory department is also closely tracking the development of the market, and in time to stop it.

Securities times, venture capital exchange reporter approached from an internet financial risk to do special rectification work leading group office (hereinafter referred to as "mutual gold regulation office") informed sources to verify, including the central bank, the central network information office, the Ministry and other ministries will jointly strengthen the virtual currency market revamp, especially for registered OTC trading platform, in the territory of the territory of the large "point to point" of market transactions, and even registered in the territory but the virtual currency for domestic customers centralized trading services will be gradually cleared through its overseas website platform.

The overhaul of the virtual currency market by the regulatory authorities is from a multidimensional force. In addition to the above transactions, the people familiar with the matter told reporters that at the end of last year, the central bank held a multi department meeting, and there was another important content. It is about standardizing and rectifying bitcoin mines, and guiding related enterprises to exit orderly. In addition, for the payment agencies to provide payment services for the virtual currency over the field transactions, it will be strictly checked and strengthened.

Multidimensional clean-up of over-the-counter transactions

Last September, many ministries jointly issued a formal ban on virtual currency transactions, the territory of the virtual currency market will be transferred to the court, with more covert and decentralized manner to staged a "Crazy", WeChat group, QQ group, overseas website platform are the continuation of the market to come up with countermeasures.

After the deal was banned, it also brought out chaos out of the field, and the regulatory authorities were blocking the loopholes in time. According to the informed sources, the working mechanism of mutual gold remediation office by the end of last year, the central bank led many ministries and Finance Office held a forum on virtual currency mining, OTC etc. the next phase of the rectification work to conduct research and deployment. According to the plan, will focus on the rectification of registered in the territory of the OTC sites or platform (including "sea" form of website platform located outside continue to provide transaction services for domestic users), OTC guarantees and clearing service providers, through online or offline for large "point to point" market transactions service organizations or individuals, and the shield located outside the trading service website and APP. In addition, Payment institutions that provide payment services for OTC transactions will require self-examination and rectification, and no longer provide payment services for virtual currency transactions.

"The regulatory authorities or to maintain a high pressure situation to rectify on the territory of the virtual currency market, but the OTC target is the focus of rectification in the territory, which will be of some small platform and small institutions caused by pressure, some in the OTC trading website, C2C social media group will be gradually closed down. But in fact, since the introduction of ICO policy in September last year, many big trading platforms have already moved their registered sites and websites to the outside world. A person who has long been engaged in virtual money investment said.

In November 30, 2017, the national Internet financial safety technology expert committee released the November bitcoin OTC monitoring report (hereinafter referred to as the "report"), showing that since last October, bitcoin OTC trading platform has been accelerated. As of November 25, 2017, the C2C over-the-counter trading platform supported by BTC-CNY has reached 21, and the line time was concentrated in late October to November.

The so-called C2C OTC platform refers to the place for bitcoin buyers and sellers to provide information, and the counterparties need to publish a trading advertisement for buying or selling coins on the platform according to their needs, similar to the "Taobao" mode.

It is worth noting that the "report" survey, in the over-the-counter transactions, Alipay has become an important means of payment. The "report" said that from BTC-CNY using OTC RMB payment means, in November 2017, CoinCola trading advertising, sample monitoring found that 81% selling advertising selected payment for Alipay, followed by bank transfer, accounting for 14%; completed by Paxful BTC-CNY in the OTC trading orders completed, 99% transfers of RMB by alipay.

In the arrangement of over-the-counter clearing, the payment institutions are also required to not provide payment services for virtual currency transactions in accordance with existing policies. "The regulatory department is hoping to start with the payment link and strictly check the strict penalties for the payment institutions that violate the provisions of the payment, in order to combat the capital chain of the virtual currency transactions." The people said that.

The overhaul of the virtual currency market by the regulatory authorities is from a multidimensional force. In addition to the above transactions and payment links, reporters learned that at the end of last year's symposium, the relevant government departments, including financial and non-financial sectors, also discussed the related matters of standardizing bitcoin mines. The current bitcoin field has many irregularities, such as environmental standards, there are security risks, no registration, therefore, the Department will jointly focus on electricity, environmental protection, taxation and other aspects, through the legal compliance means to rectify the bitcoin field, gradually guide the compression and return some non-standard bitcoin mine.

Short line speculation can be "scared" when the heartbeat falls.

Although the relevant departments in China have not officially issued the document, they announced the liquidation of the off-line transactions of the virtual currency, but the market has already smelled the taste of regulatory upgrading. At the same time, the recent spread of the South Korean regulatory authorities to consider the closure of the virtual currency exchange is also buiser.

Affected by this, since the beginning of the year, led by the mainstream bitcoin virtual currency weakening trend, even once fell. For example, when the Korean authorities announced the closing of all virtual currency exchanges on January 11th, the largest bitcoin trading platform in Korea, bithumb data showed that the price of bitcoin against the US dollar fell by nearly 10%.

Just today (January 16th), as of 18:05 Beijing time, the fire money network data showed that the major virtual currencies fell sharply, and the price of bitcoin against the US dollar fell by 17%.

A financial industry engaged in Virtual Currency Investing in Hongkong told reporters that the most dangerous risk in the short term is regulatory policy risk, which has become the biggest factor of disturbing the price trend of virtual currency.

"There is too much regulatory risk, and a regulatory agency has a policy, and the price of the virtual currency is prone to collapse. Last year, I still invested in the strategy of buying and holding. But this year, I feel that the regulatory policy is frequent. I dare not stay. I will start changing strategies and make short-term investments. The Hongkong investor said.

People who have become more prudent are not in the minority. Beijing is a virtual currency investment sources also said that since the beginning of the virtual currency fell badly, unilateral trend basically gone up, "now we feel not so fanatical, start to take care of the".

Almost all of the investors who make virtual currency investment are retail investors. Most people do not fully understand what the virtual currency is and what the characteristics of all kinds of currencies are. Most of them are gambling with a very heavy mentality. The Beijing investors said.

When asked about the difference between the fictitious currency and the stock market, the above Hongkong investors said the price of the virtual currency fluctuated very large, which was totally different from that of the stock market. "This is the feeling of being scared when playing a heartbeat and falling. And this market is working in 7X24 hours, the whole life rhythm is disorderly, the morning is to watch the coin, the other do nothing mind.

Liu Xiaolei, director of the Department of finance, Guanghua School of Management, Peking University, said that any bubble will earn money before it is broken. It can not be realized that some people have become rich. This means that this is a correct investment means. Bitcoin and other virtual currencies are facing great risks and are not suitable for the ordinary people to choose as investment.

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