The Beijing Youth Daily published today that China has not yet completed a complete governance system to crack down on "blockchain" fraud, and work in this area should be stepped up. First, the concept should be simplified as appropriate to popularize relevant knowledge in plain language. Second, a joint governance mechanism involving multiple sectors should be established. Although the crackdown on blockchain fraud is legally to be perfected, it involves MLM, fraud, and the issuance of “air coins”. This is a clear violation of the Advertising Law and the Criminal Law. The offences include but are not limited to illegal sale of tokens. Illegal issuance of securities, illegal fund raising, financial fraud, organization of leading pyramid sales activities, etc. Since it is possible to initially characterize, the key is to form a regulatory force and conduct precise governance.