Xiao Wei, director of the Bank of China Law Research Association, today published a public block titled “Regular Blockchain Project, Where is the legal boundary? 》 article. The article mentioned that the "Announcement on Preventing the Risk of Subsidy Issuance Financing" pointed out the risk of ICO. "There are multiple risks in the financing and trading of tokens, including the risk of false assets, the risk of business failure, the risk of investment speculation, etc. It is necessary to bear the investment risk by itself.” It can be seen that the definition of ICO in China is an illegal public financing behavior, not only the operators are illegal, but also the investors have huge risks. In addition, in conjunction with the letter from the Yinbao Supervisor and the recent Shanghai Notice on the Implementation of the Renovation of Virtual Currency Exchanges, the “blockchain” is not equal to the “withdrawal chain”. ICO and other illegal public financing activities are still prohibited. The promotion of blockchain is not equal to the resurgence of ICO.