China Banknote Zhang Yifeng: At present, all countries are exploring the regulatory framework for virtual currencies and trading platforms

According to, on the [Financial Experts Online] program, Zhang Yifeng, director of the China Banking Technology Institute of Blockchain, said that in fact, the supervision of virtual currencies is a problem for all countries. At present, countries are exploring regulatory frameworks for virtual currencies and trading platforms. Let me briefly introduce the situation in several countries. For example, the virtual currency is clearly divided into three categories: the first category is payment tokens. The main regulation of payment tokens is supervision from anti-money laundering, KYC (know customer rules), and terrorist financing. The second type is securities tokens, which are regulated from the perspective of securities issue compliance and related supervision. The third category is called utility (utility token), which is relatively loosely regulated. Singapore uses a different model, with similar basic classification. It uses six different cases to classify it. In general, the supervision of various countries is now exploring and exploring, so China is the same. The first one is to find corresponding measures and methods from some existing supervision methods. Secondly, from the perspective of innovation, we should better supervise without precluding innovation.