When the Bitcoin Exchange closes, China will move forward

Last week the Chinese government has announced that they will be banned on the digital currency exchange on the mainland and will be the beginning of a tragic week for cryptomcurrency space, which recorded bitcoin, ethereum and other tokens and currencies rates around the world Lily division percentage points Still, the harsh word, the Chinese government's estimates, some analysts said that the next step would be: The initial announcement has left some rooms for explanation about time and process questions.
According to the coin desk, it does not look like this. Now, China's bitcoin exchanges have been instructed by the government about how and when they should stop the operation.
Operating Without Formal License
China's regulators have formally issued verbal instructions to the Cryptoncurrency Exchange, from which they expect how they will stop their formal programs without formal license. Exchanges need to take steps to be issued by the Beijing Internet Financial Risk Reduction Office A report outlines the process of processing procedures for exchanges, including resources to deal with customer data and banking partnership.
Authorities Crack Down
Already, the most long-running digital currency conversion in the world - many popular exchanges including BTC have announced their closing dates. BTCC has indicated in a series of tweets that the customer will be able to recover the investment money after the end date of September 30.
Authority According to the coin desk, the exchange will be a series of compliance in the month of September, in which each rule will be assigned a different due date
For example, by 6th September, a regulatory "risk-free clearing scheme" should be present in the exchange, which should be sent to the regulatory office, along with the bank account to be used to deposit the funds. It was announced that the midnight of September 15 was closed till midnight.

In the second rule, "Shareholder, Controller, Executive and Exchange Chief Financial and Technical Staff are Fully "In addition, before the clearing of the exchange," Daily Authority "should report its development and all exchange user and business data should be secure and authorized.

The Cryptocurrency market fell from a significant margin on the news from China, although many of the lost value It is also a question that it is also a question that other countries, including Japan, Singapore and the United States, can also investigate other regulatory actions in light of the new status of China.