TL;DR Breakdown • The Financial Protection department of the PBoC is one of the main regulators in China. • Bank Of China asks over 10 crypto platforms in Shenzhen to adjust their way of working. Recently the Director of the Financial Rights Protection agency at Bank Of China, Yin Youping, said that cryptocurrencies have no legal value, so they are not supported. These strong statements made cryptocurrency financial services agencies concerned that a new wave of regulations could be approaching China. According to the People’s Daily Online newspaper, the PBoC Director said that Bitcoin and other cryptocurrencies are assets of...