The ICO — Initial Coin Offering — has recently become a very popular way to fund a startup, as it adheres to few rules requiring little to no regulative oversight. Companies such as Tezos and Bancor raised hundreds of millions of dollars within days by letting investors purchase their newly created cryptocurrencies (also known as tokens) with Ethereum or Bitcoin.

But now, this wild, wild west of fundraising appears to be at an end, at least in China. The People’s Bank of China has issued a …

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