China will adopt a series of regulatory measures to crack down on both domestic and overseas Initial Coin Offerings and virtual currency transactions, including the banning of relevant businesses and their exchange platforms, according to Xinhua news agency.

The report also says that for transaction platforms, the central bank will adopt a “find one, shut down one” hard-line policy. In the meantime, further regulations could be introduced as needed.

Previously in September of last year, the central bank and six other ministries have co-released an announcement to declare that ICOs are illegal and ordered all related fundraising activity to be halted.

However, many domestic investors have turned to offshore platforms to continue to participate in virtual currency transactions, the report said. In consideration of the possible risks to the economy, the regulators decided to move quickly to maintain financial stability.