Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12"From today onwards, so called exchange platforms are not allowed to participate in exchange of fiat vs tokens, fiat vs crypto. They are also not allowed to buy/ sell as a centralised participant. Not allowed to provide pricing or information as an intermediary.
Any platform against these rules will have their website, mobile apps shut down and license to operate revoked."
However the words tokens and crypto are a little bit ambiguous in Chinese.... we've yet to wait for any clarification but there might be no clarification at all..... so let's see.