The Chinese government intends to further regulate the crypto economy, according to reports from Yicai, the Chinese financial news agency.

The report indicates that the government has only just begun to regulate cryptocurrencies and ICOs, after Monday’s ban on ICOs.

The news of the ban left many ICO companies seeking to return money to investors in order to remain government compliant. Many ICOs canceled, while some continued unfazed.

The announcement cited sources close to financial decision makers within the government who indicated that the ban was just the tip of the proverbial iceberg regarding regulations on cryptocurrencies and their spin-offs.

Source: https://cointelegraph.com/news/more-bad-news-ahead-for-chinese-bitcoin-ico-cryptocurrency-markets