The China National Internet Finance Association (NIFA) plans to contribute to Beijing's crackdown on illegal ICOs in the country.
According to the news reports, the self-regulatory organization formed by PBOC, NIFA, is said to launch new reporting service called "token sale" on its platform, so for now, everyone can submit a report about possible illegal financial operations.
For now, the association runs a web service at which the public can send reports about suspicious activities. For reference, the bulk of received reports were connected with credits among individuals, online insurance and payments.
As the official website reads, NIFA collects claims regarding financial activities and pass received information to the corresponding authorities for further legal measures to be taken.
Meanwhile, with the new service, the public will be able to report on any signs of outlawed crypto activities. Specifically, people can send information about fiat-to-crypto, crypto-to-crypto exchanges, registration offers, trading, ICO assessment and crypto insurance, as the news reports read.
Lately, Chinese authorities have warned about new fundraising models in the crypto market (e.g. initial exchange offering) as well as foreign exchanges doing business in China via local IP-addresses.
It was also reported, Baidu starts filtering and banning all crypto-related forum threads on its online portal, following similar measures were taken by Tencent and Alibaba.