According to latest reports, officials from the People’s Republic of China (PBoC) and other financial authorities last week met with the representatives from leading Chinese bitcoin exchanges to discuss compliance and explore ways in which the latter can comply with the country’s regulations and form a regulatory partnership, Bitcoin.com reported.

According to local news source Weixin, ten key points were discussed during the meeting, which was held at the Museum of Internet Finance:

1. Setting up of a specific department for risk control and compliance assessment.
    
2. The establishment of a framework for governance and security mechanism, which will be evaluated by third parties.
    
3. Exchanges must strictly follow AML/KYC regulations and refuse to provide services to risky enterprises or organizations.
    
4. Companies in this space should maintain records and report the same to the alliance and local regulators. The record should contain information on the company including its title, details of the head of the company, business model, potential risks and control mechanisms.
    
5. To focus on educating the public on the technology and associated risks including ICOs.
    
6. Implementation of anti-money laundering and anti-telecom fraud mechanisms – using video authentications and biometrics verification to upgrade real-name (verifying) systems.
    
7. Anti-Ponzi scheme or anti-MLM scheme: The exchanges must set appropriate limits such as the amount of money per person per year.
    
8. Enforcement of anti-market manipulation and anti-capital misappropriation.
    
9. Interbank information sharing and deploying blacklisting and whitelisting mechanisms.
    
10. Blockchain companies should actively assume the responsibility of protecting the safety of personal information.

“As a governing body of our research center [China Blockchain Application Research Center], we have conducted some discussions on how to rectify the problem and the People's Bank of China in view of the regulatory process. In view of some of the risks present on the market, we have put forward a self-regulatory initiative. This initiative will ultimately lead to the healthy development of the industry as a whole”, said OKLink founder and CEO Star Xu (loosely translated).