China roundup: Officials clarify details on crypto ban, and other news

China makes ban on cryptocurrency crystal clear with latest statement

• Chinese state insititutions on September 24 announced a ban on transacting cryptocurrencies, clearing any doubt on the country’s stance against the digital coins.
• Beijing will also clamp down on the mining of digital assets. Offshore exchange Huobi, meanwhile, blocked new users from signing up and said it will “retire” mainland Chinese accounts by the end of the year.
• The country had long been a hub for bitcoin mining. As of April 2021, China contributed 46% of the global computing power needed in cryptocurrency mining and processing.

PAG leads DataYes‘ US$100 million fundraise

• DataYes, which offers management solutions for data and investments, raised US$100 million in a round led by PAG, a Hong Kong-based investment management firm.
• DataYes uses AI to help financial service players with data, software as a service, and other solutions.
• Investors are eyeing growth opportunities in the country’s financial services sector as the total wealth of Chinese households set to reach 210 trillion Chinese yuan (US$30 billion) by 2025.

Authorities launch standards for automated vehicles

• The State Administration for Market Regulation and the Standardization Administration have released guidelines for manufacturers of automated vehicles. The rules will reportedly come into effect by 2022.
• The standards feature a six-level grading system from zero to five, with each level corresponding to a vehicle’s level of automation.
• These new norms could signal more state supervision over smart cars and automated driving, Pandaily reported.