The Supreme People's Court of the People's Republic of China amended the legal norms on the illegal attraction of funds, toughening criminal liability.
For raising funds in cryptocurrencies, the authorities have established a punishment in the form of imprisonment for a term of three years or more. Those found guilty will also be sentenced to a fine, the amount of which depends on the term of imprisonment:
from three to seven years - from 100,000 to 5 million yuan (~$150,830-$791,870); over seven years - from 500,000 yuan (~$79,187).
If the value of funds raised exceeds RMB 100,000, it will be considered a "large amount". Over 500,000 yuan is classified as "particularly large".
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A more lenient punishment is facilitated by the return of embezzled funds and active assistance to the investigation. Irritating circumstances will be an open criminal case against the accused or the fact of bringing them to administrative responsibility for such an act over the past two years.
China banned ICOs in the fall of 2017.