The central government official, however, have assured to immediately work on a regulatory framework for the operations of cryptocurrencies.
The bank in its report calls cryptocurrencies to be a speculation driven instrument instead of having any attributes of money.
The report notes that the ICO market has matured a lot over the last year with improving legal aspects and investor relations.
This has resulted into a considerable drop on the charts in the Bitcoin hashrate.
The new service is specifically aimed towards institutional hedge funds and other big clients.
BTCC will also reward new user on its platforms with point for completing the verification which can be redeemed against its own digital tokens.
The PBS has said that the banks have refused to do business with crypto firms despite no such regulatory rule being imposed by the government.
The deputy governor asked financial institutions not to have much exposure to digital assets and develop a risk assessment framework while dealing with them.
Interested parties for the proposed Bitcoin ETFs have been asked by the SEC to respond regarding their involvement with the SolidX shares.
The new policies and regulatory framework is aimed towards legitimizing the country’s local cryptocurrency market.