China has remained vigilant toward the fledgling blockchain and cryptocurrency industry for a while – and things might be about to get even worse. Beijing has declared security token offerings (STOs) illegal. At a wealth management forum held over the weekend, Huo Xuewen, chief of Beijing’s Municipal Bureau of Finance, said that raising funds in STOs is practically “illegal,” local outlet Caijing reports (via CoinDesk). “The ICO (initial coin offering) model is getting left behind for a new concept called STO. I want to issue a warning to anyone considering running an STO in Beijing,” Xuewen said. “Don’t do it in…

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