First, a great thanks to our fellow Chinese community members (Chinese forum community, investors and entrepreneurs)!

Here is an interview that is very much worth reading https://letstalkbitcoin.com/blog/post/a-chinese-lawyers-thoughts-on-crypto

The Chinese market especially the online retail market is tremendous and growing! http://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Newsletters/China-360/Documents/China-360-Issue15-201401-E-commerce-in-China.pdf

A have a (hopefully) simple question: Is it legal in China to accept crypto currencies like Bitcoin / BitCNY as payment?

Glad to get your attention to my interview:)

Wildpig is right that the customer can pay cryptocurrency in China while the price should be denominated in CNY.  To be frank, price in China can't even be denominated in US$ because US$ is not the fiat of China (however the customer can pay US$ in private to settle his obligation, likewise, so long as the seller feels happy).

you guys should have it translated into English soon

Noted.  Bilingual site is a must-have for each crypto crowdfunding with global reach.  Yet we are still in the process of nailing down the Chinese text 

so DACx is building a portal for access into Bitshare decentralised exchange of "shares" in small and medium business in China, am I right?

similar to what Medici is to Counterparty?

Furthermore, what is your progress so far? and more info on the team would be greatly appreciated.
(the info is not for voting but for me to better be able to appreciate the gravity of DACx ).

Exactly thats what DACx is doing.

But a bit different with Medici although we may share the same goal.  Medici is supposedly designed to create a brand-new stock exchange while DACx is essentially an investment bank playing with the existing decentralized stock exchange - the BitShares blockchain.

We have been incorporated and will definitely reveal further info in due course.  The Chinese community is pretty much familiar with most of our members, among whom Baozou (Rampaging Prince) is a top influential guy in the crypto-industry of China.  Technically we are poised to launch IPO for companies in the crypto-world at present, given that the local crowdfunding regulation hasn't made its debut to shackle us.  What we are doing right now is to locate promising start-ups in China, whose business idea should be sexy enough to appeal to the crowds.

Very nice, you've got my vote.

Couple of questions though:
PLAY is using your platform for their crowdfunding at the moment.
What's the difference with other IPO's so far, except for being listed on DACX?

Once shares are sold and traded on the BTS platform, how will shareholders be able to withdraw them?
Just by direct sending? Would this make every project crowd funded on DACX a BitShares Asset?

Edit: I guess there is no need to withdraw shares from regular companies.
But how will this work for crypto related projects?

There seem to be some misunderstanding on how DACx has been working for PLA’s crowdfunding.  Let me introduce myself first, I'm the legal counsel of DACx and also advised on PLAY's crowdfundig.  I would like to take this opportunity to clarify DACx’s role generally.

DACx is primarily an advisor and underwriter insofar as PLAY’s crowdfunding is concerned.  DACx's services focus on the publicity matters as well as overseeing and holding the bitcoins raised until the funding window is closed.  It should be noted that DACx doesn’t take any PLAY Shares (“PLS”) from the PLAY Foundation for subsequent distribution among the contributors.  Instead, each contributor should manually claim PLS by importing the private key of his bitcoin sending address, just like what he did in claiming BTS months ago.  No singe PLS will be passed on to the contributors via DACx.  So no PLS withdrawal needs to be made from DACx.

Therefore, you can say that there is no substantial difference between PLAY crowdfunding and many other crypto-IPO such as BTS MUSIC.

On the other hand, contributors who are familiar with crypto-assets may engage ZAFED Corporation (a separate legal entity) to make the contribution in bitcoin and claim the PLS rewards.  Yet this has nothing to do with DACx, which is crowdfunding platform acting on behalf of the project initiator.

For the questions on your second post:

(1) it seems my answer above is selfexplanatory.  No trust or the like is there at all, nor is it needed for PLAY's crowdfunding.

(2) PLAY's crowdfunding has nothing to do with BitShares blockchain (apart from the PLS to be allocated to the BTS holders, which are not part of the crowdfunding rewards). 

However, DACx is also set to do equity crowdfunding for startup companies (as opposed to crypto-coins).  In that case, there will be a separate custodian (instead of DACx itself) to hold the shares in the funded company on behalf of the contributors, backed by "Bit-Depositary-Receipt" ("BDR") issued to them on BitShares blockchain.  Each BDR represents a fractional ownership to the underlying equity interest in the funded company, which will be honored by the said custodian.  Moreover, the custodian and each contributor will sign a binding legal instrument to formalize that arrangement to ensure the BDR legally enforceable.

Here you can see BitShares blockchain will serve as the public ledger to record all the BDRs issued against the underlying equity crowdfunded.  Such records will be conclusive, as backed by binding legal instruments.

(3) In China, there are only stock exchanges with tiered boards such as the main board, growth enterprise board and so forth.  No official crowdfunding platform has been set up, nor will there be.  The Chinese government is going to drive private crowdfunding platforms to grow (subject to official license), thanks to the recent legislative development in this regard.  Of course, hurdles and bureaucracies are foreseeable for DACx to apply for the relevant official permit after the crowdfunding regulation takes effect.  Yet we are committed to that pursuit anyway to boost the application of BitShares.  While the crowdfunding regulation isn't yet officially promulgated, the sponsors of DACx have been approaching major players in the securities sector of China in view of a close partnership on setting up a fully legalized crowdfunding platform. 

And even in the worst case scenario that DACx fails to get licensed eventually, it can still utilize BitShares blockchain to do reward/charitable crowdfunding, in that only equity crowdfunding is expected to be regulated.
   

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I'm happy to answer any followup questions in this regard ----- free of charge