[News] China Introduces New Regulations for Blockchain Companies

The Cyberspace Administration of China (CAC) released new regulations for blockchain companies that operate within the country.

The new regulations were developed to contribute to the healthy development of the industry and will be enforced starting of 15 February.

Companies that uses blockchain technology to services to the public will be obliged to register their names, domains and server addresses at the CAC within 20 days.

The government will also have access to stored data, and will introduce registry procedures that would require ID card or mobile numbers from its users. Company will be obliged to oversee content and censor information that is prohibited under current Chinese law.

Since the Chinese government is unable to stop technology from progressing, just like the highly regulated and censored internet in China, the Chinese government is taking steps and precautions in order to ensure that blockchain technology in China does not “challenge their values”

Check out the report made by Reuters on this issue.

J.D.