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Chinese Authorities Publish Draft Policy For Blockchain Startups

14:06 22/10/2018

On October 19, the Cyberspace Administration of China (CAC), a government agency that censors and monitors information posted in the Chinese cyberspace, published a draft paper of “The Regulation for Managing Blockchain Information Services” and expects to get feedback and public opinion within two weeks, CoinDesk reports.

 

If adopted, the document will be applicable to all Chinese entities that contain and deliver data via blockchain. These include institutions and individuals providing public information services. These rules with regard to blockchain regulation will be the country’s first ever framework.

 

The draft document contains 23 articles. The organizations that apply blockchain will have to complete registration process within a period of ten days from the date of service. The information should include names, types of services, implementation areas, server addresses. They will be publicly available and updated annually.

 

Some Chinese experts stated that the regulation may affect the supernodes of concrete blockchain networks. For example, in the EOS network, there are 21 supernodes, each representing a specific firm or an individual, therefore all of them should follow the same rules.

 

Service providers are prohibited from deploying blockchain technology to “produce, duplicate, publish, and disseminate” information or content prohibited by the PRC laws. Moreover, within the KYC/AML requirements, they must collect personal information about their clients and pass it on to law enforcement agencies upon request.

 

As previously reported, the Hong Kong Securities and Futures Commission plans to introduce rules concerning the crypto sphere

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