Chinese internet authority drafts legal rules for blockchain companies

Posted 22 October, 2018

China's Cyberspace Administration of China (CAC) released the draft rules for censorship in the web for China-based blockchain services.

According to the report, the draft called "the Regulation for Managing Blockchain Information Services" covers tougher regulations for the providers of blockchain-related services. 

The Cyberspace Administration of China is considered as the main internet-censorship body in the country. At present, CAC is reportedly ready to receive public comments on the released document, which are accepted till November 2, with further phase to come the next after that.

As a result, in case of a positive determination, the regulation will cover everyone considered as blockchain service provider in the country. Notably, these rules are said to become the first legal framework for blockchain industry in China.

Under the new rules, blockchain providers will have to pass registration with the authority within 10 days after the business start. Specifically, the companies have also to register their names, services, business sector as well as servers' addresses. All the data will be public and will be checked by CAC every year. 

It is worth mentioning that the providers from highly regulated sectors, including mass media, education and pharmaceutics, must pass certification with the corresponding authorities and only then require registration with CAC.

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