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.

Previous story

23 October, 2018 11:15

← Bakkt launch date set for December

The operator of New York Stock Exchange, Intercontinental Exchange (ICE), has announced the date of official launch of the Bakkt crypto trading platform. Bakkt exchange designed for larger institutional investors will come into operation on December 12 2018. Digital coins to back the contracts will be kept in ICE's storage. The clearing operations will be conducted by ICE Clear US division.

Bakkt launch date set for December

Next story

22 October, 2018 14:15 notifies about 50 million TIO hack →, a revolutionary crypto exchange and modern financial services firm focused on blockchain technology, made a notice in its blog about TIO trading citing the hack of cold wallet. TIO coins should be traded only on the platform. The project's wallet was hacked, so the exchange the assets allocated for the liquidity pool. The heist amounted to 50 million TIO or $8 million at the current rate. The company can track the lost coins, so they are considering possible fork to debase stolen coins and protect other holders. The decision on the measures will be announced within 24 hours following the corresponding meeting. notifies about 50 million TIO hack
Write a comment
Prove you’re not a bot + 15 = 35