Tech 31 October 2018

Dan Taylor

China wants public input on proposals for blockchain regulation

Authorities in China have floated draft rules on blockchain projects for public consultation, in a process that is expected to run until November 2.

The Cyberspace Administration of China (CAC) launched its consultation phase this week, with new regulations it says are designed to protect companies, investors and the general public from blockchain projects.

At the same time, the proposals aim to foster the development of blockchain technology, and the emerging industries around distributed ledger technology in China. However, the plans have already drawn criticism from some in the sector, over concerns the measures could stifle innovation and development.

The proposals will require real-name accounts and registration for all blockchain projects, with a requirement that user data is held and made available for inspection for up to six months.

According to CAC documentation, the new rules oblige blockchain service providers to work with the authorities in the supervision and inspection of user data.

“Blockchain-based service providers should work with the authorities to carry out supervision and inspection, and provide the necessary data and technical assistance,” it noted.

Blockchain companies will also be expected to register with the authorities within 10 days of formation, with licenses contingent on proper user data recording, monitoring and reporting.

The CAC also said there would be a greater emphasis on self-regulation blockchain, saying it would implement measures for the “industry to strengthen self-regulation and set up industry standards, educate service providers, and promote the industry credit rating system.”

With early feedback mixed, it remains to be seen how the consultation will influence the final proposals. But with blockchain regulation firmly in the sights, it looks certain that conditions for blockchain businesses in China could be set to become tighter in the near future.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Vacheron Constantin to use blockchain to authenticate timepieces

Tech 3 hours ago

Vacheron Constantin to use blockchain to authenticate timepieces

Vacheron Constantin wants you to know their watches are legit, and as a result they will turn to blockchain technology to prove it.

Read More
Russian state corp. proposes blockchain-based government data system

Tech 4 hours ago

Russian state corp. proposes blockchain-based government data system

Rostec, a Russian state-owned holding conglomerate, has proposed the implementation of a blockchain-based government data storage system.

Read More
Alibaba to integrate blockchain with its intellectual property system

Tech 4 hours ago

Alibaba to integrate blockchain with its intellectual property system

Alibaba is adding to China’s intellectual property regime by creating their own blockchain system.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]