China to Enforce Blockchain Regulations

Blockchain Platform Regulations are now in Place in China and will come into effect starting February 2019.

China has regulated the blockchain platform development and content on blockchain platforms according to latest reports by Reuters.

Each Blockchain platforms in China now require to censor the contents on their blockchain network and additionally should allow Chinese government authorities to access data, identify user ownership.

According to new blockchain regulations comprising of total 24 articles, users of blockchain platforms now require a national ID or telephone number with their real-names prior to registration on blockchain platforms. Violations could lead to fines or prosecution as per the draft rules in October 2018, notes the report.

According to the reports, Cyberspace Administration of China (CAC) to enforce these regulations starting next month and claimed that these regulations will help orderly development of blockchain platform.

Despite these regulations, the report claimed that the Chinese government wants to foster innovation in the field of the blockchain. Started since 2017, there has been a crackdown on cryptocurrencies, initial coin offerings (ICOs), and banned domestic cryptocurrency / digital asset exchange services in China.

Our online search led us to a Blockchain Information Service Management Regulations document and can be accessed here. We could read these rules and regulation with the help of Google Translate.