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China Issues Regulations for Blockchain Firms, Promoting industry’s Healthy Development

Chinese authority, the Cyberspace Administration of China (CAC), has issued the country’s first national regulations for blockchain service providers, which has hit the crypto headline these days in the country.

According to the announcement published on CAC’s website, the guidelines, coming into force on Feb 15, 2019, were designed to promote the healthy development of the blockchain industry and provide effective legal basis for blockchain-related services in the country.

The regulator first affirmed the benefits of the nascent technology featuring tamper-proof and anonymity that could bring opportunities to national development and convenience to social life, at the same time security risks.

To avoid hidden risks, the guidelines require blockchain firms to allow authorities access to stored data, and to go through registry procedures that users’ ID card numbers are required.

Under the new rules, the CAC considers blockchain information service providers as “entities or nodes” that offer information services to the public – “both institutions and individuals” – using blockchain technology via websites or mobile apps.

As one of the country’s first regulatory frameworks drawn up specifically for the blockchain industry, the authority requires blockchain startups to compulsorily register their names, service types, industry fields, and server addresses with it. This information would become publicly available and the regulator would conduct reviews on a yearly basis.

If a firm fails to comply with the regulations, it might face fines ranging from 5,000 to 500,000 yuan (roughly $700-$74,000). Anti-anonymity is particularly stressed since firms fail to conduct real-name registration would be fined much ranging from 50,000 to 500,000. In case of serial offenses, the company might face a criminal investigation.

The rollout of the regulations indicates that the country’s regulatory framework for blockchain industry is basically complete. With the introduction of the new regulations, fraud projects under the mask of blockchain would soon come to light, which is a real boost to the blockchain industry.

China has been rigorously stamping down on all things related to cryptocurrencies – banning initial coin offerings (ICO), crypto trading desks, media platforms, and activities promoting cryptocurrencies. While these haven’t exactly deterred crypto businesses from operating in the country, with many bitcoin preachers around and prominent blockchain projects emerging. The country, favorable to banning in face of potential risks, seems to have a different attitude towards the nascent blockchain.

COMMENTS(10)

  • Joseph Young
    2 months ago Joseph Young

    TRON is down 88% from its all-time high, I mean every crypto asset is down at least 80%. Ethereum is down 91% from ATH but it just doesn’t seem like anything to celebrate when TRX is down 88% imohttps://news.8btc.com/tron-ceo-justin-sun-laughs-at-poor-performance-of-ethereum-on-weibo-as-trx-surges-15 …

  • Vaas
    2 months ago Vaas

    Tron for kids

  • ecent
    2 months ago ecent

    “We are dying better than you!” seems to be the celebratory call at the moment in crypto

  • CryptoRev
    2 months ago CryptoRev

    Everyone is scared because Tron is going to Rank 2 in the end.
    #trxthestandard
    #trxarmy

  • Jaycrypto
    2 months ago Jaycrypto

    Tron is celebrating 100+ dapps/games, 2000TPS & 2-3 million daily transactions, 3 Dex builtin all the tron wallets, and the coming Bittorrent ICO on tron net. The future of wide spread adoption is bright with Tron.. While you pump ETH’s 15 TPS, 500k daily transactions. lol

  • Jaycrypto
    2 months ago Jaycrypto

    TRX also was up 180% against BTC since Nov 26 to yesterday. So yeah, pretty good bull run in a crypt bear market

  • Asleep
    2 months ago Asleep

    Project atlas
    Alibaba
    Kobe bryant
    Sesame seed
    Privacy coin

    They’ve been working bruh

  • Ace Stojevski
    2 months ago Ace Stojevski

    Nobody can tell me one dApp that has notable teams or people that can guarantee are not created or linked to Tron’s team. The answer is none. I wouldn’t be surprised if every dApp is by them to drive the activity/transactions. Founder’s attitude is enough to see it will fail.

  • @
    2 months ago @

    What’s not to celebrate, if you believe in the space , your project, your token, etc.. now is the time to put in the work and the $. I get what your saying but I actually enjoy right now because the opportunity is so enormous!!!

  • 8BTCnews
    2 months ago 8BTCnews

    #China Issues Regulations for #Blockchain Firms, Promoting industry’s Healthy Development | http://NEWS.8BTC.COM https://news.8btc.com/china-issues-regulations-for-blockchain-firms-promoting-industrys-healthy-development …

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