China’s Internet Regulator Unveils the First Batch of 197 Registered Blockchain Projects
China’s internet regulator, the Cyberspace Administration of China(CAC), unveiled on March 30 the first batch of 197 officially registered blockchain information service providers that have received the record number in accordance with the Regulation for Managing Blockchain Information Services , according to Yicai.
The list of blockchain information service providers which are defined as “entities or nodes” that offer information services to the public using blockchain technology via desktop sites or mobile apps includes the BAT camp of Baidu, Alibaba and Tencent, financial giants, as well as blockchain startups.
Baidu, China’s answer to Google, has three registered blockchain projects, namely, the blockchain-based search engine called the Baidu Blockchain Engine (BBE), a blockchain-based protocol dubbed “Super Chain” and the blockchain-based photo service Totem. Meanwhile, Chinese retail giant JD.com receives three record numbers for its blockchain services , including the Blockchain as a Service (BaaS) platform, blockchain-enabled traceability platform and JD Cloud’s blockchain-based data service platform.
Ant Financial, the online finance arm of the e-commerce giant Alibaba, has its BaaS platform registered with the CAC’s filing management system, while Tencent obtains two record numbers of its blockchain platform and Tencent Cloud’s TBaaS platform.
Besides, many big names in China’s financial services such as Ping An Insurance, China Zheshang Bank (CZB) and WeBank, and other well-known listed companies like SF Express Haier have also successfully registered for their blockchain service. According to the incomplete statistics from financial data services provider Wind, the list involves 53 listed companies, 41 of which are listed on China’s A-share market.
Noteworthily, a number of blockchain startups that have issued their own tokens, including VeChain (VEN) and BUMO (BU) have become officially registered blockchain service provider.
However, the move does not mean the Chinese regulators give green light to cryptocurrency-related activities. The CAC notes that the record number that the 197 blockchain projects have received does not represent the the authorities’ recognition on its products or services and these registered entities are not allowed to use it for any commercial purpose. The internet censorship agency added that it will continue to closely monitor the registered projects.
The registered 197 blockchain information service providers mainly focus on offering blockchain-based traceability and anti-counterfeiting solutions, evidence storage and verification solutions, supply chain finance solutions and providing open source platforms.
The Regulation for Managing Blockchain Information Services which was first announced in October last year by the CAC and came into effect on February 15, involve censorship and ban anonymous users, igniting a heated debate among blockchain and cryptocurrency enthusiasts.
According to the regulation, blockchain service providers in China are required to verify users implement real-name registration for users via a national ID or telephone number, barred from using blockchain technology to “produce, duplicate, publish, or disseminate” any content that is deemed to pose a threat to national security and store user data to allow inspection by authorities. The initiative is said to promote “orderly and healthy development” of the blockchain industry.