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Blockchain China News

New China Blockchain Regulation. Why Do We Need It?

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New China Blockchain Regulation. Why Do We Need It?

October 19th, Chinese Government Legal Information Network News released the set of new regulations for blockchain-related projects. Why would we need a regulation in China?

According to the new regulations, the blockchain information service provider has to fill in the registration form through the National Internet Information Office service management system within 10 working days from the date of providing the service.

At the same time, a blockchain service provider has to specify the real documents of the company, fix the content security management, set up the supervision and inspection of users and their identities.

new-regulation-blockchain-in-china

A little 麻烦?

Mia Tam, the Chinese crypto expert thinks this is positive news and just a prelude to the standardized management of blockchain information services.

“A promising launch of Hangzhou Internet Court Judicial Blockchain that makes the entire process of generating, storing, distributing, and using electronic data credible. Now, the legislation follows up. For those, whose views on blockchain are honest the new regulations shouldn’t seem like a threat.” – Mia explains.

The specification is mainly focused on the regulatory level of content security management. Chinese believe that for such new things as blockchain, the relationship between supervision and development should be balanced in legislation. For example, the sandbox platform, on the one hand, it draws a special zone on the legal policy, on the other hand, it can also be used as a technology platform. The innovation project can access the sandbox technology platform for supervision. At the same time, this sandbox technology platform is an incubation platform. The underlying blockchain infrastructure is all about POC (proof-of-concept), similar to experimental projects.

Blockchain Regulation in China

That’s actually a smart idea, right?

The government issued a ban on ICO, but the digital currency and the application of the blockchain are still seeking development. In March of this year, Zhou Xiaochuan, governor of the People’s Bank of China, expressed his cautious attitude towards blockchain technology when he answered questions at a meeting of the 13th National People’s Congress. He said:

“When launching new products, in addition to considering market dynamics, we must also consider the overall market situation. Before entering the operation, we must consider the relationship with consumers and investors.”

Before the national policy was issued, governments across the country had already paid attention to the development of blockchain technology and built blockchain industrial parks in Shanghai, Hangzhou, Chongqing and Guangzhou. In October this year, the Shenzhen Financial Office official website issued an announcement to publicly solicit opinions on the Shenzhen local standard “Technical Specifications for the Financial Industry Blockchain Platform”. This is the first local standard for financial blockchain solicitation.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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