China’s Internet Censorship Agency Releases First Batch Of 197 Registered Blockchain Companies
The Cyberspace Administration of China (CAC), the country’s Internet censorship agency, has released the names of the first batch of 197 officially registered blockchain-based information service providers.
In October 2018, the CAC published draft regulations for blockchain-related service providers, titled “The Regulation for Managing Blockchain Information Services.” The regulation seeks to “standardize blockchain information service activities, promote the healthy and orderly development of blockchain information services, protect the legitimate rights and interests of citizens, legal persons and other organizations, and safeguard national security and public interests.” The regulations were approved by the State Council Information Office and implemented on February 15.
Last week, the CAC publicly released the names of blockchain-based information service providers in China that have successfully received their corresponding registration numbers. These include public Internet companies, such as Baidu, Tencent and Iqiyi, and a number of startup companies, including Lufax, VeChain, and Wanxiang Blockchain, among others.
The CAC said that the blockchain information service providers are required to indicate their registration numbers in a prominent position, such as Internet stations and application programs.
“The filing is only the registration of the relevant information of the main blockchain information service, and does not represent an endorsement of its institutions, products and services,” the CAC said. “No institution or individual may use it for any commercial purpose.”
Sunny Lu, CEO, and co-founder of VeChain, said in a statement that official regulations and standards will help contribute to the development of the blockchain industry.
“This is the first step towards standardizing blockchain technology development and the regulatory environment in China,” said Lu. “This also allows for an increasing number of companies to be able to develop blockchain applications on existing blockchains in accordance with the laws and regulations without being shrouded in stigma.”
CY Cheung, partner of PwC Shanghai, said that the fundamental principle of CAC’s filing regulation is to strengthen, develop and secure the industry.
“The launch of the regulation is also the inevitable result of the development of the blockchain industry,” Cheung said. “The relevant national policy was announced last year, the latest news was only the successfully filing list and those who have not filed yet should fulfill their due obligation as soon as possible.”
