China deanonymizes the activities of blockchain companies
China Cyberspace Administration (CAC) approved a set of new rules governing the activities of blockchain companies and obliging operators to disclose all information about users, as well as to combat prohibited content.
Celestial Internet censor published «Regulation on the management of information blockchain services», which applies to all public service providers (websites or mobile applications) using blockchain technology. The new rules will come into effect on February 15th and within 20 days all companies will have to register their names, domains and server addresses with the CAC.
The regulation obliges firms to provide the government with access to all data, as well as register identification cards and phone numbers of users. Additionally, operators are prohibited from publishing, copying, releasing and distributing information or content prohibited by Chinese law..
Failure to comply with these rules provides for a fine of $ 737 to $ 4422, and in case of multiple violations possibly bringing to criminal responsibility. According to the China Cyber Security Administration, the introduced principles will contribute to the sound development of the industry.
While the government continues to tighten internal rules, Chinese investors are actively interested in the Crimean blockchain cluster.
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text: Ivan Malichekno, photo: Unsplash