China's Cyber Security Center (CAC) has introduced new regulations for blockchain companies operating in the country. Announcement on Thursday, January 10th cyber security center published on website.
According to the CAC, the laws, which will come into force on 15 February, have been developed to contribute to the healthy development of the industry.
According to the document, blockchain companies are defined as providing information and technical support by using ring chaining technologies in companies' websites or mobile applications. As soon as the regulations come into force, their names, domains and server CACThey will have to register.
The instructions are to allow authorities to access stored data and to introduce registry procedures that require an identity card or mobile phone number from their users. blockchain requires to start. In addition, they will have to be checked for the prohibited content and censorship information under current Chinese law.
If a firm does not comply with the regulations, it may be fined 20,000 to 30,000 years ($ 2,900 and $ 4,400, respectively). In case of serial crime, the company may face criminal investigation.
China, the first blockchain, blockchain companies want to eliminate the anonymity for the blockchain companies published their draft.
Meanwhile, the Asian newspaper The South China Morning Post, in April Ethereum (ETH) wrote an anonymous open letter for sexual harassment at the best Chinese university in Beijing. The media establishment believes that the publication of the letter could be a motivation behind the new regulations.
China is currently mainly implementing the law of blockchain in three regions - Beijing, Shanghai and Guangzhou. According to the December report of local finance publication Securities Daily, there is a policy project on 11 blockchains concentrated in these areas.
Meanwhile, the country has been crypto approved a de facto ban on trading; it was completed in February 2018 when the government added international crypto exchanges and ICO websites to the Great Firewall. The decision was approved by the People's Bank of China, the central bank and regulators of the country.
Source: Cointelegraph