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The Chinese Internet censorship agency has approved a series of regulations for blockchain service providers in the country that will come into force in mid-February.
The Cyberspace Administration of China (CAC) published its new "Rules for managing Blockchain Information Services" on Thursday, defining the blockchain information service providers as "entities or nodes" that offer information services to the public using blockchain technology. through desktop sites or mobile apps. The rules become official on February 15, according to the statement.
Among the 23 articles listed in the document, one requires blockchain service providers to register with the CAC within 10 working days from the start of offering services to the public.
The agency also requires that blockchain startups should register their names, service types, industry fields and server addresses. Furthermore, it prevents startups from using blockchain technology to "produce, duplicate, publish and disseminate" information or content prohibited by Chinese laws.
If the blockchain startups do not comply with the rules, the CAC said that it would first issue a warning, while the failure to act within the specified time frame would result in a fine of 5,000 yuan ($ 737) to 30,000 yuan ($ 4,422), to second of the crime.
The CAC published draft regulations for the first time in October of last year. At that time, one of the articles also recommended that blockchain startups operating in fields such as news, publication, education and the pharmaceutical industry should also obtain licenses from the relevant authorities prior to registration to the CAC. The final rules have completely abandoned this article.
Previously, blockchain technology was used to circumvent China's stringent Internet censorship – often dubbed "The Great Firewall". For example, as part of the #Metoo movement and a recent pharmaceutical scandal in the country, people have posted information on the blockchain ethereum to avoid censorship.
Image of the flags of China via Shutterstock
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