The new Chinese regulations for blockchain companies will come into force in February

The Chinese cybernetics administration (CAC) has published its regulations for the management of blockchain information services in the country, to be implemented starting from February 15th.

The new regulations, written in Chinese, are intended to safeguard national security and the public interest, protect the rights of their citizens and other legal entities, and promote the development of blockchain technology and related services.

Blockchain information service providers will be under the supervision of the CAC and will be required to formulate emergency responses that comply with national standards for content that is prohibited by law.

Suppliers must also be able to manage their platforms and sign agreements with their users that clarify the rights and obligations of both parties.

Users must prove their real identity to blockchain companies by sending information such as identity card number and mobile number. If a user fails to disclose these, a blockchain company can not provide its services.

The regulations also undertake to communicate to companies and their customers not to use the services to carry out activities prohibited by administrative laws and regulations that may endanger national security, interrupt the social order or violate the rights and interests legitimate of others. This includes the copying, publication or dissemination of prohibited content through such services.

Each blockchain company must provide information about itself to the CAC and report on changes to its service, such as the product offered or its website.

A series of penalties for violating the various provisions is also outlined.

A draft regulation was made public last October.

While China places many restrictions on the trade in cryptocurrencies and holds the first coin offerings (ICOs), the country remains home to many of the largest mining companies and the trade in cryptocurrencies.

The Chinese government itself has launched a court for the resolution of disputes relating to the Internet, with the registration of such cases on a blockchain.

Note: Tokens on the Bitcoin Core (segwit) chain are called BTC coins. Bitcoin Satoshi Vision (BSV) is today the only implementation of Bitcoin following the original whitepaper of Satoshi Nakamoto for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original Bitcoin vision as fast and frictionless electronic money.