[ad_1]
/ Ultima / 2019/01 / new-chinese-blockchain-legislation-set-to-come-in-force-next-month /
The Chinese cyber administration (CAC) has declared that a series of new regulations regarding blockchain companies will begin to be applied on February 15, according to a statement. The regulator said the new rules "will advance the healthy and orderly development of the sector". The CAC press also outlined all the "Rules for managing Blockchain information services".
According to the provisions, blockchain platforms will be necessary to implement the registration of the real user, the content of the complaint and provide the authorities with access to the stored data, according to Reuters. Companies must maintain backups of all user information and activities for at least six months, according to the rules. The State Internet Information Office will be responsible for blockchain regulations nationwide, while more local authorities will be responsible for enforcement in the different states.
The new rules require companies to register
Blockchain service providers are required to register correctly with the national national information office blockchain storage system "within ten working days from the date of service provision." According to the CAC, the relevant companies will be required to notify within five working days whether to change the "service or website of the platform".
The authorities also have the power to conduct inspections and other supervisory activities, and companies must comply and correspond with the authorities, where applicable. Entities that break the rules face potential suspensions until the problem is resolved. Fines of 5,000-30,000 yuan ($ 739-4,400) and potential criminal proceedings could be a factor of more serious violations.
The article 10 of the document warns and forbids blockchain service providers to undertake activities that break the law and "endanger national security, disturb the social order and violate the legitimate rights and interests of others" .
Crypto Crackdown of China?
The Beijing authorities have said they are encouraging research into blockchain technology, but since 2017 the country has been engaged in a widespread repressive crypt with bans on ICOs and internal exchange transactions.
Some speculate that China's hardest line could open the door to other nations, such as Japan and the Philippines, to become the "cryptic valley" of Asia. "Reporting the end of the New Indian Express last year, the crypt in India could become legal if an interdisciplinary committee in favor of legalization gets their way.
