China regulator approves 309 blockchain services

China regulator approves 309 blockchain services

The Chinese Cyberspace Administration, the country’s Internet regulatory, surveillance and control agency, has published a new list of registered blockchain-based service providers.

The updated list includes 309 companies operating in various industries: tourism, education, e-commerce, law, healthcare and supply chains. Registered organizations include HiCloud and AliCloud, the blockchain division of technology corporations Huawei and Alibaba.

Along with commercial enterprises, various government organizations are included in this list. For example, the State Administration for Foreign Currencies, which is developing its own international blockchain platform, and the Hangzhou Notary Internet Bureau, which was listed due to its electronic blockchain-based evidence repository.

The “Decree on the management of blockchain information services” was introduced in October 2018 and immediately sparked a heated debate among industry representatives.

The ruling states that companies must comply with KYC rules by collecting national user identification numbers or their mobile phone numbers, as well as storing and submitting their customer data to authorities for verification.

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In addition, companies are prohibited from using the blockchain to “produce, duplicate, publish or distribute” any data that could be considered a threat to national security.

Recall that in January of this year, the Chinese Cyberspace Administration introduced rules for regulating blockchain companies operating in the country. The rules entered into force on February 15 and should contribute to the healthy development of the industry.