China’s cyberspace management (CAC) approved a set of new rules governing the activities of blockchain companies and obliging operators to disclose all the information about users, as well as to deal with the prohibited content.
The Internet censor of the Intestinal published the «Regulation on the management of information blocks-services», which extends to all public service providers (websites or mobile applications) using blockchain technology. New rules come into force on February 15 and within 20 days all companies will have to register their names, domains and server addresses in CAC.
The position obliges the firms to provide the government access to all data, as well as register identification cards and user phone numbers. Additionally, the operators are forbidden to publish, copy, produce and disseminate information or content prohibited by China’s legislation.
For non-compliance with these rules, a fine of $ 737 to $ 4422 is provided, and in the case of multiple violations it is possible to attract criminal liability. According to the management of cybersecurity of China, the introduced principles will contribute to the explicit development of the industry.
While the government continues to tighten the internal rules, Chinese investors are actively interested in