The cyberspace administration of China released a draft regulation and regulatory activities of multiple blockchain startups in the country.
It is still a draft document published to collect the wishes of the interested parties, however, the key approaches to regulation that can be observed quite clearly. All in the best Chinese traditions — accounting, control and national security above all else.
It is planned to regulate the activities of any Chinese companies that fall under the definition blockchain provider of information services. They are the company or even nodes, offering information services to organisations and individuals using blockchain technology.
One of the 23 paragraphs of the draft document stipulates that the provider blockchain services must register within 10 days of the start of activities, that is, from the moment he began to provide these same services.
For registration you will need to specify the name of the company type of services provided, scope of activities and addresses of the servers. All this information will be publicly available and periodically monitored by the regulator, i.e. the Administration of cyberspace.
Some confusion of the wording leaves space for reflection on what startups are subject to registration. However, some local experts believe that the proposed innovation may even affect supernode separate blockchain networks. In particular, according to Jiang Jouera, the founder of PTS mining pool.THOR, for example, each of the 21 supernet blockchain EOS operated by a private person, and all of them are subject to registration.
Blockchain startups operating in specific sectors, which themselves are regulated by the government, for example, journalism or publishing, education and pharmaceuticals will have to obtain a separate license regulators spheres of their professional activities.
That does not negate the need to register on a General basis — just so startups will need to have two documents. Another surprise — the blockchain startups plan to ban the “manufacture, distribute or copy the information” contrary to Chinese law. The latter should be understood as warm greetings enthusiasts lays special hopes on the blockchain in the bypass omnipresent and omnipotent Chinese censorship.
Not forgotten, and the requirements of KYC start — UPS plan to require you to collect information about customers. According to the regulator, providers must keep logs and the content posted by users of their services within six months and present them upon request of law enforcement. Comments and suggestions to the document are accepted until November 2, then it will be after improvements finally adopted as mandatory for the industry rules.
Recall that the Chinese authorities are categorically against cryptocurrency and ICO, but appreciate the possibilities of the blockchain. Officials and public figures, headed by CPC leader XI Jinping, who called the blockchain part of the technological revolution, praised the role and place of technology in the modern world.
In August it became known that the party’s publishing house people’s Daily even issued a Handbook for the study of the blockchain for civil servants and members of the Communist party of China.