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China makes moves on blockchain regulation

According to website, International Law Office, the Chinese government’s growing concerns about certain aspects of blockchain have triggered a number of recent regulatory responses. For example, in June 2018 the government learned of a vaccine scandal in which improper wording was allegedly uploaded to Ethereum (a type of blockchain). On 19 October 2018 China’s internet watchdog, the Cyberspace Administration of China (CAC), released the draft Provisions on the Administration of Blockchain Information Services for public comment. The provisions comprise 23 articles, which are intended to govern all entities that provide blockchain-based information services in China and are the first step towards regulating blockchain-related technology at the government level. Based on the current draft, it seems that the CAC is not taking any radical steps forward, but rather is testing the waters. However, some of the issues addressed by the draft will carry important ramifications for the operations of various enterprises in China.” Article 2 of the provisions stipulates that the provisions apply to blockchain-based information services that are provided to the public in mainland China. The term “blockchain-based information services” may give rise to confusion where narrowly misinterpreted as referring to IT services. However, the second paragraph of Article 2 further clarifies that they will be defined as services providing information to the public which are developed based on blockchain technology and presented in the form of a website or app. Read more

  • Tuesday, 18 December 2018

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