China continues to regulate the blockchain industry

02/22/2023 09:30 • Crypto & Markets • 102 views

It is reported that recently, according to the Administrative Regulations on Blockchain Information Services, the National Internet Information Office released the 11th batch of 502 domestic blockchain information service names and filing numbers.

The State Internet Information Office issued the 11th batch of domestic blockchain information service filing list, and the central data collection and other departments were filed

Interpretation of the news:

The blockchain industry in China has been under increasing government scrutiny, with regulators keen to ensure that the sector is fully compliant with local laws and regulations. Recently, the National Internet Information Office (NIIO) released the 11th batch of 502 domestic blockchain information service names and filing numbers, in accordance with the Administrative Regulations on Blockchain Information Services.

The regulatory framework governing the blockchain industry was issued by China’s Cyberspace Administration of China (CAC) in 2019, and requires all blockchain companies to register with the CAC and obtain an operating license before they can begin operating. The framework also stipulates that blockchain service providers must comply with a range of rules and obligations, including ensuring the security and stability of the network, protecting user privacy and preventing illegal activities.

The release of the latest batch of blockchain information services suggests that China remains committed to regulating the industry and promoting compliance among blockchain companies. It is likely that the NIIO will continue to issue regular batches of blockchain service names and filing numbers in the coming months, as it seeks to maintain a tight grip on the industry and prevent potential abuses.

However, the regulation of the blockchain industry is not without controversy. Critics argue that the requirements placed on blockchain companies by the Chinese government are too stringent, and that they stifle innovation and growth in the sector. Moreover, there are concerns that the government’s emphasis on control could lead to the creation of a state-managed blockchain network that undermines the decentralized nature of blockchain technology.

In conclusion, the release of the 11th batch of blockchain information service names and filing numbers highlights China’s ongoing commitment to regulating the blockchain industry. While this approach has divided opinion, it is clear that the Chinese government is determined to ensure that the industry operates within a legal framework that protects the interests of consumers and the wider public.

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