China's internet censor drafts regulation for blockchain startups

posted about 2 months ago
China's top-level internet censorship agency plans to regulate blockchain-related service providers in the country. The draft policy is called "The Regulation for Managing Blockchain Information Services" and the censorship organization is now looking for public feedback before it will take effect. The rules, if enacted, would apply to any China-based entity regarded as a blockchain information service provider, and would represent one of the country's first regulatory frameworks drawn up specifically for the blockchain industry.

Among the 23 articles proposed in the draft, one requires blockchain service providers to register with the agency within 10 days of starting to offer services to the public. Further, service providers would not allowed to use blockchain technology to "produce, duplicate, publish, and disseminate" information or content that is prohibited by Chinese laws. "Service providers must store the logs and content published by users of their blockchain services for six months and provide this information to law enforcement when required," the draft policy states.
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