Chinese Internet regulator has developed new rules for blockchain companies

On Friday, the Cyberspace Administration of China published a bill that would require all blockchain organizations to censor information and require users to use their real names and identification codes when registering. According to the South China Morning Post, the regulator's bill is open for public comment until November 2.

The bill states:

The provision of information services on the blockchain in the People's Republic of China must fully comply with these provisions. If there are other provisions in laws and administrative regulations, they must also be followed.

In accordance with the law, blockchain service providers will be required to fill out a registration form in the Center for Internet Information Network (CCNIC) system. According to the regulator, this process should take no more than 10 days.

In addition, the blockchain startup is obliged to verify users and their identities, as well as provide the regulator with real company documents and data for all users, if required.

Despite Chinese ICO ban and cryptocurrencies, blockchain technology in the region continues to develop. Let's not forget that despite the crackdown on cryptocurrencies, the Chinese government has invested more than $3 billion in blockchain funds. The country's President Xi Jinping recently confirmed that the development of blockchain technology will be one of the country's main priorities for several more years. 

Recently, the Chinese Electronics Standardization Institute (CESI) announced its plans to publish proposals to improve smart contracts, privacy and deposits on the blockchain in order to accelerate the development of the blockchain industry in the country. 

According to ccn.com