• Sat, 25 May 2019, 03:09 PM
  • All times are UTC
  • Edition:
    International
Link copied

China’s internet watchdog publishes draft regulations for blockchain-based information services

CAC Homepage Screenshot (TokenPost)

Mon, 22 Oct 2018, 10:26 am UTC

The Cyberspace Administration of China (CAC), the central government’s Internet regulator, censor, oversight, and control agency, has published a draft policy framework aimed at regulating blockchain-related service providers in the country, CoinDesk reported.

The CAC has published “The Regulation for Managing Blockchain Information Services" and is seeking public feedback on the same. The deadline for public comments is November 2, 2018.

The draft policy seeks to “standardize blockchain information service activities, promote the healthy and orderly development of blockchain information services, protect the legitimate rights and interests of citizens, legal persons and other organizations, and safeguard national security and public interests.”

The document defines blockchain information service provider referred as “the entity or node that provides the blockchain information service to the public, and the organization or organization that provides technical support for the blockchain information service.”

If enacted, the regulation would require blockchain information service providers to register with the CAC within 10 working days from the date of providing the service. These entities would be required to register their names, service types, industry fields, and server addresses. The CAC said that this information will be publicly available.

Importantly, the regulation would prohibit service providers from using blockchain technology to "produce, duplicate, publish, and disseminate" information or content that is prohibited by Chinese laws.

In addition, blockchain information service providers would be required to implement know-your-customer measures and authenticate the identity information of the users based on their national identification numbers or mobile phone numbers.

"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 document states.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,059.77 (+0.18%)
  • Ethereum (ETH) $252.39 (-0.01%)
  • XRP (XRP) $0.388100 (-0.28%)
  • Bitcoin Cash (BCH) $409.14 (-1.77%)
  • Litecoin (LTC) $101.80 (+2.61%)
  • Bitcoin (BTC) $8,059.77 (+0.18%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft