Cyberspace Administration of China announces first batch of 197 registered blockchain companies

The Cyberspace Administration of China (CAC) last week announced the names of the first batch of 197 blockchain-based information service providers that have been granted registration numbers.

Earlier this year, the Regulations on the Management of Blockchain Information Services were reviewed and approved by the State Council Information Office and implemented on February 15, 2019.

According to the official announcement dated March 30, the CAC has reviewed the filings according to the management regulations.

Yicai reported that the companies included in the list includes public internet companies such as Baidu, Tencent, Iqiyi and several startup companies including Lufax, VeChain, and Wanxiang Blockchain, among others.

Sunny Lu, CEO, and co-founder of VeChain told Yicai that this official registration will contribute to the overall development of the blockchain industry.

“This is the first step towards standardizing blockchain technology development and the regulatory environment in China. This also allows for an increasing number of companies to be able to develop blockchain applications on existing blockchains in accordance with the laws and regulations without being shrouded in stigma,” he said.

The CAC said that the companies should indicate their registration numbers in a prominent position such as Internet sites, applications, etc., where they provide services to the outside world.

“The filing is only the registration of the relevant information of the main blockchain information service, and does not represent an endorsement of its institutions, products and services. No institution or individual may use it for any commercial purpose,” it added (via online translation).