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BY CNA team - October 22, 2018

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Chinese public asked to comment on draft blockchain regulations

Draft blockchain regulations for Chinese startups open for public comments
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China’s internet administrator is asking for public feedback on draft regulations that will apply to “blockchain information service activities”.

A notice was published on Oct 19 on the website of the Cyberspace Administration of China asking for public comments on the draft law, “Regulations on the Management of Blockchain Information Services”.

The notice says the regulations will be used to standardise blockchain information service activities as well as promote their healthy and orderly development.

The regulations will also look into the protection of the rights and interests of citizens, legal persons and other organisations as well as safeguard national security and public interests.

China has in recent months clamped down on cryptocurrency transactions and initial coin offerings.

While the government has been supportive of blockchain research and development, the recent actions against crypto-related matters likely stems from the need to have control over capital flows, especially of funds leaving the country.

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