The Internet Information Office of the China’s State Council has approved The Regulations on the Management of Blockchain Information Services and will implement the new regulations from February 15, this year.
“Blockchain information service providers shall have the technical conditions appropriate to their services. For information content prohibited by laws and administrative regulations, they shall have immediate and emergency response capabilities for their release, recording, storage and dissemination. It should conform to the relevant national standards,” – one of the regulations to be introduced reads.
The regulations do not spare the consumer either. The directives to the service provider put it clearly that consumers have to submit their “real identity information based on the organization code, identity card number or mobile phone number for the blockchain information service users.” If the user does not provide their required information, the service provider- by law- is forbidden from providing the required services.
Another problematic rule reads that “the State Internet Information Office shall be responsible for the supervision and management of the national blockchain information service in accordance with its duties. The Internet Information Office of the province, autonomous region or municipality directly under the Central Government shall be responsible for the supervision and management of the blockchain information service within its administrative area in accordance with its duties.”
As for the sphere of digital assets, Chinese authorities have been proceeding with their anti-cryptocurrency campaign since 2017. Though crypto activists more than once succeeded in masterminding various workarounds, it may potentially lead to harsher punitive measures in the field.
This news was provided by Crypto News India, our partnering media source in India.