Briefing: 197 blockchain projects have registered with cyberspace authority

By Nicole Jao
1 min read

首批境内区块链服务项目公布 BATJ及多家机构入列 – Xinhua Net

What happened: The Cyberspace Administration of China (CAC) released the list of blockchain information services that have successfully registered with the filing management system. The list includes a total of 197 blockchain projects, including big-name internet and financial service providers Baidu, Alibaba, Tencent, JD.com, Luxfax, and Ping An. Registering with the system does not mean a company’s products or services are approved for commercial purposes, said the CAC, and it will continue to closely monitor the registered projects.

Why it’s important: The CAC released draft regulations for blockchain-based services in October, which require companies to implement real-name registration, maintain correspondence with authorities, and provide relevant information as requested. The CAC expects the regulation to promote “orderly development” of the emerging technology. Finalized regulations came into effect on Feb. 15. Some industry experts worry that the government’s heavy-handed approach to regulate the industry would stifle development. China has kept a tight grip on the nascent industry since 2017 when it decided to crack down on cryptocurrency. The rigid regulatory environment has driven many crypto exchanges and wallet services to other markets.