last Friday, the 19. October, was known, the „Cyberspace Administration of China“ (CAC), new regulatory designs for Blockchain-companies. The authority hopes to have a greater control over the decentralised sector.
China’s top Internet authority company in the Blockchain wants to regulate the area stronger. On Friday, the CAC published the „regulation on the administration of Blockchain information services“ through their official website. The managing authority publishes 23 different draft laws in order to regulate „the activities of the Blockchain information services to protect the national security [ … ] [ … ] and to promote the healthy and orderly development of the Blockchain technology [ … ]“.
Among other things, the paper provides for the registration with the CAC for all of the „Blockchain Service Provider“ within ten days. This includes the disclosure of relevant company information such as company name, industry, as well as the server addresses.
Once in the year should also be a comprehensive Monitoring. The authority examines all the registered companies in terms of Compliance with existing laws and regulations.
entered By means of the Blockchain past the Big Firewall
The CAC up to date especially because of their censorship efforts. The 2014, the authority maintains China’s Internet filter, which is likely to be the most in „Big Firewall“.
In the past, resourceful activists have repeatedly tried to spread censored information about block chains. In the course of the pharmaceutical scandal in June 2018, the Chinese Blockchain has been pointed out-the Community is once again on the need for reliable databases for supply chains. In the scandal, it was fake data and it was unclear whether the vaccine for children might be potentially dangerous.
The Chinese Central government has censored the news. A on WeChat published Report, of the year lists long violations of the responsible pharmaceutical company, Chang Sheng Biotechnology, even in this country, at the Firewall.
Then, activists have verhasht the entire report in an Ether-transaction, and hence the authorities unattainable.
The new regulatory efforts by the CAC are, therefore, the attempt to control the last Bastion of freedom in the network. In Paragraph nine reads:
„the provider and the user of the Blockchain-information services are not allowed to use [this] to carry out activities that are prohibited by laws and regulations and the national safety at risk, as well as the social order to interfere […]. Publication and dissemination of the [censored] information content about the Blockchain is forbidden.“
The legislative proposals are still up to 2. November for Feedback open.