Regulation Of Blockchain Companies To Come Into Effect in China By February
The Cyberspace Administration of China(CAC), China’s internet regulator, in a document listed a final draft of regulations concerning cryptocurrency and blockchain companies. The rules will take the force of law starting February 19th, and provide a set of guidelines that blockchain companies are required to follow.
The CAC’s director said:
“The Regulations on the Management of Blockchain Information Services has been reviewed and approved by the Office of the Internet Information Office of the State Council and is hereby
promulgated and will be implemented as of February 15, 2019.”
As per the final draft, the State Internet Information Office is responsible for blockchain regulations at a national level, apart from state or province-specific authorities who oversee the regulations in respective states.
China previously restricted ICO’s by banning them in 2017 along side banning domestic cryptocurrency exchanges.