Cyberspace Administration of China Mandates Blockchain Firms to Update Details

Cyberspace Administration of China Mandates Blockchain Firms to Update Details

The Cyberspace Administration of China (CAC) has introduced a new set of regulatory terms for blockchain companies operating in the country. CAC has announced that the new regulations will be enforced on 15th February 2019.

As per the new guidelines, within a period of 20 days, blockchain companies will have to register their names, domains as well as server addresses at the CAC. In case of failure to comply with the regulations, companies will be fined with a penalty of $2,900 to $4,400 (20,000-30,000 yuan), while repeated offenses will lead to criminal investigation.

Under the new regulations, government authorities will have access to stored data of blockchain startups. In addition, the authorities will be able to see content and censor information that is prohibited under current Chinese law.