China’s National Information Office Releases Its First List of 197 Registered Blockchain Companies

The Chinese government has officially begun registering its blockchain companies in a database, indicating a growing acceptance of the technology in the highest levels of power. All blockchain companies were assigned a registration number for records. According to the law, accepted blockchain companies are listed as entities which offer ‘information services’ to the public, but on an institutional and individual level. The regulatory legislation passed in February was the country’s first positive effort towards acceptance of blockchain technology in the country. The legislation demands that blockchain startups register their names, service types, industry fields, and server addresses with the National Internet Information Office.

First Formal Regulation of Blockchain Companies in China

As the law makes clear, blockchain companies can no longer remain anonymous. In fact, they must disclose exact plans to utilize blockchain technology in any capacity. This will assist the Chinese authorities in their Social Credit data system which will likely be partly run on a blockchain-like technology in the future. [bctt tweet=”The Chinese government has released its first list of registered blockchain companies in the country which consists of 197 Chinese firms. ” username=”beincrypto”] The purported goals of the regulation are to strengthen industry self-discipline, raise standards, guide blockchain innovation, and promote ‘industry credit evaluations’ so that the new sector can be properly monitored. Real name requirements are now necessary for users of blockchain information services, and all businesses must sign service agreements with customers. The released list of these 197 blockchain companies is the first tangible enactment of the wide-reaching regulation passed in February. The list will undoubtedly quickly expand, but the Chinese state has released guidelines on how to contest these filings if any of the information is incorrect. It is clear that this is merely a test-run before widespread registration is put into effect. Does China plan to utilize blockchain without cryptocurrencies? Is the state realizing the inevitability of blockchain technology? Let us know your thoughts in the comments below.