The Cyberspace Administration of China (CAC), the central government’s internet censor, published a draft policy on Friday called “The Regulation for Managing Blockchain Information Services” and is looking for public feedback before it can take effect.
The regulation , if enacted, would apply to any entity that is regarded as a blockchain information service provider operating in China, and would be one of the first rules specifically for governing the blockchain industry in the country.
The CAC defines in the draft that blockchain information service providers are “entities or nodes” that offer information services to the public – meaning “both institutions and individuals” – using blockchain technology, and via desktop sites or mobile apps.
As part of the total 23 articles proposed in the draft, the CAC requires blockchain service providers to register with the agency within 10 days after it starts to offer products to the public.
The proposed draft orders that blockchain startups must register their names, service types, industry fields, and server addresses with the CAC. This information shall become publicly available and the CAC will conduct reviews on a yearly basis, the draft policy added.
While the CAC does not draw a clear line as to what types of blockchain startups should fall under its definition, some industry experts in China said this regulation could have an impact on supernodes of certain blockchain networks.