Representatives of the Chinese Internet regulator, the Cyberspace Administration of China (CAC), reported signing a regulatory document for cryptocurrency and blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details companies – as reported by the CCN news agency.
The detailed CAC document contains a complete list of rules and requirements for companies that are engaged in cryptocurrency or use blockchain technology. According to the report, the rules will take effect from February 19. The document is a set of guidelines that all cryptocurrency companies of a country should follow.
Cryptocurrency regulation in China
According to the director of CAC, documentary requirements and recommendations on the management of information and financial blockchain companies have been considered for a long period. As a result, the document was approved by the State Internet Information Administration, as well as by the State Council.
As it became known, the document will be made public on February 15, 2019. The verification of cryptocurrency companies and firms, according to CAC requirements, will officially begin from February 19, 2019.
According to the final draft of the document, the State Internet Information Administration will be responsible for the regulation of blockchain technology and cryptocurrency at the national level. The exception to the new legislation will be the state or provincial governments that will separately control the crypto-industry in their regions.
A bill on cryptocurrency regulation was signed on the territory of China – this is a very unexpected decision. Since, earlier, China "fought" with the ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details, banning them in 2017. And in 2018, the Chinese authorities banned internal crypto-exchanges, causing a huge blow to local platforms, such as BTCC.
Editor: Alyona Nabok