The Cyberspace Administration of China (CAC) has released its second list of approved blockchain service providers in the nation. A total of 309 firms have gained a position in the list, which are representatives of various industries ranging from education, law, healthcare to cultural tourism, and supply chains.
As analyzed from the list produced by the country’s central Internet regulator, censor, oversight, and control agency, many of the registered blockchain tech startups are presently involved in crypto wallets, mining pools, and public chains. The giants from the traditional sectors like China Southern Airlines and emissary of the financial services industry, such as Industrial and Commercial Bank of China, look forward to developing their own blockchain network. Besides this, the services of blockchain arms of tech corporations Huawei and Alibaba, HiCloud, and AliCloud, respectively, have also earned their approval.
Several government agencies were also included in the list. The Hangzhou Internet Notary Office is listed based on its blockchain-based electronic evidence repository. The State Administration of Foreign Exchange is also establishing its cross-border business blockchain service provider.
The cyberspace’s “Regulation for Managing Blockchain Information Services” watchdog was originated in 2018, which implies the rules for the blockchain service firms. Under the regulation, the service providers must verify their users’ data, store it, and also render it to the authorities for inspection. In addition to this, the companies are forbidden from utilizing the technology to “produce, duplicate, publish, or disseminate” any piece of information that holds even the slightest possibility of being a threat to the country.
