The Cyberspace Administration of China (CAC) has announced new regulation for blockchain companies. The new rules will allow authorities to access private data stored in blockchain platforms and to check their users identities, among other movements.
The regulation will come into effect from February 15 and, according to CAC’s press release, it will provide guidelines that will “promote the healthy development of blockchain technology and related services” at the national level.
The Chinese agency is working to strengthen the blockchain industry in the country, improving its standards through deeper surveillance — and, in some cases, censorship —, after the ICOs and domestic cryptocurrency exchanges bans in 2017.
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