You may need to comply with new regulations if you use Blockchain technology to conduct your business in mainland China.
The “Regulations for Managing Blockchain Information Service" take effect on 15 February 2019. The new regulations encourage Blockchain industry organisations to enhance self-discipline and establish sound industry standards.
The new regulations also require that a "Blockchain Information Service Provider" should:
- establish sound user registration, information assessment, emergency response and security protection systems
- possess the capabilities of immediately and emergently responding to any publication, recording, storage and transmission of unlawful information
- adopt technological measures in compliance with applicable national standards
- implement and publish its management rules and platforms, and enter into service contracts with its users
- verify identity of its users in compliance with the PRC Cyber Security Law
- conduct security assessment on its new products in compliance with requirements of the Cyberspace Administration of China
- file for recordal with the Cyberspace Administration of China within 10 working days of providing service
- report any change to its services and platform address within 5 working days
- maintain the backup of its users' published content and log data for at least 6 months
- provide enforcement agencies with access to its information upon request.
Those who are found to have contravened the new regulations may be subject to warnings, orders for rectification, orders for temporary suspension of business until rectification, and/ or fines.
The new regulations can be found here (in Chinese).