China Unveils Regulation on Blockchain Information Services’ Management with Cybersecurity Concerns

[ChainDD report] January 11 (ChainDD) On January 10, the Cyberspace Administration of China (CAC) released Regulation on the Management of Blockchain Information Services, which will come into effect on February 5. During the following interview, the lead of CAC told reporters that to formulate such regulation is largely based on three major requirements as following:

The first requirement is further increasing security of online information. Three implemented laws-- Cybersecurity Law of the People’s Republic of China, Administrative Measures for Internet Information Services and Provisions for the Administration of Internet News Information Services—clarify the requirements on the security management of network operation and information and security review for new technologies and new applications. To establish a registration management system of blockchain information services and formulate the rules meet the demand for implementing relevant laws and administrative rules, enhancing security of online information.

The second requirement is to promote health growth of blockchain information services. In order to create a sound management system for information security and technical supports, it is important to reinforce the management of blockchain information services and guide providers of such services to follow the registration procedure, which is also useful for facilitating health growth of bockchain technologies and related services.

The third requirement is for protection against security risks of blockchain information services. The rapid development of blockchain technologies and a flurry of relevant applications’ emerging brought huge potential for the economy and society, as well as convenience of people’s work and life. However, some illegal actors also take advantage of the technologies, by turning them into tools for storage and distribution of unlawful information and engaging in criminal online activities. Such wrongdoings disrupt order of information distribution on the Internet, damage valid interests and rights of citizens, legal entities and other organizations. It is urgent to push forward service providers’ active improving security measures, increase effectiveness of pre-alarm and prevention against security risks.

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