China: Adopted Regulations on the Administration of Blockchain Information Services

On 10 January 2019, the Cyberspace Administration of China (CAC) adopted the Regulations on the Administration of Blockchain Information Services including cybersecurity regulations. The Regulations will be implemented on 15 February 2019 and apply to blockchain information service providers, defined as any organisation which provides information services through applications or websites based on blockchain technology. The Regulations subject service providers to a number of obligations, such as having adequate cybersecurity protection, emergency response plans, and requiring real identity registration for users. When service providers develop new functions or products, they will also be required to undergo security assessments with the local Internet Information Office beforehand. Finally, the Regulations detail the legal consequences for violations of its provisions, ranging from rectifications to fines and criminal proceedings.