China's New Regulations on Blockchain Information Services

April 03, 2019 | BY

Susan Mok

Casper Sek and Ben Qi of Jin Mao Partners examine the newly introduced provisions on blockchain information services and discuss their regulatory scope and how they will regulate such services.

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After three months of soliciting public commentary, China's internet watchdog, the Cyberspace Administration of China (CAC) promulgated the Provisions for the Administration of Blockchain Information Services (区块链信息服务管理规定) (BIS Provisions), on January 10, 2019, which took effect on February 15, 2019. On March 30, 2019, CAC published the first list of 197 blockchain information services that have been filed with CAC, which has kick-started the implementation of the BIS Provisions. The BIS Provisions are the first official legislation on blockchain information services and are reflective of the Chinese government's mixed attitude towards blockchain technology and its application—the use of blockchain technology is promoted, but it is subject to strict regulation and supervision.