China to Fight Anonymous Blockchain Companies

The Cyberspace Administration of China (CAC) has published new rules for blockchain companies in the country. Now the crypto business is obliged to provide full information about itself and their clients, otherwise, the authorities may fine companies or open a criminal case against them.

According to the regulator, the new rules will take effect from January 15 of this year. After that, each blockchain company will have to register its name, domain and server addresses in CAC within 20 days.

Moreover, crypto companies must introduce a procedure for identifying customers, within which they will collect and store clients’ data, including information about ID cards and mobile phone numbers. CAC will obtain full access to this information.

Also, under the new law, the crypto business is obliged to block all information prohibited in the country.

Fines for minor violations of this rulings range from $2,900 to $4,000. But for more severe violations, the authorities may launch a criminal case.

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