China has already produced some of the world’s most successful blockchain-oriented startups. But many blockchain enthusiasts are concerned that new proposed regulations could stifle the development of the potentially-transformational field.

“Premature supervision will certainly hamper innovation,” explained one blockchain entrepreneur from northeastern China who didn’t want to be named. “But blockchain now is very mixed, some activities that were previously gray areas have become outright illegal.”

New draft regulations will tighten control over blockchain technology and platforms. If enacted, they would require that blockchain users go through real-name registration, and that service providers take responsibility for censoring content as well as saving user data for potential government inspection. The laws would apply to all “blockchain service providers,” whether organizations or individuals that operate in China.

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Elliott Zaagman

Elliott Zaagman is a contributor to TechNode. He is also a corporate trainer, executive coach, and writer who splits his time between Bangkok and Beijing. He focuses on Chinese companies and how they relate...