309 Blockchain Firms Get Approval From Chinese Regulator

Blockchain technology is making headway in China, as the country’s cyberspace watchdog approved a new batch of blockchain companies spanning over various industries including cultural tourism, education, e-commerce, law, healthcare and supply chains.

According to a report by the Chinese news outlet 8BTC, the Cyberspace Administration of China, which acts as the country’s central Internet regulator, censor, oversight and control agency, published its list of registered blockchain service providers comprising of 309 companies.

China seems to be living by the phrase “Blockchain not Bitcoin” as despite growing popularity of cryptocurrencies around the world, the country has been pretty consistent in its stance regarding cryptocurrencies as it continues with its imposed ban on crypto and its trading. However, at the same time China is at the forefront of the technology behind it i.e. blockchain.

READ ALSO: Anti-Money Laundering Forces now Focusing on Crypto Space

The newest published list is the second of its kind, while the first batch comprising of 197 registered blockchain service providers was released earlier in April. The latest list contains initiatives by renowned tech giants and listed enterprises, the leading global provider of information and communications technology (ICT) infrastructure and smart devices, Huawei is one of them with its HiCloud blockchain service. In addition to that the multinational conglomerate, Alibaba also made the list with its AliCloud blockchain service.

Moreover, aside from tech companies, the list also includes local giants of the traditional industry like China Southern Airlines for example, which registered the blockchain platform that they are developing dubbed the China Southern Airlines Chain.

READ ALSO: Libra Makeover: Facebook Could Peg Its Crypto to National Fiat Currencies

Several institutions in the financial sector also managed to make the watchdog’s list by registering their blockchain services, including the Industrial and Commercial Bank of China, Ping An Bank and China UnionPay. The list does not only includes the developed and established institutions and companies rather many blockchain-centric startups working on public chain, crypto wallets as well as mining pools have also been incorporated in the batch.

Along with enterprises in the commercial sector, several government departments were also a part of the list. The State Administration of Foreign Exchange is reportedly in the midst of developing its very own business blockchain service platform that will operate cross the border.

Furthermore, the Hangzhou Internet Notary Office also registered specifically for its blockchain-powered e-evidence repository. The Shenzhen Welfare Lottery Distribution Center was also on the list of approved blockchain business owing to its lottery verification system and so was the Shenzhen Tax Bureau of the State Administration of Taxation with its e-invoice endeavor.

The list provides strong evidence that the strictly regulated China is steadily moving towards becoming a blockchain-powered nation.

READ ALSO: Tim Draper Views Bitcoin as a Global, Open, Transparent and Decentralized Currency