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Heavy! Blockchain information services are included in the regulatory currency circle, and the chaos is expected to "stop"

Time : 06/12/2021 Author : mk648e Click : + -
        Recently, the state Internet Information Office (hereinafter referred to as "the office of cyberspace") issued the regulations on the management of blockchain information services (Draft for comments) (hereinafter referred to as "the regulations"), saying that in order to regulate blockchain information service activities, safeguard national security and public interests, protect the legitimate rights and interests of citizens, legal persons and other organizations, and promote the healthy and orderly development of blockchain technology and related services, Blockchain information service providers need to file through the Internet information office. This means that after "94" and "842", the legislation of the blockchain industry has been put on the agenda. Insiders believe that the introduction of the law is of great significance to the future development of blockchain.
        As the first law and regulation regulating the application of blockchain technology, the regulation defines blockchain information service, which refers to providing information services to the public based on blockchain technology or system through Internet sites, applications and other forms. Blockchain information service providers are entities or nodes that provide blockchain information services to the public, as well as institutions or organizations that provide technical support to the entities of blockchain information services. Previously, a large number of so-called "blockchain" we media official account were shut down on August 21 this year, and then the second batch was shut down in September, mostly for "suspected of publishing speculation information about ICO and virtual currency transactions".
        The central network security and Information Technology Commission and other departments have jointly issued a document suggesting that some criminals, under the banner of "financial innovation" and "blockchain", through public publicity, use "static income" (profit from currency appreciation) and "dynamic income" (profit from offline Development) as bait to attract public investment, lure investors and development personnel to join, and constantly expand the capital pool, with illegal fund-raising, pyramid selling Fraud and other illegal behavior characteristics. "Public opinion building and promotion, information services, etc. are important links in the chain of virtual currency speculation. Facts have proved that it is difficult to effectively combat the upsurge of virtual currency speculation without compliance control at the level of information services and communication.
        ”Xue Hongyan, director of the Internet Finance Research Center of Suning Financial Research Institute, said in an interview with Shanghai financial news that after the introduction of the new ICO regulations in September 2017, regulators have been under high pressure to carry out ICO trading business in China. However, in fact, virtual currency speculation and blockchain speculation have not been effectively controlled. An important reason is that the regulators lack an effective grasp, only cutting off the financial support of financial institutions for various types of ICO businesses, and failing to effectively block the spread and trading of virtual currency transactions through Internet channels. In particular, in the second half of 2017, after the sharp rise in the price of leading currencies represented by bitcoin, some capital leaders began to advocate blockchain speculation. With the dissemination and guidance of some blockchain media, a new wave of hype was ignited in China, and there was chaos in the currency circle, even more and more popular.
        "In July 2018, Tencent banned some blockchain big names in batches, which played a positive role in combating the hype in the currency circle. However, since the ban was made by Tencent and the impact was limited to wechat official account, the apps, websites, applets, etc. of these blockchain media were not affected." Xue Hongyan further said that the release of the regulations by the Internet information office represents the introduction of a higher-level and more systematic blockchain information service management system, which is expected to play a positive role in regulating the development of the blockchain industry and further cracking down on all kinds of illegal ICO and virtual currency transactions. Shaowei, senior researcher of Jiuyin bill Research Institute of Jiangxi University of Finance and economics, said in an interview with Shanghai financial news that the regulations put forward specific regulations on the blockchain industry in the name of the state for the first time, thus guiding the industry to take the first step along the path of standardized development.
        However, Chenyunfeng, senior partner of zhonglunwende law firm and director of the Internet finance professional committee, told the Shanghai financial news that, on the one hand, the normative subject of the provisions is limited to domestic service providers, and there is no distinction between the operation of overseas institutions, but the object-oriented includes domestic users in China, as well as the situation where the operation is completely operated by domestic institutions and services are provided to Chinese users. On the other hand, according to the regulations, blockchain technology or system, as an information media, has not made a clear definition of blockchain technology itself. In addition, according to the regulations, the office will manage blockchain information institutions by means of filing management, annual audit, and real name authentication of information service users. At the same time, it will put forward corresponding technical requirements for blockchain information service providers, as well as disposal measures and punishment standards in case of violation of laws and regulations.
        The regulations also stipulates that blockchain information service providers should report to the Internet Information Office of the state, provinces, autonomous regions and municipalities directly under the central government for security assessment in accordance with relevant regulations when developing new products, applications and functions online. "The regulation does not give a specific plan for the safety assessment standards," said Chen Yunfeng, According to Article 37 of the network security law, "the personal information and important data collected and generated by the operators of key information infrastructure in the operation of the people's Republic of China shall be stored in China. If it is really necessary to provide it abroad due to business needs, the security assessment shall be carried out in accordance with the measures formulated by the national network information department in conjunction with the relevant departments of the State Council.
        ”Therefore, the regulations should be further clarified on how to conduct specific safety assessment for the institutions engaged. "According to the regulations, the regulatory measures start with blockchain information services, covering trading services, public opinion dissemination and promotion, underlying technical support and other links, providing a strong starting point for the regulation of the blockchain field. Taking this opportunity, the communication chaos and speculation chaos in the blockchain field are expected to be fundamentally alleviated." Xue Hongyan analyzed that from the internal perspective of the blockchain industry, the regulatory attitude towards the currency circle and the chain circle has always been completely separated, the currency circle has been severely suppressed, and the real blockchain industry has been vigorously supported. The introduction of the regulations will not change the tone of this policy. For all kinds of entities involved in virtual currency trading and promotion in the early stage, virtual monetization will be the only way out, High quality resources in the industry will be inclined to the real blockchain industry.
        It is worth mentioning that "virtual currency" is not mentioned in the regulations. Some insiders believe that "the punishment measures mentioned in the regulations are mainly misleading propaganda against air coins and MLM coins, and it is estimated that they have little impact on groups that really do things in a down-to-earth manner". Xue Hongyan further said that virtual currency transactions have natural point-to-point and cross-border characteristics, and it is difficult to eradicate point-to-point transactions between users. In addition, there are many countries abroad that encourage virtual currencies, giving "going out" currency circle institutions a shelter, and in turn re serving domestic users with the help of Internet channels. However, to thoroughly purify the development environment of the blockchain industry, it is not enough to rely on the power of one country alone, but also to strengthen international communication and coordination.
        For example, in addition to the controversial virtual currency transactions among governments, we can try to build a cross-border joint crackdown mechanism for the suspected illegal fund-raising ICO behaviors that are easy to reach a regulatory consensus, so that violations can be hidden nowhere. However, Shaowei pointed out that from the perspective of product attribute supervision, the new regulations should be coordinated with the management departments of various industries. For example, the standard construction of edge computing is the core of the development of artificial intelligence, and it is also the key to grasp the trend of the future intelligent society. The construction of the supervision mechanism of industry associations will be the focus. Shaowei suggested that the government departments should adopt the policy of collaborative innovation to actively guide the guided supervision to the front stage, protect and cultivate new industries.
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