Alibaba and Huawei Blockchain Arms Among Those Recently Approved by China’s Regulator

The Chinese online Internet regulating body, Cyberspace Administration of China, releases its registered blockchain service providers list which contained over 300 different companies. Among these representatives was Alibaba (AliCloud) and Huawei (HiCloud) as well as China Southern Airlines and the Industrial and Commercial Bank of China.

China’s Cyberspace Authorities have recently released a new list of firms that can provide blockchain services within its jurisdiction. This is the second batch of players within the space to get approval from Chinese regulators.

The new market entrants are over 300 and operate in different backgrounds which include; supply chain, healthcare, law, e-commerce, education tourism, and government agencies as well.

The Blockchain Opportunity in China’s Existing Ecosystems

As expected, Tech corporations featured in the list with AliCloud and HiCloud that belong to Alibaba and Huawei respectively. The two are both mandated with blockchain development and its use for the tech giants.

The Financial Services and Airline industries were also well represented by the Commercial Bank of China and the old China Southern Airlines. This shows that traditionalists have also invested in the latest FinTech research that happens to be majorly fueled by Blockchain technology.

Governmental agencies like China’s State of Administration of Foreign Exchange and Hangzhou Internet Notary Office are also among the main blockchain developing entities in China. The former has built a blockchain-oriented business platform for cross-border transactions.

Censorship in Form of ‘Regulation’

China’s regulatory body for blockchain tech was introduced barely a year ago. The ‘Regulation for Managing Blockchain Information Services’ began its mandate in Q4 of 2018 and has since been a target of criticism by cryptocurrency and blockchain advocates.

According to some sentiments, the approach taken is more of a censored one as opposed to regulatory. The Authorities require that blockchain operators provide their clients’ personal information for oversight by the government. In addition, the blockchain service providers are not to engage with any data that appears or proves to put China’s national security at risk. While this may be efficient, users might lose value for what they had signed up for given the fundamentals of a decentralized ecosystem.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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