After these five rules from the Cyberspace Administration came out, Mi Ge first wants to clear up the point most likely to be misunderstood: filing is not a license.
The new system went live today and lists five situations that can affect a filing: involvement in virtual currency issuance, trading, or ICOs; servers hosted overseas; failure to complete an ICP filing; unclear or inconsistent documentation; and services that are not subject to filing in the first place. If the service name includes terms like virtual currency, exchange, or ICO, it won’t get through.
Mi Ge thinks the most troublesome rule is the one about servers hosted overseas. Many teams operate overseas, so naturally their servers are hosted abroad. Add a crypto-related term to the name, and they’ll pretty much get stuck at the filing stage. And filing is only for information services; completing it doesn’t mean you can trade in China. Trading is still prohibited, so don’t confuse the two.
In the short term, this won’t have a direct impact on the market. BTC is currently hovering around $74,949, down about 1.32% over the past 24 hours, and sentiment has already more or less priced it in. In the long term, teams providing blockchain services in China will have to change their names, servers, and descriptions, driving up compliance costs. Those that remain will mostly be teams that stay away from crypto and focus on building technology.
Which of these five rules do you think will trip teams up first: overseas servers at smaller teams, or crypto-related names at established projects?
#网信办列出区块链备案五类情形
The new system went live today and lists five situations that can affect a filing: involvement in virtual currency issuance, trading, or ICOs; servers hosted overseas; failure to complete an ICP filing; unclear or inconsistent documentation; and services that are not subject to filing in the first place. If the service name includes terms like virtual currency, exchange, or ICO, it won’t get through.
Mi Ge thinks the most troublesome rule is the one about servers hosted overseas. Many teams operate overseas, so naturally their servers are hosted abroad. Add a crypto-related term to the name, and they’ll pretty much get stuck at the filing stage. And filing is only for information services; completing it doesn’t mean you can trade in China. Trading is still prohibited, so don’t confuse the two.
In the short term, this won’t have a direct impact on the market. BTC is currently hovering around $74,949, down about 1.32% over the past 24 hours, and sentiment has already more or less priced it in. In the long term, teams providing blockchain services in China will have to change their names, servers, and descriptions, driving up compliance costs. Those that remain will mostly be teams that stay away from crypto and focus on building technology.
Which of these five rules do you think will trip teams up first: overseas servers at smaller teams, or crypto-related names at established projects?
#网信办列出区块链备案五类情形