VeChain has become one of several companies to register under China’s new blockchain regulations. According to Yicai, a Chinese news body, the Cyberspace Administration of China has now distributed registration numbers to its first batch of applicants, which includes VeChain and nearly 200 other companies.
VeChain Comments on Regulations
Since February, every company in China that produces or uses a blockchain system has had to register with the country’s authorities. Although the new regulations are broad in scope, they have one particularly notable implication: they will prohibit blockchains from circulating content that violates Chinese content laws.
This means that blockchain companies could become increasingly beholden to China’s far-reaching censorship policies. However, VeChain CEO Sunny Lu has commented favorably on the regulations. He says that official regulations and standards will help contribute to the development of the blockchain industry.
He also adds that regulations will allow a greater number of…