China releases its 1st blockchain regulation

ANKARA

China on Friday released the country's first national regulation for blockchain technology.

Quoting the country's Ministry of Industry and Information Technology, state-run CGTN said the new regulation has "further accelerated the standardization process of China's blockchain sector, laying a foundation for the high-quality development of the industry."

Blockchain technology, which supports the transaction of digital assets in real-time, has become widely used in cryptocurrencies. The technology allows for the efficient and verifiable recording and permanent tracking of transactions between two parties.

China's newly established regulation focuses on blockchain and distributed ledger technologies, providing a fundamental and universally applicable framework that guides the implementation of blockchain technology and its industrial development, the ministry further said.

The ministry expressed its commitment to intensify efforts in developing national standards in this field.

Governments around the world are looking to create regulations for blockchain technology with 45 countries having regulated cryptoassets in their jurisdictions, according to US-based think tank Atlantic Council.