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The Cyberspace Administration of China (CAC) said that the
regulations, which will come into force next month, will
"advance the industry's healthy and orderly development."
China has cracked down on cryptocurrencies since 2017 when the
government banned initial coin offerings and barred local
cryptocurrency exchanges from operating domestically.
Now blockchain platforms will be required to implement real-name
registration for users via a national ID or telephone number,
censor content and store user data.
Companies found to be in violation of the rules could be subject
to fines or prosecution, the CAC, which issued draft rules in
October, added in a statement.
Despite its crackdown, Beijing says it encourages research into
blockchain technology, which is best known for recording bitcoin
transactions but is increasingly being used in areas such as
crude oil trading or supply chain tracking.
(Reporting by Josh Horwitz; Editing by Brenda Goh and Alexander
Smith)
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