80k Blockchain Firms to be Registered in China

The most of blockchain-related companies - over 20k - are registered in the province of Guangdong in the south-east of the country
27 January 2020   438

The LongHash project, which monitors the statistics of the Chinese blockchain industry, has nearly 80 thousand companies registered in the industry. But only 26 thousand of them are fully engaged.

The largest number of blockchain firms - 22636 - are registered in the coastal province of Guangdong in the south-east of the country. Following are Yunnan with 5301 companies and the Xinjiang Uygur Autonomous Region with 5105 enterprises.

It is noteworthy that a significant number of industry companies are registered in cryptocurrency mining centers, the provinces of Inner Mongolia and Sichuan, - 4,594 and 4,070, respectively.

Despite the fact that Chinese President Xi Jinping in October called on the country to become a leader in the development of blockchain technology, 2019 was significantly inferior to the previous year in terms of the number of new legal companies in the industry - 14014 against 19072.

The amount of investments in the Chinese blockchain sector last year amounted to $ 3.5 billion, which is also almost 50% less than in 2018.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   286

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.