China is accelerating the development of the blockchain market

Despite the ban on cryptocurrencies in China, the pace of certification of new blockchain services is accelerating in the country.

According to a review of government documents and interviews with industry insiders, the growth of the Chinese blockchain market has noticeably accelerated in 2022. The total number of blockchain services registered by the country’s Internet regulator, the Cyberspace Administration of China (CAC), has reached 1,821.

The pace of certification of new blockchain services began to increase at the end of last year. The agency has published 197 lists of blockchain projects that cover applications such as legal, financial, agricultural, intellectual property services, and more. While trading in cryptocurrencies is banned in the country, a growing number of Chinese companies are looking for new blockchain applications.

The CAS claims that most of the registered services are for legal and financial applications, as well as blockchain as a service (BaaS).

In June, the Chinese authorities, concerned about the five-fold increase in the number of NFT platforms, switched from pursuing cryptocurrencies to participants in the market of non-fungible tokens. After some time, the popular Chinese messenger WeChat updated its usage policy, according to which all accounts providing access to cryptocurrencies and NFTs will be blocked.