China has more than 33,000 blockchain companies registered with the government

Since December 2019, more than 33,000 blockchain firms have been registered with the Chinese government, as China Electronic Information Industry Development Center (CCID) said on December 27. A recent blockchain conference published information that was organized by the Chinese city government and several state-backed research institutes.

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The Research Report on the Development of Blockchain Enterprises in China by CCID, a research unit of the country’s Ministry of Industry and Information Technology, said that among more than 33,000 businesses, blockchain-dedicated startups accounted for 57%, Internet companies have infiltrated blockchain by 23%, financial institutions implementing blockchain business account for 12% and publicly listed companies are at 28%.

China has focused on strengthening blockchain technology

The number of registered companies claiming to use blockchain technology in their businesses has risen sharply in China, boosted by the support of Chairman of Technology Xi Jinping.

The Chinese government has been focusing on cultivating blockchain technology for the past few years, which pushed further after the country’s president applauded the technology.

China has seen an exponential increase in the number of blockchain companies, especially in 2018 with over 10,000 emerging companies this year. More than half of the aforementioned blockchain businesses have a capital limit of over one million yuan when they are established and registered.

These registered companies have explored various blockchain applications in areas such as finance, supply chain, medical health, traceability, hardware, social management, charity, cultural entertainment, copyright protection, education and the sharing economy. Most of them focus on four areas: finance, supply chain, traceability and hardware.

Blockchain businesses must register in China

Despite this increase, China does not allow the industry to operate aggressively. Back in February, it implemented new rules requiring blockchain service providers to register with the Cyberspace Administration of China (CAC).

The total finance and investment in newly registered blockchain businesses in China has increased from 2014 to 2019 and 36 domestic banks are currently exploring blockchain applications. In October 2019, Huoxing24 blockchain financial information platform reported that 30,000 companies claimed to use blockchain technology.

Recently, the Shenzhen Stock Exchange launched a blockchain index covering the stocks of the largest 50 companies’ exchanges with blockchain projects by market capitalization. Moreover, the Penghua Foundation has applied for a blockchain exchange trading fund (ETF) with the country’s Securities Regulatory Commission.

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