- The CAC has given registration numbers to a total of 197 businesses
- VeChain is one of these businesses
- The registration with CAC will allow more companies to put their feet in the blockchain business
On March 30, 2019, China-based media group Yicai reported on its website that a total of 197 blockchain-based information service providers have been registered by the Chinese National Cyberspace Administration (CAC). These 197 countries, including VeChain, received their corresponding registration numbers on the same day.
In what comes as a massive impetus to the flourishing blockchain industry in China, a total of 197 DLT-based businesses have been given an official nod by the Chinese authorities to go ahead with their operations.
According to the source, the CAC had been thoroughly reviewing the applications submitted by these enterprises to check whether they sit in line with the rules and regulations presented by the Management Rules on Blockchain Information that came into effect from February 15, 2019.
VeChain Gets its Registration Number
Singapore-based blockchain supply chain management project VeChain is among the 197 companies that received the nod of approval from the CAC. The company registration number is 66 which a few twitter users nonchalantly pointed out as being a lucky number in China. Fingers crossed.
The first batch of blockchain companies issued registration numbers in China. 197 total companies were granted numbers including VeChain. Legality and progress👏🏼https://t.co/aReLBCh9GU
— Ben Yorke | vechain101.com (@BenYorke) March 30, 2019
Speaking with a journalist from Yicai, VeChain’s CEO and co-founder, Sunny Lu, said:
“Official registration is contributive to the overall development of the blockchain industry. This is the first step towards standardizing blockchain technology development and the regulatory environment in China. This also allows for an increasing number of companies to be able to develop blockchain applications on existing blockchains in accordance with the laws and regulations without being shrouded in stigma.”
It’s worth highlighting that VeChain has no dearth of high-profile business partners helping to develop blockchain-based supply chain solutions.
As reported by Blockchain Reporter earlier, VeChain has partnered with heavyweights like Amazon, BMW, Japanese tea brand Fuji MARUMO, and NTT Docomo. The project surpassed one million transactions on its mainnet in December 2018, and is slated to hold a high-profile summit in April 2019, where companies like BMW, and DNV GL are expected to participate.
At press time, VET ranks 24th on CoinMarketCap crypto table, trading at $0.006 with a market cap of more than $352 million.