Things in China are gradually turning towards opening up more towards crypto projects.

Recently, the Cyberspace Administration Bureau, a Chinese agency active in the technology field in China, released a list of 197 blockchain companies that provide services registered in China.

The list includes the best Chinese Internet companies such as:

Baidu Blockchain Engine Corporation, BaaS Corporation and Tencent Baas TBaaS Service, the list also includes financial institutions including Qichang China Bank and Ping Bank.

Only two crypto projects have been approved in China.

Where the list included the crypto project Vechin Which is based on supply chain management based on blockchain technology.

Another crypto company on the list is Project ParcelX, which provides crypto-based parcel delivery services.

Read:Investors in the Middle East are reacting positively to STO tokens and recording an increase in the demand for investment in crypto

The approval of the two projects is considered:

VeChain and ParcelX are good news for the crypto community as it means that the two projects will be able to operate in China legally.

It’s also big news given China’s crackdown on cryptocurrencies.

According to the notice published by the bureau, the bureau will conduct further research on cryptocurrency projects and pass on relevant information to individuals and institutions involved in this field.

Blockchain in China:

China is one of the important countries in the cryptocurrency industry.

show one Studies Almost 25% of the world’s blockchain projects are located in China, which is the largest ever.

The use of cryptocurrencies in China appears to be improving, which could be due to the friendly regulations as well as the support for blockchain development advocated by the head of state.

Blockchain technology is being adopted by many companies in China, such as IIB (Shipping Company), CSICL (Shipbuilding Company)…

Importance of approval of the Vechain project:

As we have pointed out to the fact that China is a big player in the crypto space, this decision will inevitably affect the entire crypto industry.

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The approval of the two crypto projects is a sign that China is becoming more accommodating towards blockchain technology.

Accordingly, investment in this sector is expected to increase.

VeChain’s approval has brought a lot of support from the crypto community, yet some members of the crypto community are still at a loss.

The CEO of VeChain commented on the approval saying:

It will definitely contribute to the development of the blockchain industry.

This was the first step for environmental standardization in China, which will allow companies in China to integrate blockchain technology without a negative attitude.

After the approval, VeChain entered into partnerships with major companies such as BMW and Amazon.

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Report: China’s Blockchain Spending Will Exceed $2 Billion by 2023

China and its uses of blockchain technology