Jiangsu introduces new policy for blockchain development

Jiangsu Province has set a projected growth rate of no less than 10 percent for its blockchain industry and created a development plan that calls for building two to three related provincial-level industry parks, a goal that should be realized within three years.

The objectives were underlined in the Guiding Opinions on Accelerating the Advancement of Blockchain Technology and Industrial Innovative Development, issued on July 14.

There will be blockchain platforms for bills in banks, insurance, leasing and other industries, connecting financial units, customers, investors and regulators in a digital way different than that in the traditional practices. The application in the e-government field will include creating an alliance of various governmental departments, a chain for the general public, and a private chain for security and laws authorities.

The development will make full use of provincial industrial funds, scientific and technological programs, talent plans, and other supportive policies, and align with relevant national initiatives. The focus must be on promoting the development and commercialization of key core blockchain technologies.

Local governments are encouraged to incentivize blockchain enterprises that are included in various incubation repositories. In addition to the national tax incentives for eligible research and development (R&D) expenses, Jiangsu encourages a further 25 percent pre-tax deduction of R&D expenses to be given as rewards and subsidies in some places.

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