China has already seen the registration of more than 700 blockchain companies since the start of the new year.
Figures from cryptocurrency data company LongHash indicate that a total of 714 blockchain firms had been registered in 2020 as of 26 January, bringing the total number of registered Chinese blockchain enterprises to 79,556.
According to LongHash data there are currently 26,085 blockchain companies operating in China, with a further 57,273 having lost their legal status or licenses.
Guangdong is host to the largest number of blockchain companies, at 22,630 in total, followed by Yunnan province (5,301), Xinjiang province (5,104) and Guangxi province (5,073).
Average funding levels for Chinese blockchain companies is low, with over 46% of them having registered capital of 5000 yuan or less (approx. USD$721).