Chinese City Offers Rent Subsidies, Cash Rewards to Blockchain Businesses

Fuzhou, China is offering rent subsidies to blockchain businesses in a bid to accelerate the industry’s growth, the state-run People’s Daily reported on June 11.

The incentive is part of three measures designed to help the sector, and will enable companies to receive up to 600,000 yuan ($86,800) in relief on rent bills per year for three years.

Traditional companies will also be encouraged to build blockchain applications, and will be eligible to receive a 20% subsidy on the cost of their development. Projects that win awards for scientific and technological progress, or deliver transformation in Fuzhou, could be rewarded with a payment of up to 600,000 yuan.

Firms that deliver industrial blockchain platforms such as technology labs or research centers could land a windfall of two million yuan ($289,000) if they are recognized by Chinese authorities — and as much as one million yuan ($144,500) if they contribute to high-level meetings at “international, national and provincial levels.”

Some of China’s biggest companies have started to embrace blockchain. On May 21, it was reported that e-commerce giant JD.com has applied for more than 200 blockchain patents.

Two days later, it emerged that rival retail behemoth Alibaba was planning to integrate blockchain technology into its intellectual property system.

Last month saw China release its latest government-sponsored cryptocurrency rankings, with EOS retaining the top spot and bitcoin moving up three positions to 12th place.