First National NFT Marketplace Opens in China

China will launch its first regulated platform for NFT trading on January 1, 2023, Sina News reported. The platform, which serves as a marketplace for the trading of NFTs, was created by Huban Digital Copyrights Ltd, in conjunction with the state-owned Chinese Technology Exchange and Art Exhibitions China.

The platform will facilitate the trading of copyrights related to digital assets as well as NFTs. The project aims to regulate and prevent excessive speculation in NFT markets.

Popular expert on digital assets and metaverse developments in China, Yu Jianing, used the following statements in an interview:

“In terms of industry oversight and regulation, digital assets represent a new form of trading, and many things regarding laws, regulations and supervisory policies remain to be improved. Therefore, there is a lot of uncertainty. Platforms also have an obvious responsibility for listing and trading. Compared to intellectual property and digital copyrights, digital assets face a greater risk of regulatory soundness.”

Hangzhou Internet Court, China’s civil court specializing in internet-related legal disputes, previously ruled on November 29 that NFTs are virtual properties protected by law, and that “property rights have object characteristics such as value, scarcity, controllability, and tradability.” Cryptocurrency exchanges have been banned in China since 2021, but holding crypto is considered virtual property protected by law.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.