According to Sina News, China will launch its first regulated platform for nonfungible tokens (NFTs). This is an unexpected step for a country that has banned cryptos for years. A celebration ceremony will be held in Beijing on January 1, 2023.
The platform is operated by Chinese Technology Exchange, the state-owned Art Exhibitions China, and Huban Digital Copyrights Ltd, a private corporate entity, according to China Daily.
The platform is operated on the “China Cultural Protection Chain”. The marketplace called “China Digital Asset Trading Platform” will also support copyright and title trading along with collections.
NFTs have been popular amongst Chinese traders for much of the past two years. However, unlike the rest of the world, you cannot buy or sell crypto in China, according to the strict regulations of the country over digital assets.
Despite its draconian view of the crypto industry, China has always pushed ahead with the development of NFT, metaverse, and CBDC. Earlier this month, the Hangzhou court, which handles legal disputes related to the Internet, ruled that NFTs are protected property by law and that they have similar ownership rights to items on commercial websites.
In an interview, Yu Jianing, a leading expert on digital assets and metaverse developments in China, commented:
“In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.”
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