The Chinese authorities have made it clear that on January 1 they will launch the first regulated platform for trading non-fungible tokens. The platform was created by the state-owned China Technology Exchange, the private corporation Huban Digital Copyrights, and the State Art Exhibition of China.
In addition to NFT trading, the marketplace is going to popularize and promote the trading of copyrighted digital assets. Initiative aims to regulate and prevent excessive speculation in secondary NFT markets. According to Yu Jianing, a leading expert on digital assets and the development of the metaverse in China, the laws for digital assets in the country are still in their infancy, the industry is new, and many rules have not yet been developed.
“There is uncertainty in this regard.. On the one hand, such platforms should be clearly responsible for the listing and trading of digital assets.. On the other hand, there is no regulatory framework for them, as, say, for intellectual property or digital copyrights.. Therefore, working with digital assets imposes certain risks,” Jiangying says.
Recall that at the beginning of the month, the court of the Chinese city of Hangzhou defined NFT as virtual property, which must be protected by law.