The new initiative reportedly came in response to the country’s banking, internet finance, and securities associations openly criticizing NFTs.
Chinese tech giants join the state-backed efforts in regulating the digital collectibles by voicing support for the “self-discipline initiative” that ensures identity checks on users, adheres to the country’s ban on cryptocurrency and prevents the speculation of digital assets.by the China Cultural Industry Association, a state-supervised organization, the initiative has garnered support from domestic tech giants such as Tencent Holdings, Alibaba’s Ant Group, JD.
Known for its anti-crypto stance, China refers to Non-Fungible-Tokens as digital collectibles, which only support the country’s legal tender, Yuan, as the settlement currency. The initiative reiterates such a stance and calls the giants to follow a set of guidelines to assist regulatory efforts. Under the 14 articles introduced by the initiative, digital collectable platforms are expected to hold relevant regulatory certifications, bolster intellectual property protection, advocate real-name authentications, and avoid establishing secondary markets meant for speculative purposes.
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