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China intends to use its NFT platform to regulate the secondary markets of collectible tokens and combat excessive speculation in digital assets.
The Chinese authorities have made it clear that on January 1 they will launch the first regulated platform for trading non-interchangeable tokens. The platform was created by the state-owned China Technology Exchange, the private Huban Digital Copyrights Corporation and the State Art Exhibition of China.
In addition to trading NFT marketplace is going to popularize and promote the trade of digital assets that have copyrights. The initiative is aimed at regulating and preventing excessive speculation in secondary NFT markets. According to Yu Jianing, a leading expert on digital assets and metaverse development in China, the laws for digital assets in the country are still in their infancy, the industry is new and many rules have not even been developed yet.
"There is uncertainty in this regard. On the one hand, such platforms should be clearly responsible for listing and trading 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," says Jiang.
Recall that at the beginning of the month, the court of the Chinese city of Hangzhou defined NFT as a virtual property that should be protected by law.
