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According to a report from the South China Morning Post, Tencent, Ant Group, Baidu, JD.com, and several other leading Chinese tech companies issued a "self-disciplined development proposal" for the "digital collectible industry" last week. The proposal would introduce real-name authentication for users who publish, buy and sell non-fungible tokens (NFTs).
According to a statement by the China Cultural Industry Association, the signatories of the agreement also acknowledged and reaffirmed the existing regulation that prohibits the use of cryptocurrencies, emphasizing that platforms offering digital collectibles — the term used in mainland China for NFTs — can "only support legal tender as the denomination and settlement currency."
In addition to regulatory certifications, collectible digital platforms should secure the security of underlying blockchain technology and improve intellectual property protection.
Although the paper does not specify the selling of NFTs, the initiative commits to avoiding establishing secondary markets for NFT trading and “firmly resisting speculation.”
“Different from most foreign platforms that apply NFT technology as financial products, domestic digital collections are more regarded as the category of digital cultural creativity,” according to the China Cultural Industry Association.
The most recent proposal for China’s NFT area originates from private enterprises and, as such, is not legally obligatory; still, it might be a significant step toward greater regulatory clarity. State authorities responsible for establishing industry standards may evaluate the ideas.
The Chinese government tightened down on crypto enterprises in 2017 by prohibiting crypto transactions and compelling many Bitcoin miners to relocate outside.
The crackdown was not, however, extended to the NFT space, with China’s state-backed Blockchain Services Network announcing in January the creation of its platform for launching tokenized digital collectibles, albeit on permissioned, non-public blockchain infrastructure with no crypto transactions.
Tencent, Ant Group, and Baidu, among other IT titans, have developed digital collectible markets built on private chains that only accept the Chinese yuan and prevent secondary trade.
National Internet Finance Association of China, China Banking Association, and Securities Association of China issued guidelines in April prohibiting the use of NFTs in issuing securities, insurance, and loans and denying the facilitation of NFT trading and investments by the country’s financial institutions.