Digital Asset Marketplace Coming Soon China is under a public-private partnership, local media said. The goal, according to the report, is to establish a regulated trading platform for digital collectibles, as part of government efforts to curb market speculation on such assets.
A national market to support the trading of digital collectibles and copyrights in China
Preparing to raise (NFT) and other digital assets, local media announced. This initiative is a joint project between government agencies and private companies.
The China Digital Asset Trading Platform, built in partnership between China Technology Exchange, China Cultural Relics Exchange Center and Huaban Digital Copyright Service Center Co. Limited, will be announced on Wednesday, January 1, 2023. Report by Sina Finance mentioned.
The Marketplace operates under license from the China Digital Exchange established by the Ministry of Science and Technology, the State Intellectual Property Administration, the Chinese Academy of Sciences and the Beijing Municipal Government.
This exchange facilitates the buying and selling of intellectual, scientific and technical property rights in the People’s Republic. It provides the underlying infrastructure for the new trading platform and is responsible for processing transactions and implementing settlement mechanisms.
Huaban’s president Yin Tao explained that the new marketplace will comply with applicable regulations and provide digital collectibles and digital rights trading services. As China cracks down on crypto-related activity, the term “digital collectibles” is often preferred by media and companies over “NFTs” to avoid any association with cryptocurrencies.
Regarding supervision and compliance, the market faces some uncertainties and greater compliance risks, but laws and regulatory policies will improve gradually, according to the China Telecommunications Industry Association. Yu Jianing, co-chair of the Blockchain Commission, commented.
Chinese regulators’ ban on the resale of digital collectibles to limit market speculation for these assets is behind Tencent’s decision to shut down his NFT platform, Huanhe. It is said that the reason is in News of the move came just a year after he launched in July.
In June, popular social media app Wechat, also run by the Chinese tech giant, announced its intention to ban public accounts that facilitate secondary trading of non-fungible tokens. Soon after, the Tencent News app stopped selling his NFTs.
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