Sina News, a China-based news agency has published a report that states the Chinese government’s plans to roll out a regulated marketplace for NFT trading.
This soon-to-be first regulated platform for non-fungible token trading is scheduled to be released on 1 January 2023. The platform’s creators are state-owned and private entities.
Besides non-fungible tokens, China’s marketplace will enable users to trade copyrights tied to various digital assets. The initiative seeks to regulate the secondary markets for NFT trading and put a stop to excessive speculation. Yu Jianing, a Chinese digital asset- and metaverse development expert stated that crypto is a new way of commerce and the majority of regulatory policies and laws have to be updated. This is why people still have a certain degree of scepticism. It is up to the platforms to list and trade digital assets.
Earlier this year, on the 29th of November, a court of law specialized in digital legal disputs from China (Hangzhou Internet Court) ruled that non-fungible tokens are to be considered law-protected virtual property since they possess tradeability, value, controllability, and scarcity. Despite the fact that owning crypto in China comes with a right to virtual property, crypto exchanges were ban by the Chinese government in 2021.