"You can trust China, I'm afraid they will suddenly ban NFTs."
Giving a new surprise, China, which is the second largest economy in the world, will launch its first non-fungible token (NFT) trading platform on January 1, 2023.
The following updates were reportedly created by several state-owned companies such as China Technology Exchange and China Art Exhibition as well as a private corporate company, Huban Digital Copyrights Ltd.
Apart from NFT, one of the advantages of the platform is to facilitate the trading of copyrights related to digital assets only.
While its main objective is to regulate and avoid any negative speculation that can tarnish the reputation of NFT.
According to Yu Jianing, a digital asset and metaverse expert in China, states that laws, regulations and supervisory policies related to digital assets still need to be updated and improved so that mistakes do not occur.
He added that the platform will have greater regulations than intellectual property rights and intellectual copyrights so that it can bear its responsibilities more efficiently.
In the meantime, the Hangzhou Internet Court in China has set its ruling that NFTs are virtual property protected by law even though crypto exchangers are banned in China since 2021.
