Beijing, China, Monday, November 13- On November 10, 2023, the Chinese government unveiled intentions to safeguard non-fungible tokens (NFTs) as virtual assets. The announcement was made by the Cyberspace Administration of China (CAC), which is the country’s top internet regulator.1
The announcement was made by the Cyberspace Administration of China (CAC), which is the country’s top internet regulator. The CAC said that it is working on a set of regulations that will define NFTs as virtual assets and protect them from fraud and other forms of abuse.
The move is likely to be welcomed by the NFT industry, which has been growing rapidly in recent years. NFTs are digital assets that are stored on a blockchain, and they can be used to represent a wide variety of things, such as artwork, music, and collectables.
The Chinese government has previously been cautious about NFTs, but the announcement suggests that it is now more open to the technology.
The CAC said that it believes that NFTs have the potential to be a new form of digital property, and it wants to create a regulatory framework that will protect the rights of NFT owners.
The move is also likely to have a significant impact on the Chinese blockchain industry.
Being one of the globe’s major blockchain markets, China’s acknowledgment of NFTs is expected to stimulate additional innovation in the industry.
- Chinacourt: 盗窃数字藏品双重属性的规范评价-中国法院网 (chinacourt.org)[↩]
