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On January 1, 2023, China will open its first authorized network, the Digital Asset Marketplace for trading nonfungible tokens (NFTs), based on a report from the local news source Sina News, published on December 28. The business, which serves as a secondary market for the trading of NFTs, was established by the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China, and the private enterprise company Huban Digital Copyrights Ltd.
The Objective of China Digital Asset Marketplace
The network would make it easier to trade NFTs and copyrights for digital goods. According to a person with knowledge of the situation, the effort intends to control and prevent aggressive speculation in secondary [NFT] marketplaces. In an interview, Yu Jianing, a well-known authority on Chinese advancements in the metaverse and digital assets, remarked that there remains a lot to be worked out with regard to industry regulation and surveillance because digital assets are a new kind of business. As a result, there is a lot of ambiguity. The listing and selling of digital assets fall squarely under the purview of platforms.
NFTs - Digital Properties to be Protected
Furthermore, on November 29, the Hangzhou Internet Court, which focuses on internet-related legal battles in China, determined that NFTs are digital properties that are legally protected. Furthermore, they have the fundamental features of property rights, including value, limitation, controllability, and traceability. Despite the fact that cryptocurrency ownership is regarded as digital property covered by the law, cryptocurrency trades have been prohibited in China since 2021.