China’s non-fungible token (NFT) industry has published a “self-discipline initiative” that promises identity checks for users, adherence to the country’s ban on cryptocurrencies and a promise not to establish secondary marketplaces to fight speculation, reports the South China Morning Post.
Platforms that sell digital collectibles, the term used in mainland China for NFTs that cannot be traded using cryptocurrency, “shall require real-name authentication of those who issue, sell and buy” the assets and “only support legal tender as the denomination and settlement currency,” reads the 14-article document endorsed by many of China’s biggest tech firms.
The document, an effort from private companies that is not legally binding, was published by the China Cultural Industry Association last week. Many companies involved in China’s digital collectibles market have signed on, including Tencent Holdings, Baidu, JD.com, and Ant Group, the fintech affiliate of Alibaba Group Holding.
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