China will launch the national NFT digital asset trading platform on January 1!

Jan 04,2023
China will launch the national NFT digital asset trading platform on January 1!

China is preparing to launch the first legal and compliant digital asset secondary trading platform nationwide on January 1. The "China Digital Assets Trading Platform" was jointly built by the state-owned China Technology Exchange, China Cultural Relics Trading Center and the private enterprise Huabang Digital Copyright Service Center.

China Digital Assets Trading Platform relies on the national trading infrastructure of China Technology Exchange, which is a national intellectual property trading institution jointly established by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences and the State Intellectual Property Office. Beijing Municipal People's Government and China Technology Exchange manage the trading function of the exchange and provide a comprehensive and standardized trading system for digital assets, including the processing and security settlement mechanism of the entire trading process.

China's digital asset trading platform uses the Chinese cultural heritage chain to conduct digital asset trading, providing institutions and individual users with digital asset registration, rights confirmation, certificate storage, rights protection monitoring, copyright protection and other services. China Context aims to promote the deep integration of blockchain technology application and cultural digital copyright protection.

Yu Jianing, co chairman of the Blockchain Special Committee of the China Communications Industry Association, said that the launch of the China Digital Assets Exchange represents the acceleration of the digital transformation process of the national cultural industry and shows the development pace of China's digital assets. The degree of data capitalization and asset digitalization has been continuously improved. Yu Chengdong also acknowledged that the development of digital assets in China is facing several problems, such as technical limitations, collection valuation, copyright disputes, etc.

"In terms of industry supervision and compliance, digital collection is a new type of business. Laws, regulations and regulatory policies will be gradually improved, and there is some uncertainty," Yu said. "The platform has a clear responsibility for the distribution and transaction of digital collections. Compared with intellectual property and digital copyright, digital collections face greater compliance risks."

Earlier this month, a ruling of the Hangzhou Internet Court set a precedent for the irreplaceable token (NFT) to constitute online virtual property and will be recognized by Chinese law.

The court held that NFTs "have the characteristics of property object such as value, scarcity, controllability, and tradability", "belong to network virtual property", and "should be protected by Chinese law". Their definition of NFT as China's digital property has set an important and far-reaching precedent, further distinguished NFT from cryptocurrency, and removed digital property from the gray area that has existed since China made cryptocurrency illegal in September 2021.