China Launches Regulated NFT Marketplace, Accelerating Digital Transformation

• China is set to launch its first regulated Non-fungible token (NFT) marketplace, China Digital Asset Trading Platform, on January 1, 2023.
• Institutions and individuals will be able to access rights protection monitoring and copyright protection services through the NFT trading platform.
• This launch represents an acceleration in the cultural industry’s digital transformation in China.

China is set to take a major step forward in the digital asset space with the launch of its first regulated Non-fungible token (NFT) marketplace, China Digital Asset Trading Platform, on January 1, 2023. This platform, created jointly by the Chinese Technology Exchange, Art Exhibitions China, and Huban Digital Copyrights Ltd, will facilitate the exchange of NFTs as a secondary market. This launch is seen as a major milestone in the digital transformation of the country’s cultural industry.

Institutions and individuals will be able to access a number of services through the NFT trading platform, such as rights protection monitoring and copyright protection. This will ensure that digital assets are secure and properly managed. China’s central bank has also recently released trial versions of digital yuan wallet apps on mobile, a move that further indicates the country’s commitment to the digital asset industry.

In 2021, China passed a law that banned all cryptocurrency transactions, effectively banning digital tokens such as Bitcoin. This ban was implemented as a measure to prevent fraud and manipulation in the cryptocurrency market. As a result of the ban, a number of crypto firms in the country ceased operations, including Huocoin. The launch of China Digital Assets Exchange is seen as a positive step forward for the industry, as it will provide a safe and regulated platform for individuals and institutions to trade digital assets.

Overall, the launch of the China Digital Asset Trading Platform is a major step forward for the digital asset industry in China. It will provide a safe and regulated platform for individuals and institutions to trade digital assets, as well as access rights protection monitoring and copyright protection services. This launch marks a significant milestone in the digital transformation of the country’s cultural industry, and is expected to be a major catalyst in the development of the industry.