China to Launch First National NFT Marketplace in January 

China is looking to go NFT as plans to launch an NFT marketplace were disclosed by a local news outlet, Sina News, and expected to go live 1st January 2023. The NFT marketplace emerged as the first national NFT trading platform but will be regulated. 

The purpose of the China national regulated NFT marketplace project is to “regulate and avoid the excessive speculation in secondary NFT markets,” an insider to the matter defined.

The China national regulated NFT marketplace was developed by three entities including private-owned Huban Digital Copyrights Ltd, the state-owned Chinese Technology Exchange, and the state-owned Art Exhibitions China. The NFT marketplace will act as a secondary market for the exchange of NFTs and copyrighted digital assets alongside NFTs will be traded on the platform. 

NFTs have earlier been ruled by the Hangzhou Internet Court, for settling internet-related legal disputes in China on Nov. 29 as virtual properties protected by law. The court also made it known that NFTs “have the object characteristics of property rights such as value, scarcity, controllability, and tradeability.” 

In an interview, digital asset expert, Yu Jianing commented that digital assets are new businesses, faced with uncertainties and have the risk of regulatory soundness. “In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations, and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists.”

Yu Jianing is a leading expert on digital assets and metaverse developments in China and he further mentioned that “platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness.”

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