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Chinese Tech Giants Push for NFT Regulation to Eliminate Speculation

Chinese tech giants, including Ant Group, Tencent, Baidu (NASDAQ:BIDU), and JD (NASDAQ:JD).com, have started a self-disciplinary initiative to eliminate speculation in the...
Chinese Tech Giants Push for NFT Regulation to Eliminate Speculation Chinese Tech Giants Push for NFT Regulation to Eliminate Speculation

Chinese tech giants, including Ant Group, Tencent, Baidu (NASDAQ:BIDU), and JD (NASDAQ:JD).com, have started a self-disciplinary initiative to eliminate speculation in the NFT market.

An NFT Market Strategy

The Digital Collection Industry self-discipline initiative was launched on June 30th during the ‘China Digital Cultural and Creative High-Quality Development Forum’ held in Beijing, and hosted by the China Cultural Industry Association.

During the forum, representatives from different creative industry fields formed a joint effort to respond to the National Digital Strategy issued by the General Office of the CPC Central Committee and the General Office of the State Council.

According to a statement, released on Thursday by the China Cultural Industry Association, the companies issued a proposal with 14 articles. In the outline, they explain that NFT platforms should be required to possess necessary qualifications in accordance with the law, ensure the security and controllability of blockchain technology, adhere to the real-name system, strengthen the building of intellectual property protection capabilities, prevent financial and malicious speculation, and advocate for rational consumption.

“As the earliest company to carry out NFT-related business, we actively responded to the association’s initiative on self-discipline development. Ant also issued a statement on the “three nos” of digital collections and related products. Risk control design and remind consumers of fraud risks. We hope to work together with all parties to form industry consensus and norms, and keep integrity and innovation,” expressed Jiang Guofei, vice president of Ant Group.

An Uncertain Regulatory Environment

While Beijing has yet to provide any meaningful regulation for NFTs, Chinese state media has firmly denounced the market.

Earlier this week, Chinese NFT marketplace Yucang announced that it would be repurchasing assets due to a lack of regulatory clarity. Users of official accounts on WeChat, the popular Chinese messaging app, are facing disciplinary action, including permanent bans, if they are found to be involved in flipping digital collectibles.

With the NFT industry still being met with a hostile environment, “Digital collectibles” is a phrase commonly adopted among Chinese companies to avoid making direct reference to non-fungible tokens.

Continue reading on DailyCoin

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28-03-2024 20:31:52 (UTC+7)

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 EUR/USD1.0809↑ Buy
 GBP/USD1.2637Neutral
 USD/JPY151.30Sell
 AUD/USD0.6506↑ Sell
 USD/CAD1.3567Neutral
 EUR/JPY163.49↑ Buy
 EUR/CHF0.9765↑ Sell
 Gold2,229.80↑ Sell
 Silver24.698↑ Sell
 Copper3.9932↑ Sell
 Crude Oil WTI82.60↑ Buy
 Brent Oil86.52↑ Buy
 Natural Gas1.743Neutral
 US Coffee C188.82↑ Sell
 Euro Stoxx 505,089.55↑ Sell
 S&P 5005,249.13↑ Buy
 DAX18,488.55↑ Sell
 FTSE 1007,967.25↑ Buy
 Hang Seng16,541.42Neutral
 Small Cap 20002,121.15↑ Buy
 IBEX 3511,099.50↑ Sell
 BASF52.980Neutral
 Bayer28.50Buy
 Allianz276.98↑ Buy
 Adidas206.28↑ Sell
 Lufthansa7.268↑ Buy
 Siemens AG177.00Buy
 Deutsche Bank AG14.615Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(10/ 10) # 1,450
SJC Hanoi7,900/ 8,102
(10/ 10) # 1,452
SJC Danang7,900/ 8,102
(10/ 10) # 1,452
SJC Nhatrang7,900/ 8,102
(10/ 10) # 1,452
SJC Cantho7,900/ 8,102
(10/ 10) # 1,452
Cập nhật 28-03-2024 20:31:54
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ↀ Giá vàng thế giới
$2,211.25+20.230.92%
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.21+4.780.06%
Brent$86.27+4.640.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
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