China to Launch ‘Digital Asset Trading Platform,’ Media Report Unveils

China to Launch ‘Digital Asset Trading Platform,’ Media Report Unveils

A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets. National Marketplace to Support Trading of Digital Collectibles and Copyrights in China

Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets, local media announced. The initiative is a joint project between government organizations and a private company.

The “China Digital Asset Trading Platform,” built in partnership by the China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co. Limited, will launch on Jan. 1, 2023, the report by Sina Finance detailed on Wednesday.

The marketplace will operate under the license of the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.

The exchange facilitates purchase and sale of intellectual, scientific, and technological property rights in the People’s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.

The new marketplace will be compliant with applicable regulations and provide trading services for digital collectibles and digital copyrights, Huaban President Yin Tao explained. As China has been cracking down on crypto-related activities, the term “digital collectibles” is often preferred by media outlets and companies over “NFTs” to avoid association with cryptocurrencies.

In terms of supervision and compliance, this market faces some uncertainties and greater compliance risks, but laws and regulatory policies will be gradually improved, commented Yu Jianing, co-chair of the Blockchain Committee of the China Communications Industry Association.

A ban on the resale of digital collectibles imposed by Chinese regulators to limit market speculation with these assets was reportedly the reason behind Tencent’s decision to close down its NFT platform, Huanhe. The news of the move came out in July, only a year after its launch.

In June, the popular social media app Wechat, also operated by the Chinese tech giant, announced its intentions to prohibit public accounts facilitating secondary trading of non-fungible tokens. Soon after, the Tencent News app stopped selling NFTs. Tags in this story China, chinese, Crypto, Cryptocurrencies, Cryptocurrency, Digital Asset, Digital Assets, Digital Collectibles, digital copyrights, launch, Marketplace, nft, NFTs, Non-fungible tokens, Regulations, Tokens, trading platform

Do you think China will eventually expand the opportunities for regulated digital asset trading beyond NFTs? Tell us in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. While His Digital Trading Cards Tumble in Value, Trump Says His "Cute" NFTs Were About the Art NEWS | 7 mins ago "Ultra Sound" Money — Simulation Shows Ethereum’s Inflation Rate Is Significantly Lower Using Proof-of-Stake NEWS | 3 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleArgentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars Next article2 Bitcoin Mining Pools Command More Than 53% of BTC’s Total Hashrate Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design