China to launch a regulated NFT marketplace

China will launch a state-backed trading platform for non-fungible tokens (NFTs). CoinDesk reports, citing local media.

A ceremony to mark the event will take place on 1 January 2023 in Beijing.

The platform will be run by two state-owned enterprises — China Technology Exchange and Art Exhibitions China — along with private company Huban Digital.

The marketplace, named China Digital Asset Trading Platform, will be used to trade digital ownership rights along with collectibles.

According to the release, the blockchain underpinning the platform is called China Cultural Protection Chain — “Chain for the Protection of China\’s Cultural Heritage”.

Earlier, lawyers noted that, despite repression against the crypto industry, Chinese authorities have not prohibited ownership of digital assets.

In December, a Hangzhou court recognised NFT as virtual property protected by the country\’s laws. A similar status for Bitcoin had already been determined in 2019. In May, a similar ruling was issued by the Shanghai court.

Earlier in September, China\’s National Intellectual Property Administration tightened the crackdown on copyright infringement by NFT creators.

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