Chinese tech giants Ant Group, Tencent and JD.com have signed a self-regulation convention on non-fungible tokens (NFTs) with several government agencies, according to EqualOcean.
The document states that the companies and authorities should counter any form of cryptocurrency issuance and speculation in digital cultural and creative works. They should also prevent financial risks associated with NFT.
The ‘Self-Discipline Convention for the Digital Cultural and Creative Industry’ has included 11 guiding principles:
- contribute to the real economy;
- promote national culture;
- support the development of the industry;
- ensuring compliance with legal requirements;
- ensuring asset value;
- protecting consumer rights;
- working with regulated corporate supply chains;
- strengthening cybersecurity;
- prohibition of virtual currencies;
- prevention of speculation and financial risks;
- countering money laundering.
Among the government bodies signing the agreement were the National Copyright Trading Center, the China Academy of Art, CCTV Animation Group, the Hunan Provincial Museum, and others.
Earlier in October, Ant Group and Tencent distanced themselves from the term ‘NFT’. They replaced it with ‘digital collectibles’ on their platforms and sites.
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