{"id":63938,"date":"2022-07-05T11:56:49","date_gmt":"2022-07-05T08:56:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63938"},"modified":"2025-09-06T11:41:16","modified_gmt":"2025-09-06T08:41:16","slug":"alibaba-baidu-and-tencent-to-require-kyc-for-nft-buyers","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/alibaba-baidu-and-tencent-to-require-kyc-for-nft-buyers\/","title":{"rendered":"Alibaba, Baidu and Tencent to require KYC for NFT buyers"},"content":{"rendered":"

Chinese tech giants Tencent Holdings, Baidu, JD.com, Ant Group \u2013 the fintech arm of Alibaba Group Holding \u2013 and several other companies have adopted a ‘self-discipline initiative’ to curb speculation in the NFT<\/a> market. reports<\/a> The South China Morning Post.<\/p>\n

According to the document, platforms selling ‘digital collectibles’ must implement real-name authentication for users when conducting operations with NFT<\/a>.<\/p>\n

Such services’ activities are proposed to be certified, with particular attention to ‘the security of underlying blockchain technologies’ and ‘the protection of intellectual property’.<\/p>\n

The document does not directly mention the resale of tokens; the initiative obliges avoiding the creation of secondary trading venues for NFT trading and ‘firmly resist speculation’.<\/p>\n

The signatories also backed China’s ban on the use of cryptocurrencies, emphasising the need ‘to support only legal tender as the nominal and settlement currency’.<\/p>\n

The privately prepared document has no legal force. Nevertheless, government bodies responsible for developing industry standards may take note of these proposals.<\/p>\n

As a reminder, this is not the first self-discipline agreement in the NFT space for China’s tech giants. A similar document on mitigating financial risks in the NFT market was signed by them in November 2021<\/a>.<\/p>\n

In autumn 2021, Tencent and Ant Group changed the term NFT<\/a> to ‘digital collectibles’. Other platforms also distanced themselves from the definition of ‘non-fungible tokens’.<\/p>\n

In March 2022, NFT marketplaces owned by Ant Group and Tencent updated their user agreements<\/a> due to regulatory uncertainty. As a result, WeChat removed the accounts of several platforms.<\/p>\n

In June, WeChat introduced a ban on secondary NFT trading<\/a>, and said it would impose ‘sanctions’ on accounts linked to cryptocurrency trading.<\/p>\n

According to media reports, on the state-backed Blockchain Services Network, infrastructure to support NFTs<\/a> not tied to cryptocurrencies has been deployed. Prior to this, Chinese authorities said that NFTs and metaverses could be bubbles and Ponzi schemes<\/a>.<\/p>\n

Follow ForkLog’s bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese tech giants Tencent, Baidu, JD.com, Ant Group and others have embraced a ‘self-discipline initiative’ to curb speculation in the NFT market.<\/p>\n","protected":false},"author":1,"featured_media":63939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[640,1292,1489,133,1213,36,1771],"class_list":["post-63938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-alibaba","tag-aml-kyc","tag-baidu","tag-china","tag-nft","tag-regulation","tag-tencent"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63938"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63938\/revisions"}],"predecessor-version":[{"id":63940,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63938\/revisions\/63940"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63939"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}