China state-backed NFT trading platform to launch on Jan. 1
“China Digital Asset Trading Platform,” a non-fungible token (NFT) marketplace developed by state-owned entities and a private sector firm, has been set for launch on Jan. 1, 2023, state media outlet China Daily reported on Tuesday.
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The platform was founded by a Beijing-based private firm, Huaban Digital Copyright Service Center, and two state-backed entities, China Technology Exchange and Art Exhibition China.
The new marketplace has obtained a compliance license through China Technology Exchange to offer NFT and digital copyrights trading services, Yin Tao, the chief executive officer of Huaban Digital Copyright Service Center, told another state-owned media outlet in a report published Thursday.
Institutions and individuals can register their digital assets and apply for copyright protection services through the platform, according to China Daily.
The marketplace is built on “Wenbao Chain” (heritage protection chain), a blockchain network operated by Art Exhibition China.
China imposed a blanket ban on cryptocurrency transactions in September 2021 and pledged to crack down on speculative NFT trading activities earlier in 2022.
The NFT trading platform is weighing possible trading rules to curb speculative activities, Yin said.
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