econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result
Home Business

Chinese Trade Regulators Jointly Warn Against Hidden Risks Related To NFTs

admin by admin
4월 14, 2022
in Business, Economics, Finance
0
Chinese Trade Regulators Jointly Warn Against Hidden Risks Related To NFTs
0
SHARES
0
VIEWS

The China Banking Association, the China Internet Finance Association, and the Securities of China, have issued a joint statement warning the public about potential hidden risks associated with investing in the rapidly evolving non-fungible tokens (NFTs) sector.

NFTs Regulation China

In an April 14 press release, the three regulatory associations launched an initiative encouraging innovations in the crypto and blockchain space focused on NFTs. However, the three regulators noted there is a need to curb the tendency of NFT financialization and securitization to mitigate risk around illicit activities.

The Chinese regulatory associations warned traders and institutions against considering non-fungible tokens like securities, precious metals, or other financial products. The team added that cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT), should not be used for pricing and settlement of NFTs transactions, arguing that trading platforms should perform real-name authentication and follow Anti-Money Laundering (AML) requirements.

In the same context, China-based regulatory associations maintained that institutions and firms in compliance with the AML requirements should not invest in NFTs or provide support to other firms failing to comply with AML rules. The joint team advised that NFT platforms should not provide centralized transactions, slit NFT batches or carry out token issuance in disguise. The publication reads:

“We solemnly call on consumers to establish correct consumption concepts, enhance their awareness of self-protection, consciously resist NFT speculation and speculation, be vigilant and stay away from NFT-related illegal financial activities, and effectively safeguard their property safety.”

“If relevant illegal activities are found, they should be reported to the relevant departments in a timely manner.”

Buy Crypto Now

NFTs Regulation Unclear In China

On several occasions, the three regulatory associations have warned the public against investing in crypto while encouraging institutions to abide by existing regulatory provisions on digital assets.

Notably, the Chinese government prohibited crypto exchanges from providing services in 2017. Since then, many individual and local banks had ignored the ban until the People’s Bank of China (PBoC) started clamping down on the activity in 2021.

Since non-fungible token regulations in China are still uncertain, several social media giants, including WeChat, have terminated their NFT platforms, seemingly fearing unforeseen government clampdown.

However, Chinese multinational e-commerce firm Alibaba Group, one of the largest companies in the world with more than $272 billion in market capitalization, filed an NFT marketplace in August 2021 that allows users to sell tokens representing licenses copyrights.

Tags: AlibababusinessChinacryptocryptocurrencyinvestmentNFTNFT regulationnon-fungible tokens (NFTs)PBoCPeople's Bank of ChinatradersWeChat
Previous Post

70% Financial Advisers To Increase Crypto Allocations In 2022 – NASDAQ Survey

Next Post

Binance CEO Commends ‘Pro-Crypto’ France As Exchange Pursues Base There

Related Posts

Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by admin
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by admin
6,746 ETH Valued At $12M Was Just Burned
Economics

6,746 ETH Valued At $12M Was Just Burned

by admin
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin: What Next After Consolidation Ends?

by admin
US Government Offloads Another 8,200 Bitcoin – On-chain Data
Economics

US Government Offloads Another 8,200 Bitcoin – On-chain Data

by admin
Next Post
Binance CEO Commends ‘Pro-Crypto’ France As Exchange Pursues Base There

Binance CEO Commends ‘Pro-Crypto’ France As Exchange Pursues Base There

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect