FinTech news in Baidu category

In April, China’s top financial industry associations proposed that NFTs must not be used for securitization; nor should they be traded with cryptocurrencies, which have been outlawed in the country.

Digital collectible platforms, according to the proposal issued by Tencent, Ant Group, and others, should hold relevant regulatory permits, ensure the security of underlying blockchain technologies, enforce user real-identity checks, step up intellectual property protection, resolutely ban financial speculations, and promote rational consumption among users.

Unlike NFTs that are minted on Ethereum or other public chains and traded with crypto on open marketplaces, digital collectibles issued in China are minted on permissioned blockchains managed by local tech giants and often sold on these companies’ own channels.