Tencent, Ant Group, Baidu, JD.com, and several other leading Chinese tech companies last week issued a “self-disciplined development proposal” for the “digital collectible industry” that would introduce real-name authentication for users that issue, buy, and sell non-fungible tokens (NFTs), according to a South China Morning Post report. According to a statement by the China Cultural Industry Association, the signatories of the agreement also acknowledged and reaffirmed the existing regulation which bans the use of cryptocurrencies, stressing that platforms offering digital collectibles—the term used in mainland China to describe NFTs—can “only support legal tender as the denomination and settlement currency.” Digital collectible platforms should also hold relevant regulatory certifications, ensure the security of underlying blockchain technologies, and bolster intellectual property protection.
Full story : Chinese Tech Giants Alibaba, Tencent to Require ID Checks for NFT Purchases.
