China’s recent ban on cryptocurrency trading has led many investors to turn their attention to non-fungible tokens (NFTs), which have grown in popularity in the country. The rise of NFT collections has prompted the Chinese government to establish new guidelines for their use.
These guidelines require NFT creators to register with the government and disclose the ownership and copyright information for any original works. The guidelines also introduce measures to combat illegal activities such as money laundering and theft.
According to China’s National Internet Finance Association, NFTs have become a hotbed for illegal activities due to their decentralized nature and lack of regulation. By implementing these new guidelines, the government hopes to protect both creators and consumers and promote a healthier blockchain industry.
As the use of NFTs continues to grow in China, it will be important to monitor the effects of these new regulations on the industry. With proper oversight and enforcement, the guidelines could help establish a more secure and trustworthy NFT market.