Quick take:
- The launch ceremony of China’s national digital asset trading platform will be held in Beijing on January 1.
- The digital asset marketplace is jointly built by state-owned and private companies.
- The marketplace will be used for trading digital collectibles and digital copyrights.
China is launching its first national digital asset trading platform as it re-enters the NFT space after pledging a nationwide ban earlier this year. The platform’s launch ceremony will be held in Beijing on Jan 1, 2023.
The “China Digital Asset Trading Platform” is jointly built by state-owned companies China Technology Exchange and China Cultural Relics Exchange Center, as well as private company Huaban Digital Copyright Service Center Co., Ltd.
The marketplace will be used for trading digital collectibles and digital copyrights and it will use the underlying infrastructure of the China Technology Exchange to process transactions.
China has reportedly created its own blockchain ecosystem, dubbed the Blockchain Service Network (BSN), which will be used to deploy NFTs. However, it appears that the “China Digital Asset Trading Platform” will not be using the BSN.
It will instead also use its own underlying blockchain called “China Cultural Protection Chain” for tradable digital assets, providing digital asset registration, confirmation of rights, deposit certificates, rights protection monitoring, and copyright protection services for institutions and individual users.
Established by the China Cultural Relics Exchange Center, the “China Cultural Protection Chain” aims to promote the deep integration of blockchain technology applications, state-owned cultural copyright protection services and a digital platform for cultural and creative industries.
The platform’s launch is part of China’s national cultural digital transformation strategy as it seeks to use blockchain and NFT as the underlying technology to drive the country’s cultural industry.
This news comes after China banned cryptocurrency earlier this year and clamped down on NFTs, forcing Tencent to shutter its NFT unit. According to the country’s crypto regulations, NFTs must be referred to as digital collectibles. After the ban, China was one of the top regions interested in NFTs.
Earlier this month, a Chinese court ruled that NFTs have similar property rights to e-commerce goods, which are protected by e-commerce law, marking a step forward in China’s digital asset regulation.
“In terms of industry supervision and compliance, digital collectibles are a new type of business, and laws, regulations and regulatory policies will be gradually improved, so there are uncertainties. Platforms have clear responsibilities for the issuance and trading of digital collections. Compared with intellectual property rights and digital copyrights, digital collectible face greater compliance risks,” said Yu Jianing, co-chairman of the China Communications Industry Association Blockchain Special Committee.
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