China launches first national NFT marketplace

The government-supported platform will conduct secondary trade in NFT and digital asset copyrights. Crypto-Upvotes expert review

China will launch its first regulated NFT trading platform on January 1, 2023. This was reported by Sina News. ” China Digital Asset Trading Platform ” will be a secondary marketplace for NFT. It is jointly created by state-owned China Technology Exchange and Art Exhibitions China. And a private company, Huban Digital Copyrights Ltd.

The new trading platform will focus on a national strategy to digitize culture. It will use blockchain and NFTs as the basis for technical support for the innovative development of the cultural industry and the preservation of cultural heritage.

NFT in China are called digital collectibles. In addition to these, the platform will also trade copyrights related to digital assets. Specific types of items that will be featured on the platform have not yet been determined.

Our experts note that according to Chinese laws, NFT cannot be purchased for cryptocurrency. At the end of September 2021, the People’s Bank of China banned cryptocurrency transactions. The use of digital assets for payments equates to illegal financial activity. NFTs are sold in China on closed regulated platforms.