Recently, the Chinese NFT industry has announced self-regulation.
According to the Hong Kong South China Morning Post (SCMP) on the 5th, the company announced a 'self-regulatory plan', which includes 14 provisions, including the NFT real name system, the utilization of legal money, security certification, and the prohibition of NFT applications such as securities and insurance.
Tencent, Alibaba, Baidu, and Jingdong participated in this self-regulatory plan. The NFT self-regulatory plan was based on the regulation of the China Culture Industry Association on the 30th, and the China Culture Industry Association said, NFT technology is used to protect IP (IP) and register cultural products, but cryptocurrency is prohibited to avoid financial risks. Regulations are needed.
In fact, in China, the Chinese government limits NFT, but big tech companies are replacing the terms with 'digital collectors' and accelerating related businesses. Unlike the cryptocurrency, the Chinese government has a reserved position regarding NFT.