China's Digital Asset Trading Platform

2023: Launch of the site

On January 1, 2023 China , the first state-backed trading platform was launched NFT in. It represents a secondary market for non-interchangeable tokens.

NFTs are called digital collectibles in the PRC. They are popular with Chinese traders, but not as they are in the rest of the world. According to the laws of the country, non-replaceable tokens in China cannot be purchased for cryptocurrency; they are sold in enclosed, highly regulated venues. At the same time, the use of digital money for settlements is considered as illegal financial activities.

China launched a state platform for trading NFT in the secondary market

The new NFT platform will be called the Chinese Platform for Digital Asset Trading. Its opening ceremony took place on January 1, 2023 in Beijing. The project involves government agencies China Technology Exchange and Art Exhibitions China, as well as the private company Huban Digital. It is known that, in addition to NFT, digital copyright trading will be carried out on the platform. However, it has not yet been determined which goods are planned to be displayed on the site. Trading rules will also be announced at a later date.

It is noted that the Chinese platform for trading in digital assets is being created as part of a national strategy for digitizing culture. The project will use blockchain and non-interchangeable tokens as a basic technological infrastructure to strengthen the culture industry.

The development of digital assets in China faces many challenges, such as technical limitations, collectible value, and copyright disputes. In terms of industry regulation, digital collections are a new kind of business. The emergence of an NFT platform with clear responsibilities for the release and trading of digital assets is expected to help develop the relevant market in China.^[1]

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