China’s state-backed platform for exchanging non-fungible tokens (NFT) will start operating in 2023.
The China Digital Asset Trading Platform was created as part of the Chinese government’s initiative to build a secondary marketplace for NFT and digital copyright trading. The ceremony celebrating the launch is scheduled for January 1, 2023. This is reported by the local media.
The platform was established by the China Digital Exchange (CDE), a national institution for trading intellectual property rights and scientific and technological achievements. As part of the initiative, the CDE cooperates with the China Technology Exchange (CTE), the China Cultural Relics Exchange Center (CCREC), and the China Digital Copyright Service Center (CDCSC).
Chinese authorities began working on a domestic NFT market at the beginning of 2022. In January, the infrastructure for the Distributed Digital Certificate (DDC), a local counterpart to an NFT, was unveiled.
According to Yin Tao, President of the CDCSC, the platform will enable safe purchases or sales of digital collections or digital copyrights, thanks to the CDE’s license. However, the specific type of “goods” hasn’t yet been determined.
“The specific rules for trading on the platform are still being studied and discussed,” Tao said. He added that the regulator’s main tasks included defining a clear framework for commission costs and developing trading standards for digital assets to “avoid excessive speculation in the secondary market.”
Recall that the Hangzhou Internet Court recently ruled that NFTs were virtual property and subject to the Law of Electronic Commerce.
