Chinese authorities will tighten supervision of NFTs to control copyright compliance
The local regulator intends to crack down on the illegal use of other people’s works of art to create non-fungible tokens
11.09.2022 - 07:00
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2 min
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What’s new? The National Copyright Administration of China (NCAC) has recently launched a campaign to combat copyright infringement and piracy on the Internet. The Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic are also participating in the initiative. The NCAC is particularly concerned about the problems with copyright protection arising from a large number of organizations working with innovative technologies. One of the areas where the administration wants to increase oversight is the issuance of NFTs.
What is the main purpose of the initiative? The regulator believes it is necessary to strengthen the supervision of copyright compliance of online businesses by investigating cases of the sale and distribution of products that infringe copyrights. The focus will be on platforms for short videos, live broadcasts, and e-commerce.
The administration said that it plans to “severely crack down on the unauthorized use of other people’s works of art, music, animation, games, film, and television to create NFTs, make digital collections.” The agency is convinced that progress in this direction can be made by strengthening the entire copyright chain, promoting regulatory standards, and imposing penalties.
In April, local financial associations proposed a number of restrictions on non-fungible tokens, citing that they could facilitate illegal financial activity. In June, Chinese messenger WeChat began blocking accounts associated with NFTs and cryptocurrencies.
In August, Chinese holding company Tencent halted sales on its NFT platform amid intensified inspections. Token holders will only be able to store and display them or demand a refund.
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