Chinese financial associations proposed a number of restrictions for NFTs
Organizations are concerned that non-fungible tokens can facilitate illicit financial activity
14.04.2022 - 11:25
391
1 min
0
.
What’s new? The China Internet Finance Association, the China Banking Association, and the China Securities Association have posted a statement suggesting a set of new guidelines for dealing with NFTs. The associations note the financial risks associated with non-fungible tokens.
Statement from the three Chinese associations
More details about restrictions. The associations note that non-fungible tokens contribute to the digitalization of the country, but at the same time they are concerned that NFTs can be used for money laundering and illegal activities. Therefore, a set of guidelines have been proposed for the industry:
- NFTs should not include bonds, insurance, securities, precious metals, or other financial assets.
- Non-fungible tokens should not be traded on separate platforms and marketplaces.
- NFT transactions should not be paid for in cryptocurrencies.
- Platforms should conduct authentication checks and store transaction records of customers to prevent money laundering.
- Organizations should not directly or indirectly provide financial support to NFT.
What had happened before? To distance themselves from the crypto world, Chinese tech companies call NFTs “digital collectibles.” It was previously reported that several Chinese companies imposed restrictions on the operation of NFT platforms. WeChat, Ant Group, and Tencent blocked several marketplaces.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024