China’s industry lobbies join NFT bashing chorus

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Self-regulatory bodies overseeing China’s banking and securities industries are urging members to “resolutely curb” the “financialization and securitization” wave of non-fungible tokens (NFTs).

See related article: China’s Communist Party wants to regulate NFTs

Fast facts

Three national-level organizations for the internet finance, banking and securities industries set up by Chinese regulators Wednesday said NFTs have shown a potential to boost cultural industry development.
But risks exist over speculation, money laundering and illegal financial activities, they said.
China has yet to set clear regulations on the trading of NFTs.
Many companies in China refer to NFTs as “digital collectibles” following state media’s denouncement of the market frenzy.
The associations urged members not to provide venues for “collective trading” in NFTs and sought real-name identifications for issuers, sellers and buyers.
Members of the organizations should not invest in NFTs or provide financing support for such purchases, the statement said.
The Economic Daily, a mouthpiece of the Chinese Communist Party, called for stricter regulation of “digital collectibles” last week.

See related article: Chinese tech giant Huawei debuts NFTs

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