{"id":15945,"date":"2022-12-29T17:02:30","date_gmt":"2022-12-29T17:02:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/china-to-launch-digital-asset-trading-platform-media-report-unveils-bitcoin-news\/"},"modified":"2022-12-29T17:02:30","modified_gmt":"2022-12-29T17:02:30","slug":"china-to-launch-digital-asset-trading-platform-media-report-unveils-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/china-to-launch-digital-asset-trading-platform-media-report-unveils-bitcoin-news\/","title":{"rendered":"China to Launch \u2018Digital Asset Trading Platform,\u2019 Media Report Unveils \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets.<\/strong><\/p>\n

National Marketplace to Support Trading of Digital Collectibles and Copyrights in China<\/h2>\n

Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs<\/a>) and other digital assets, local media announced. The initiative is a joint project between government organizations and a private company.<\/p>\n

The \u201cChina Digital Asset Trading Platform,\u201d built in partnership by the China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co. Limited, will launch on Jan. 1, 2023, the report by Sina Finance detailed on Wednesday.<\/p>\n

The marketplace will operate under the license of the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.<\/p>\n

The exchange facilitates purchase and sale of intellectual, scientific, and technological property rights in the People\u2019s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.<\/p>\n

The new marketplace will be compliant with applicable regulations and provide trading services for digital collectibles and digital copyrights, Huaban President Yin Tao explained. As China has been cracking down on crypto-related activities, the term \u201cdigital collectibles\u201d is often preferred by media outlets and companies over \u201cNFTs\u201d to avoid association with cryptocurrencies.<\/p>\n

In terms of supervision and compliance, this market faces some uncertainties and greater compliance risks, but laws and regulatory policies will be gradually improved, commented Yu Jianing, co-chair of the Blockchain Committee of the China Communications Industry Association.<\/p>\n

A ban on the resale of digital collectibles imposed by Chinese regulators to limit market speculation with these assets was reportedly the reason behind Tencent\u2019s decision to close down<\/a> its NFT platform, Huanhe. The news of the move came out in July, only a year after its launch.<\/p>\n

In June, the popular social media app Wechat, also operated by the Chinese tech giant, announced<\/a> its intentions to prohibit public accounts facilitating secondary trading of non-fungible tokens. Soon after, the Tencent News app stopped selling NFTs.<\/p>\n

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China<\/a>, chinese<\/a>, Crypto<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Digital Asset<\/a>, Digital Assets<\/a>, Digital Collectibles<\/a>, digital copyrights<\/a>, launch<\/a>, Marketplace<\/a>, nft<\/a>, NFTs<\/a>, Non-fungible tokens<\/a>, Regulations<\/a>, Tokens<\/a>, trading platform<\/a><\/div>\n<\/div>\n

Do you think China will eventually expand the opportunities for regulated digital asset trading beyond NFTs? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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