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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