Local news outlet Sina News announced that China will launch its first regulated NFT trading platform. Its name translates to "China Digital Asset Trading Platform" and will facilitate secondary market trading and the trading of copyrights related to digital assets. The exchange has been created by the state-owned Chinese Technology Exchange, Arts Exhibition China, and private corporation, Huban Digital Copyrights Ltd.
According to Coin Telegraph, the aims of the project are to "regulate and avoid the excessive speculation in secondary markets." The launch ceremony for the marketplace took place on the 1st of January in Beijing and will use a blockchain called the China Cultural Security Chain, using mechanisms of the China Technology Exchange.
There has been a great contrast between NFTs in China and the rest of the world; NFTs in China are referred to as 'digital collectibles', crypto is not used to purchase NFTs, with all artworks traded on highly regulated platforms due to the country's strict laws, and the Hangzhou Internet Court previously ruled that NFTs should be classed as virtual property protected by law.
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