JAKARTA – Several Chinese technology giants, including Tencent Holdings and Ant Group, have signed pacts to stop secondary trading of digital collections and "self-regulate" their activities in the market. The deal was reported by Chinese state media on Thursday, June 30.
The companies are among 30 companies and institutions that have approved the "Digital Collection Industry Discipline Development Initiative" in which they will help to prevent secondary trading and speculation in digital collections, Shanghai Securities News reported.
The newspaper added that the initiative was led by the China Cultural Industry Association and other signatories including Baidu and JD.com.
Digital collectibles in the form of non-fungible tokens (NFT) have become very popular around the world in recent years, and thanks in large part to an active if not highly speculative secondary market.
China does not have clear rules around NFT. But the country has a long tradition of stamping out speculation of any kind on the basis of financial stability. Cryptocurrency trading, for example, has been banned for a long time.
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However, many Chinese companies have been actively experimenting with digital collectibles in recent months, such as Tencent Holding and Ant Group opening their own online marketplace. The official Xinhua news agency also released the NFT collection last December. Mainland China residents can only purchase NFT using Chinese yuan.
The self-regulatory pact the company signed on Thursday contains a total of 14 articles. In addition to the secondary trade ban, signers are required to implement real-name authentication when selling digital collectibles to users.
The pact also requires platforms to ensure their blockchain technology is "safe and controlled" and adequately protects users' personal information.
Tencent, Ant, Baidu and JD.com as well as the China Cultural Industry Association did not immediately respond to requests for comment on this news.
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