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digital yuan china NFT NFTs

Why These Chinese Companies Will Verify Your Identity For NFT Purchases

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in NFT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a report from the South China Morning Post, Chinese private companies implemented an initiative to de-anonymize non-fungible token (NFT) trading. Called “Self-Discipline Initiative”, major companies in this country took the commitment to verifying users’ identity in the digital sector.

Related Reading | Web3 Gaming Company Speaks Out, Nintendo GameCube Logo Plagiarized?

The document was signed by Baidu, JD.com, Tencent Holdings, and Alibaba’s affiliate company Ant Group, among others. The companies will start to “require real-name authentication of those who issue, sell and buy” NFT and to only accept legal tender currency to settle payments.

The document is not legally binding and allegedly was not influenced by the Chinese government. Thus, it doesn’t “represent the government’s stance”.

Ultimately, these private companies claimed they are trying to prevent Chinese citizens from speculating about NFT collections and compelled subscribing companies to “firmly resist it”. In particular, the document claims that signing companies will not offer any tokenized products, such as precious metals and securities.

The companies will also need to operate with the necessary permits and certifications which can be burdensome for blockchain service providers in China. Luo Jun, secretary-general of the metaverse committee of the China Computer industry Association said the country needs to “implement further regulation”.

Digital assets and cryptocurrencies are a hot topic in the country, China has restricted crypto and NFT trading, still, Jun claims the country needs to “curb financial risks”. However, the document acknowledged the potential for NFT technology to revolutionize intellectual property and cultural product registration, the report claims.

Can China Lock Its Citizens Out Of The NFT Sector?

The South China Morning Post clarified that this initiative, despite its alleged independence from government influence, was agreed as a direct response to another initiative taken by “major financial industry associations to” mitigate the alleged risks of trading cryptocurrencies.

However, China has been cracking down on the crypto industry for quite some time. The Asian superpower imposed a ban on crypto mining in 2021 forcing larger and middle operations out of the country and has constantly criticized the sector.

China and other world governments claim cryptocurrencies enable money laundering and other illegal activities. Despite its efforts, the country has been unable to prevent its citizens from trading, buying, or selling crypto and digital assets.

Liu Jiahui, partner at Derun Lawyers believes this initiative will be unable to stop speculation or people from trading with their digital assets. Jiahui said:

Digital collectibles in China are the digital assets of art and cultural works, which aren’t entitled to be financial or securities products (…). Chinese laws stipulate that the owner of property rights can dispose of the property at any time. Digital collectibles have higher liquidity than traditional artworks. It is in fact impossible to prohibit speculation during circulation.

Related Reading | NFT Volume Down 93% Since January, Is This The Beginning Of The End?

At the time of writing, Ethereum (ETH) trades at $1,120 with a 4% profit on the 4-hour chart.

Ethereum ETH ETHUSD
ETH’s price trends to the downside on the 4-hour chart. Source: ETHUSD Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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