China to launch its first regulated NFT marketplace, China Digital Asset Trading Platform, on January 1

China plans to launch a regulated platform for trading non-fungible trading tokens (NFTs) known as the China Digital Asset Trading Platform on January 1, 2023, according to local media outlet Sina. News reports.

China Technology Exchange, Art Exhibitions China and private company Huban Digital Copyrights Ltd have jointly created a platform to facilitate the exchange of NFTs as a secondary market.

The platform also provides rights protection monitoring and copyright protection services for digital assets to institutions and individuals.

According to Yu Jianing, the launch of the China Digital Assets Exchange represents the acceleration of the digital transformation of the cultural industry in China. China’s digital assets and metaverse space expert.

Earlier, China’s central bank announced the country’s CBDC plans and released a trial version of its digital Yuan wallet app for mobile.

However, in 2021 China passed a law banning all cryptocurrency transactions, effectively banning digital tokens such as Bitcoin. The country also has strict measures against people involved in crypto mining. stopped.

However, countries are starting to take an interest in the Metaverse and NFTs as authorities seek to regulate them. Recently, eastern China’s Zhejiang province announced plans to develop over 200 billion yuan of metaverse-related industries by 2025.