The Chinese Communist Party proposed toughening NFT regulation – Bits Media

In the official Chinese newspaper China Economic Daily, the initiative to regulate the industry of non -replaceable tokens is published - by analogy with financial products.

The official newspaper of the Communists of the PRC opposed that, To inconsistent tokens were considered creative collections or "cultural property". The PDA is concerned about those, that many Chinese companies, whether it is Internet giants or startups, create platforms for the release and sale of NFT, encouraging brands, artists, musicians, artists and other famous personalities to release their own collections of unique tokens.

The Communist Party counts, that NFT have speculative characteristics, which are inherent in goods, currencies and securities. Therefore, not only the laws on intellectual property should be applied to tokens. Being a product of financial technologies, NFT must be under strict control of regulators, To protect investors from market manipulations and possible loss of funds, The authors of the program article are sure.

At the end of March, the Chinese messenger WeChat tightened the policy regarding accounts, related to NFT trade, and began blocking certain accounts. Nonetheless, Platforms are still functioning in China, engaged in the release and sale of unique tokens, It is said in the article.

China Economic Daily officially calls on legislators to develop a regulatory framework, where the provisions on the regulation of "digital collections" and related platforms will be prescribed. This will protect the rights of NFT owners, He counts the publication. The authors of the article recommend that China citizens more rationally approach investment in collectible tokens, while the China government does not bring specificity to their regulation.

Singapore is already taking certain steps in a similar direction. In March, the Singapore Ministry of Finance reported, that income tax will be charged from NFT trade.