Chinese authorities are finally ready to expand into the metaverse. A recent report by Sina News states that a new NFT trading platform with secondary market features is being debuted next year.
“China Digital Asset Trading Platform” built and regulated by China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co., Ltd. Furthermore, CTE will also handle the copyrights and transactions of digital collectibles.
China has been quite behind when it comes to crypto and NFT adoption. Unlike America or Japan, the country’s government put restrictions to ensure no money laundering or scams take place by using this new technology.
In fact, the tech giants that had already launched marketplaces even tried to self-regulate NFTs but were forced to close them down. Now, China bringing digital collectibles highly controlled by CT E, which is under the Ministry of Science and Technology.
“At present, the specific trading commodities and trading rules are still under study and discussion,” the news stated.
Despite being highly regulated to protect investors’ money, it’s a great start for Chinese artists and creators to showcase their talent. Additionally, users can trade these assets on the same trading platform in the secondary market.
A launch ceremony for the China Digital Asset Trading Platform will be held officially in Beijing on January 1, 2023.
