By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
  • NFT Collection
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Web Stories
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
  • Videos
  • Events
    • Metaverse Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: China’s Hangzhou Court recognizes NFTs as virtual asset property
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
  • NFT Collection
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Web Stories
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
  • Videos
  • Events
    • Metaverse Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
HOME > News > China’s Hangzhou Court recognizes NFTs as virtual asset property
News

China’s Hangzhou Court recognizes NFTs as virtual asset property

news room
Posted news room December 8, 2022 115 Views 2 Min Read
Updated 2022/12/08 at 2:39 PM
NFTStudio24 Chinas Hangzhou Court recognizes NFTs as virtual asset property
SHARE

China might be making small progress in legalizing NFTs as a court in Hangzhou city ruled out that non-fungible tokens have the traits of asset property in a dispute case between a user and a platform.

Hangzhou, China
Caption: Hangzhou, China

The country’s tech giants have been trying to receive regulatory approval to sell NFTs on marketplaces but the authorities have continuously denied the requests. 

Recently, Tencent and QQ shut down their NFT options and collection. In fact, to escape the strict legislation against cryptocurrencies, which are closely associated with Web3 and NFTs, the companies use the word “digital collectibles.”

So, when a case of an NFT dispute went to the Hangzhou Internal Court, there started a debate about whether digital collectibles are authentically mentioned in the law or not. A user had sued an NFT platform for canceling an NFT sale without his consent. The platform defended itself by saying the individual didn’t provide accurate personal information that violated its KYC procedures. 

The judge heard both parties and declared digital collectibles as property protected by the laws of China because they hold value, ownership, and can be traded virtually. The collections are built on a trust and consensus model on the blockchain and also protect the intellectual rights of both creator and owner. 

Since the transactions take place through the internet, the court ruled out that the NFTs should come under China’s “E-commerce Law.”

This case holds much importance to the Chinese NFT community and companies because now they can regulate or alter their work based on the existing law.

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article NFTStudio24 Polygon based NFT marketplace to launch in 2023 Polygon-based NFT marketplace to launch in 2023
Next Article NFTStudio24 ALTAVA Club House with Bored Ape Golf Club is coming to The Sandbox ALTAVA Club House with Bored Ape Golf Club is coming to The Sandbox
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

Premier League to unveil NFT trading cards with Sorare 2
Premier League to unveil NFT trading cards with Sorare 
LATEST NFT NEWS & METAVERSE News February 1, 2023
Ordinals Protocol jolts controversy over Bitcoin NFTs 1
Ordinals Protocol jolts controversy over Bitcoin NFTs
LATEST NFT NEWS & METAVERSE News February 1, 2023
maxresdefault 1
Metaverse is the Web3’s killer app: Interview with Barn & Edward
INTERVIEW February 1, 2023
Join us
Ad imageAd image

You Might also Like

Premier League to unveil NFT trading cards with Sorare 2
LATEST NFT NEWS & METAVERSENews

Premier League to unveil NFT trading cards with Sorare 

February 1, 2023
Ordinals Protocol jolts controversy over Bitcoin NFTs 1
LATEST NFT NEWS & METAVERSENews

Ordinals Protocol jolts controversy over Bitcoin NFTs

February 1, 2023
Amazon embraces NFTs new games initiatives coming soon
LATEST NFT NEWS & METAVERSENews

Amazon embraces NFTs, new games & initiatives coming soon

January 31, 2023
SEC rejects Ark and 21Shares Bitcoin ETF Proposal again
LATEST NFT NEWS & METAVERSENews

SEC rejects Ark and 21Shares’ Bitcoin ETF Proposal again

January 31, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?