Ant Group and Tencent Sign NFT Self-Regulation Agreement

By doing so, market participants showed the regulators their commitment to a responsible attitude to the risks associated with the instrument.

What CoinDesk Writes About NFT

Major Chinese tech companies including Ant Group, Tencent and JD.com have signed a non-fungible token self-regulation (NFT) agreement with government agencies. Writes about this CoinDesk.

  • The “Convention on the Self-Regulation of Digital Culture and Creative Industries”, which was signed by market participants, contains 11 principles of control. The clauses of the agreement include, among other things, the rules for the safe use of virtual assets and a decree on work to prevent the use of financial instruments for criminal purposes.
  • CoinDesk noted that such an act on the part of large Chinese organizations can be viewed as an attempt to convince regulatory authorities that market participants intend to responsibly treat the risks of transactions with non-fungible tokens.
  • We will remind, for the first time information that the Chinese authorities are targeting NFT, appeared on the network at the end of October 2021. Regulators, who had previously banned cryptocurrencies and all related activity in the country, were confused by the “kinship” of non-fungible tokens with prohibited digital assets.
  • Amid the tense situation, the Ant Group and Tencent teams hastened to make adjustments to the definition of NFT on the platforms under their control, which made it possible to distance the instrument from classic cryptocurrencies.
  • Later, the regulators of the PRC clarified the possibilities of interaction with non-fungible tokens on the territory of the country. To conduct operations with NFTs, local authorities offered market participants a national blockchain network (BSN). In the future, the designated scheme, according to the plans of the PRC regulators, will become the only possible one for conducting transactions with non-fungible tokens.

We will remind, earlier in the network there was information that users were offered to create NFT in Photoshop.

 

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