China is set to launch a regulated platform for trading non-fungible tokens (NFTs) on January 1, 2023. The platform, called China Digital Asset Trading Platform, was created by the Chinese Technology Exchange, Art Exhibitions China, and the private corporation Huban Digital Copyrights. It aims to provide a secondary market for the exchange of NFTs and offer institutions and individuals with copyright protection and rights protection monitoring services for digital assets.The launch of China Digital Asset Trading Platform represents a major shift toward the digital transformation of China’s cultural industry, according to Yu Jianing, an expert on digital assets and metaverse space in China. While China has banned cryptocurrency transactions and taken strict action against crypto mining, it is showing increasing interest in regulating metaverse and NFTs. The eastern Chinese province of Zhejiang has announced plans to develop metaverse-related industries worth over 200 billion yuan by 2025.
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