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Chinese companies will verify identity for NFT purchases

Tuesday 5 July 2022 11:50 CET | News

Chinese private companies have implemented an initiative to de-anonymize non-fungible token (NFT) trading.

Called the ‘Self-Discipline Initiative’, major companies in the country took the commitment to verifying users’ identity in the digital sector. The document was signed by Baidu, JD.com, Tencent Holdings, and Alibaba’s affiliate company Ant Group, among others.

The companies will start to require real-name authentication of those who issue, sell, and buy NFTs and to only accept legal tender currency to settle payments. The document is not legally binding and allegedly was not influenced by the Chinese government. Thus, it does not officially represent the government’s stance.

The private companies claimed they are trying to prevent Chinese citizens from speculating about NFT collections and compelled subscribing companies to resist it. In particular, the document claims that signing companies will not offer any tokenized products, such as precious metals and securities.

More: Link


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Keywords: regulation, partnership, NFT, blockchain
Categories: DeFi & Crypto & Web3
Companies:
Countries: China
This article is part of category

DeFi & Crypto & Web3