China has unexpectedly taken a positive outlook toward digital assets.
China has made a positive turn from its past encounters with crypto as it has announced its entry into ‘digital asset’ marketplaces. According to reports, the country will launch its first state-backed digital asset marketplace on January 1st, 2023, with a ceremony planned in Beijing on the inauguration day. A partnership between the government-owned Chinese Technology Exchange and Art Exhibitions China and the private firm Huban Digital Copyrights Ltd created the marketplace.
“In terms of industry supervision and regulation, digital assets represent a new form of commerce, and much regarding laws, regulations and supervisory policies remains to be refined. Therefore, a deal of uncertainty exists. Platforms have a clear responsibility for the listing and trading of digital assets. Relative to intellectual property rights and digital copyrights, digital assets face a greater risk of regulatory soundness,” said Yu Jianing, a Chinese expert on digital assets and metaverses.
The marketplace is expected to be used to trade digital collectibles, property rights, and digital copyrights of digital assets, among other virtual assets. The blockchain supporting the platform is “China Cultural Protection Chain,” while the platform itself is named “China Digital Asset Trading Platform” when translated in English. China’s positive stance on digital assets is expected to boost the digital asset space and promote the sector.