China-based regulatory and trade associations target NFTs in latest risk notice
2022.04.14 01:20
China-based regulatory and trade associations target NFTs in latest risk notice
The China Banking Association, the China Internet Finance Association and the Securities Association of China issued a joint statement warning the public about the “hidden risks” of investing in nonfungible tokens, or NFTs.
In a Wednesday notice, the three associations launched initiatives aimed at encouraging innovation in the crypto and blockchain space focused on NFTs as well as “resolutely curb[ing] the tendency of NFT financialization and securitization” to reduce the risks around illicit activities. The China Banking Association said member institutions should not consider NFTs assets like securities, precious metals, and other financial products.
