Feng Qiya, a Chinese deputy to the National People’s Congress (NPC), said in an exclusive interview that she will suggest establishing a digital collecting regulatory framework at the Beijing annual meeting called “Two Sessions.”
Political powerhouses tackle NFTs
The National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC) come together yearly for the nation’s most significant political event, Two Sessions. Clarifying the NFTs’ legal classification as digital collections would be one of the aspects of Qiya’s proposal. In addition, Feng plans to petition the government to stop NFT speculation so that digital collectibles do not become investments and are not traded like securities.
It was reported that Qiya stated that the digital collection industry is developing rapidly. However, the current supervision is still based on industry self-discipline and local regulations, needing a top-down supervision system coordinated by multiple departments.
In addition, the survey underlined that digital collections in China were considerably distinct from those found in nations outside of China. According to the study, users of digital collectibles in other countries seek financial value as their primary motivation for participating in anonymous transactions using virtual money. In contrast, actual names are often used in transactions involving digital collections in China, and the local currency, RMB, is used as the medium of exchange. The value of the groups, as opposed to their monetary worth, is the primary focus of these transactions.
Tencent’s Huanhe App refunds NFT sales
Significantly, in reaction to criticism from regulatory authorities, specific Chinese non-financial trading platforms discontinued their activities. NFT purchases were blocked, and refunds were initiated on the Huanhe mobile app, the marketplace for NFTs controlled by the colossal Chinese technology company Tencent Holdings.
After a year of greater regulatory scrutiny, the Huanhe app, officially launched in August 2021, ceased supplying users with NFTs. Huanhe was one of China’s most well-known NFT exchanges; new products would sell out almost as soon as they were listed.
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