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Chinese tech companies declared new restrictions against crypto industry

Chinese tech companies declared new restrictions against crypto industry

Lead companies signed “self-discipline initiative” requiring to enforce real-name authentication for NFT buyers, ban cryptocurrencies and fight speculation and secondary crypto marketplaces.  

According to South China Morning Post, the document was published by the China Cultural Industry Association last week. The document  is not legally binding, but it already signed big tech companies such as Baidu, Tencent Holdings, Ant Group and JD.com, the fintech affiliate of Alibaba Group Holding. 

All participants of the “self-discipline initiative” are obligated to don’t establish secondary marketplaces of tokens, fight speculations and  strengthen the protection of intellectual property.

The mass media reported  Ant and Tencent were the first companies which launched a platform for collectible tokens. After them similiar platforms were launched by Baidu and JD.com. 

In mainland China NFT owners can’t trade tokens for profit. The owner must kept some time token and after that can giveaway to other people like a gift. 

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