{"id":17567,"date":"2023-11-09T21:11:13","date_gmt":"2023-11-10T02:11:13","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-9\/"},"modified":"2023-11-09T21:11:13","modified_gmt":"2023-11-10T02:11:13","slug":"asia-express-cointelegraph-magazine-9","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-9\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"


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China to protect NFTs\u00a0<\/h2>\n

In a surprise move, the Chinese government has guaranteed legal protection for NFTs.<\/p>\n

In response to a series of often conflicting judicial opinions<\/a> on the state of cryptocurrency in the country, the Chinese government has officially\u00a0issued<\/a>\u00a0a legal commentary on dealing with cases of nonfungible tokens (NFTs) theft and their status as virtual property protected by law.\u00a0<\/p>\n

According to a Nov. 9 publication by China\u2019s state-controlled Southwest University of Political Science and Law (SUPL), digital collectibles such as NFTs \u2014 unlike ordinary online images \u2014 conform to the characteristics of online virtual property due to their non-tamperable features, unique codes and detailed transaction information.<\/p>\n

\u201cThis highlights the scarcity of digital collections, which have both use value and exchange value,\u201d jurists write. \u201cAccording to Article 127 of the Civil Code, it can be seen that from the perspective of civil law, online virtual property is regarded as an object of rights that \u2018is different from property rights, creditor\u2019s rights, intellectual property rights, etc. and is protected by civil law\u2019.\u201d<\/p>\n

In addition, jurists state that the theft of NFTs, therefore, carries applicable criminal penalties, which can be evaluated in conjunction with related offenses committed during the course of the theft, such as hacking into computer systems or data theft. <\/p>\n

\u201cDigital collections have technical characteristics that cannot be copied, indicating that the holder has exclusive control. If the digital collection is stolen by others, the holder loses exclusive control,\u201d jurists from SUPL say.\u00a0<\/p>\n

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\u201cAlthough our country has not yet opened the secondary circulation market for NFTs, consumers can rely on the trading platform to complete operations such as purchase, collection, transfer, and destruction, and achieve exclusive possession, use, and disposal rights.\u201d<\/p>\n<\/blockquote>\n

China has seen a rise in civil disputes<\/a> this year involving cryptocurrencies, with some courts ruling that virtual assets are protected by law and others saying they are not. Last month, Chinese government-owned newspaper China Daily announced a 2.813 million Chinese yuan ($390,000) grant for third-party contractors to design an NFT platform. In May, Chinese prosecutors announced they would crack down on \u201cpseudo-innovations\u201d within its NFT market.\u00a0<\/p>\n

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