Chinese Member Of Parliament Proposing NFT Regulation at ‘Two Sessions’

Feng Qiya, a Chinese member of parliament, is set to propose an NFT regulation framework during an upcoming political gathering. Two Sessions serves as one of the most important annual political gatherings in China, and this year’s event will feature a special discussion about digital collectibles.

According to a local report, Feng will specifically propose the establishment of a clear legal definition for digital collectibles. Also, he will seek clear guidelines to govern NFT trading platforms and enhance copyright protection. That said, the member of parliament also wants to see authorities step up efforts to fight illegal NFT speculation in the Asian nation, thus preventing the “financialization and securitization” of non-fungible tokens.

China is one of the nations that has taken a tough stance on cryptocurrencies. However, authorities in the nation have shown leniency when it comes to NFTs, as they see their potential in growing the Chinese economy. Still, the nation, like many others, hasn’t formulated any regulations to govern this nascent technology.

It’s something Feng acknowledges, noting that most rules that exist when it comes to digital collectibles in the nation come from established business insiders and local authorities. Therefore, there is a need for proper legislation for the space and a top-down regulatory framework across multiple government branches.

Other Than NFT Regulation, Two Sessions Will See Discussions On How To Build A Digital Economy

The Two Sessions gathering is also expected to see discussions on how to build a digital economy. On this, Chinese authorities should lay out the nation’s economic plans for the coming year as they reshuffle key roles.

All in all, despite the strong interest shown in NFTs as a potential booster for the economy, the trading of digital collectibles in the nation has been highly condemned.

In the recent past, government agencies, state-backed entities, and the media have criticized the financial risks associated with NFTs. This has forced NFT platforms based in China to either distance themselves from secondary markets or choose to develop overseas.