A representative from a Chinese investment holding company recently proposed the establishment of a regulatory system for the country’s burgeoning digital collectibles industry. according to a local media report , the representative emphasized the need for greater clarity on the legal status of digital assets, which are currently subject to self-regulation and local regulations.
The representative noted two key differences between China’s digital collectibles and those overseas: the former relies on consortium chains and emphasizes the value of the content and collectibility, while the latter is more concerned with the financial value of anonymous transactions using virtual currencies.
Despite the industry’s growth and maturation in recent years, there is still a lack of comprehensive regulatory oversight. The representative suggests that multiple government departments collaborate to establish a top-down regulatory system, including clarifying the legal status of digital assets and determining the regulatory authorities for each stage of the industry.
The representative further recommended strengthening copyright protection and market access management, preventing illegal speculation and manipulation, and establishing an entry mechanism for digital collectibles platforms. They also suggested setting up a digital collectibles trading information platform to disclose relevant information and encourage industry self-regulation.