In the News: NFT Guidelines; Shanghai Production Whitelist; and Gaming Livestream Ban

April 20, 2022 | BY

Vincent Chow

Industry associations ban NFT use for issuing financial assets; Shanghai government paves way for potential resumption of production activity under closed-loop management; and livestreaming video games banned for certain platforms

NFTs on screen (Credit: Rokas Tenys/Shutterstock.com)

Ban on use of NFTs for issuing financial assets

China's internet financial, banking, and securities industry associations are cracking down on the use of non-fungible tokens (NFTs) by Chinese financial institutions. On April 13, the National Internet Finance Association of China, China Banking Association, and the Securities Association of China announced the Initiative on Preventing NFT-Related Financial Risks (关于防范NFT相关金融风险的倡议), prohibiting the use of NFTs in the issuance of financial assets.

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