Hainan Province in South China announces a plan to regulate NFTs, citing concerns over fraud, money laundering, and illegal fundraising.
The province’s market regulator and 9 other state agencies have called for digital collectible firms to register with relevant authorities and have their operations approved based on artwork, internet and blockchain information management rules.
The authorities aim to monitor and prevent financial risks related to NFT trading platforms in Hainan, as the province works to develop its free-trade port and cultural tourism.
China has banned cryptocurrency transactions but has yet to set specific regulations for NFTs, with state media criticizing “speculative behavior” in the sector.
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