HONG KONG : Chinese tech giants including Tencent Holdings and Ant Group have signed a pact to stop the secondary trading of digital collectibles and"self-regulate" their activities in the market, Chinese state media reported on Thursday.
The newspaper added that the initiative was led by the Chinese Cultural Industry Association and that other signatories included Baidu and JD.com. China does not have clear rules around NFTs, but the country has had a long tradition of stamping out speculation of any kind on the grounds of financial stability. Cryptocurrency trading, for instance, is banned.
The self-regulation pact the firms signed on Thursday contains a total of 14 articles. Besides a ban on secondary trading, the signatories are asked to implement real-name authentication when selling digital collectibles to users.
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