China to Launch Digital Asset Trading Platform Soon
China’s first national-level secondary trading platform for digital assets will be launched on January 1 of the new year, aimed at supporting the trade of intellectual property rights, digital copyright and digital collections.
The trading platform has been jointly built by China Technology Exchange, Art Exhibition China and Huaban Digital Copyrights. China Technology Exchange is a national intellectual property and scientific and technological achievements property rights trading institution jointly established by the Ministry of Science and Technology, and other state-owned institutions. Established in 2020, Huaban Digital Coptrights is the only operating entity of the new trading platform.
The trading platform takes China’s cultural heritage protection chain as the only credible certificate deposit service platform for tradable digital assets, providing institutions and individual users with digital asset registration, confirmation, certificate deposit, rights protection monitoring and copyright protection services. The cultural heritage protection chain was initiated by Art Exhibition China, aimed at the application of blockchain technology and the protection of cultural digital copyright.
In the previous development boom, secondary transactions, as an important means of speculation, faced strict limitations from most digital collections in China.
However, in the second half of 2022, the digital collections field ushered in significant policy support. On July 12, a document issued by the Shanghai government mentioned supporting the exploration of an NFT trading platform, and promoting the digitalization, rights protection, and circulation of NFT in the city. On August 24, the Shanghai Data Exchange announced its establishment of the first digital asset sector in China, including digital collections.
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Trading is one of the natural needs of digital collectors. Taking NFTs as an example, the key reason why they became popular in the world is that the paintings of NFT artist Beeple sold for $69 million at Christie’s, and the auction is essentially a trading method. The compliant digital collection trading platform launched by official institutions in China will become an important part of the development of digital collections.