Chinese tech giants Ant Group, Tencent and JD.com on Sunday signed an agreement with government agencies to “self-regulate” the NFT.
Large Chinese companies are facing increasing regulatory pressure due to their heavy use of NFTs. Earlier, a state-owned technology park in Guangdong province issued a warning to users, which said companies could exploit the popularity of NFTs and push customers to invest in illegal investments.
Ant Group, Tencent and JD.com signed the Digital Culture and Creative Industries Self-Regulation Convention. The document highlighted 11 basic principles that are consistent with the government’s goals for regulating the cryptocurrency sector. Among them are the safe use of virtual assets, the prevention of financial speculation and the fight against money laundering.
Last week, Ant Group and Tencent renamed NFTs to “digital collections” on their platforms after Chinese authorities warned companies that NFTs could be linked to speculation.
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