The Hainan province in China has vowed increase its oversight over NFTs, while China’s central bank working on ramping up its digital yuan pilot.
Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token sector to “promote the healthy development” of the sector and to stomp out fraud and other associated risks.
A translation of the document reveals that the regulator is placing emphasis on promoting NFTs as part of the digital economy, particularly as a way to attract foreign investment in the Hainan Free Trade Port. Some measures outlined include “severely” cracking down on false propaganda under current frameworks such as the “anti-unfair competition law,” preventing copyright infringement by guiding and urging internet platforms to remove such content, and cracking down on fraud.
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