China Launches Digital Asset Exchange to Boost Trading of Digital Collectibles

Bullet Points:
• China is launching a public-private partnership to establish a regulated trading platform for digital collectibles.
• The exchange will be operated by the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.
• The platform will provide trading services for digital collectibles and digital copyrights.

Chinese authorities are taking steps to encourage the trading of digital assets in the country with the launch of a new public-private partnership. The initiative is a joint project between government organizations and a private company and will launch on January 1, 2023. The China Digital Asset Trading Platform will be operated by the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.

The platform will provide trading services for digital collectibles and digital copyrights and will be compliant with applicable regulations. The exchange facilitates purchase and sale of intellectual, scientific, and technological property rights in the People’s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.

The establishment of the China Digital Asset Trading Platform is part of government efforts to curb market speculation with digital assets. Huaban Digital Copyright Service Center Co. Limited President Yin Tao explained that the platform will also support trading of non-fungible tokens (NFTs) and other digital assets.

The Chinese government hopes that the new platform will provide an opportunity for businesses to explore and develop the digital asset market, as well as create a regulatory environment that balances the interests of all stakeholders. The exchange is expected to support the development of new business models and help create a more open and transparent digital asset trading market.