Theft of Digital Collections in China
The Chinese government has made a significant announcement regarding the legal treatment of digital collections, including NFTs, within its jurisdiction. This represents a major shift in the nation’s approach to digital asset regulation and property rights.
The statement outlines three perspectives on categorizing the theft of digital collections, including NFTs, as data theft, digital property theft, and co-offending. This underscores the multi-faceted nature of digital asset theft, involving intrusion into computer systems and the theft of virtual property.
“The theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data.”
The Chinese government officially recognizes digital collections as “network virtual property,” implying that they can be subject to property crimes. Despite China’s ban on most cryptocurrency-related activities, recent developments suggest a more nuanced approach towards digital assets like NFTs.
China’s Growing Interest in NFTs
There are signs of growing interest in NFTs within China, with companies like Alibaba’s Xianyu removing restrictions on search terms related to nonfungible tokens and digital assets. Additionally, the state-run China Daily has announced plans to develop its own NFT platform, signaling a potential shift in the nation’s stance on digital assets.
Hot Take: China’s New Stance on Digital Asset Theft
China’s recognition of digital collections as property in a criminal law context represents a significant departure from its previous regulatory approach. This shift could have far-reaching implications for the treatment and regulation of digital assets within the country, potentially signaling a more open attitude towards technologies like NFTs in the future.
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