{"id":83134,"date":"2023-11-10T16:13:15","date_gmt":"2023-11-10T21:13:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-criminalizes-stealing-nfts-and-digital-collections\/"},"modified":"2023-11-10T16:13:19","modified_gmt":"2023-11-10T21:13:19","slug":"china-criminalizes-stealing-nfts-and-digital-collections","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83134","title":{"rendered":"China Criminalizes Stealing NFTs and Digital Collections"},"content":{"rendered":"<div>\n<figure id=\"attachment_130015\" aria-describedby=\"caption-attachment-130015\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-130015\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>The Chinese government has released a statement declaring that anyone caught stealing digital collections, which include digital collectibles such as NFTs, will be subject to criminal penalties.<\/p>\n<p>The statement added that the theft of digital collections would also be evaluated alongside other related offenses committed during the theft, including hacking into computer systems and data theft.<\/p>\n<p>The new regulations issued yesterday confirm that digital collectibles such as NFTs can be considered as online virtual property, due to their unique codes, non-tamperable features, and detailed transaction information.<\/p>\n<p>The Chinese government referring to digital collections as \u201cnetwork virtual property\u201d is a significant milestone considering that the country banned all crypto-related transactions and activity back in late 2021.<\/p>\n<p>\u201cThe theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data,\u201d the Chinese government said in its statement. \u201cSince property is the object of property crime, digital collections can obviously become the object of property crime. If the digital collection is stolen by intrusion into the system or other technical means, the act also damages the property law.\u201d<\/p>\n<p>The statement emphasizes that China has not yet established a \u201csecondary flow market\u201d for these digital collections. However, consumers can still utilize trading platforms to buy, collect, transfer, or dispose of these assets, guaranteeing exclusive ownership and control.<\/p>\n<p>Throughout this year, China has experienced a surge in civil disputes related to cryptocurrencies. Various courts have issued conflicting rulings, with some affirming that virtual assets are legally protected while others assert otherwise. In May, Chinese prosecutors declared their intention to clamp down on what they referred to as \u201cpseudo-innovations\u201d within the country\u2019s NFT market.<\/p>\n<p>There has been also been a growing interest in NFTs within the country despite the ban. Last month, China Daily, the country\u2019s English-language state-owned newspaper, announced the launch of its own metaverse and NFT platform that is set to be released sometime next year. In its announcement, China Daily offered 2.8 million Chinese yuan (approximately $384 million) to a third-party contractor \u2013 Chinese or foreign \u2013 that can develop its Zhongbao Shuzang NFT issuance platform within 3 months.<\/p>\n<p>\u00a0<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/china-criminalizes-stealing-nfts-and-digital-collections.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay The Chinese government has released a statement declaring that anyone caught stealing digital collections, which include digital collectibles such as NFTs, will be subject to criminal penalties. The statement added that the theft of digital collections would also be evaluated alongside other related offenses committed during the theft, including hacking into computer systems [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-83134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Criminalizes Stealing NFTs and Digital Collections | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay The Chinese government has released a statement declaring that anyone caught stealing digital collections, which include digital\" \/>\n<meta name=\"robots\" content=\"index, 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