Apr 14, 2022 08:50 PM

FINANCE

Four Things to Know About China’s Warning on NFT Financial Risks

A man stands at a crypto art exhibition in Beijing in March 2021. Photo: VCG

A man stands at a crypto art exhibition in Beijing in March 2021. Photo: VCG

Three state-backed financial industry associations in China have called on their members to prevent financial risks associated with non-fungible tokens (NFTs), such as masking trades of financial products as NFT transactions.

The joint proposal, released by the National Internet Finance Association of China, the China Banking Association and the Securities Association of China on Wednesday, emphasizes balancing innovation and preventing illegal financial activities in the NFT market.

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