Chinese Hangzhou Court calls for NFT regulation

Hull Invest

hangzhou court in china claimed NFTs have proprietary characteristics such as value, scarcity, disposableness, and readability, and should be protected by law.

Hangzhou Internet Court is a court of special jurisdiction that focuses on Internet-related cases. The court dealt with a lawsuit he sought to regulate NFTs in late November.

hangzhou public hearing

Hangzhou Digital Technology Company, which operates the NFT marketplace and platform users, was on both sides of the hearing.

Users claimed they did not receive their purchased NFTs even after meeting all the requirements. The user claimed the company refunded her instead of shipping her purchased NFTs.

The user claimed that the company had caused him financial damage by withholding from closing the transaction, and asked him whether to hand over the NFT or compensate him for his financial loss by paying 99,999 yuan ($14,368). I sought and filed a lawsuit.

In response, the company claimed that it did not facilitate the transfer because the information users provided at the time of purchase did not match.

The Hangzhou Internet Court upheld the user because the transaction involved NFT digital collections, not NFT title certificates. The court said:

“NFT digital collections have the object characteristics of ownership, such as value, scarcity, disposableness, and tradability. It is a virtual asset of the network.

The relevant contract does not violate any laws or regulations of our country, nor does it violate our country’s realistic policy or regulatory direction to prevent economic and financial risks, and does not violate our country’s laws. should be protected. “

Chinese virtual currency

China is known for its anti-crypto stance. The country will ban cryptocurrency mining in 2021, and many cryptocurrency executives have fled due to its stringent regulations.

But crypto enthusiasts have been asking for change. In October, China-backed researchers called for the launch of a pan-Asian digital currency to rival the US dollar’s dominance in the region. In November, it was revealed that China still holds all the seized cryptocurrencies, worth $3.9 billion.

Seeing these signs, BitMEX CEO Arthur Hayes speculated that China could take advantage of Hong Kong’s acceptance of cryptocurrencies to embrace cryptocurrencies.

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