Put an end to legal uncertainty – While China hasn’t had enough tough words or actions against bitcoin and cryptocurrencies for several years, NFTs still remained in a legal gray area. A situation just resolved by the court in Hangzhou, capital of Zhejiang province.
Recognition of NFTs as a legal document
A few months ago, the English judiciary came to the same conclusion as the Chinese court. Knowledge, NFTs have title value. This summer, a UK judge allowed documents related to court cases to be issued as non-fungible tokens. In fact, non-fungible tokens have relevant properties, especially in relation to the impossibility of forging them. Our special file for NFTs will help you understand this technology and its interests.
According to the Chinese judiciary, this legal vacuum had to be filled, that is the meaning of the decision recorded on 29.11. According to her:
“Digital NFT collections belong to the category of virtual goods. The sale of virtual goods over the Internet is considered electronic commerce, which is regulated by the Electronic Commerce Act”.
Court ruling in the NFT Digital Collection Blind Box case.
Such a decision has consequences for the NFT market. First, it creates a legal framework to regulate NFTs. China will become a new jurisdiction (after the UK) in which the properties of NFTs will be recognized. In addition, they are perceived as relevant by civil society. This will likely give investors and buyers more confidence in this new technology.
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