China’s Hainan Province To Step Up NFT Supervision – Yahoo Finance

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens (NFT), or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.

See related article: China NFT platforms expand into Hong Kong in face of compliance risks on mainland

Fast facts

• The Hainan’s markets regulator and nine other state agencies said in the memo that digital collectible firms should register with relevant authorities or obtain their approval that assesses the artwork and internet and blockchain information management rules.

• The Hainan authorities will also work to monitor and prevent financial risks related to digital collectible trading platforms in the region.

• The local authorities added that although regulating digital collectibles is an urgent matter, it’s essential to guide th