In a surprising move, the Chinese government has provided legal protection for NFTs.
To address the conflicting judicial opinions on cryptocurrency in the country, the Chinese government has officially issued a legal commentary on handling cases of NFT theft and their status as virtual property protected by law.
According to a publication by China’s state-controlled Southwest University of Political Science and Law (SUPL), digital collectibles like NFTs are considered online virtual property due to their non-tamperable features, unique codes, and detailed transaction information, unlike ordinary online images.
Legal experts state that NFT theft carries applicable criminal penalties, which can be evaluated in conjunction with related offenses such as hacking into computer systems or data theft.
“Although our country has not yet opened the secondary circulation market for NFTs, consumers can rely on the trading platform to complete operations such as purchase, collection, transfer, and destruction, and achieve exclusive possession, use, and disposal rights.”
China has seen a rise in civil disputes this year involving cryptocurrencies, with some courts ruling that virtual assets are protected by law and others saying they are not. Last month, Chinese government-owned newspaper China Daily announced a grant for third-party contractors to design an NFT platform. In May, Chinese prosecutors announced they would crack down on “pseudo-innovations” within its NFT market.
Bitget’s to invest in India
Cryptocurrency exchange Bitget will invest $10 million over five years in startups primarily based in India.
Startups will have the opportunity to pitch to Bitget and venture capitalists during the BUIDL for Web3 multichain summit in India. Projects must have a minimum viable product and hold multiple layers of security functionalities with auditing transparency to qualify.
Gracy Chen, Bitget’s managing director, stated that India is “the most wanted place to invest in Asia,” citing its constant advancements in blockchain and overall entrepreneurial spirit. Bitget’s previous investments in Indian Web3 startups include AI-based script generator Grease Pencil, AI resume generator HAIr, and AI dermatological app Derma360.
Linekong’s $15M Bitcoin Fund
Linekong Interactive, a Chinese tech firm listed on The Stock Exchange of Hong Kong (HKEX), will kickstart a $15 million fund dedicated to revitalizing the Bitcoin (BTC) ecosystem.
According to founder Wang Feng, the new fund is dubbed “BTC Next” and will accelerate projects developing asset issuance, exchanges, virtual machines, NFTs, and GameFi protocols on the Bitcoin blockchain.
Linekong was founded in Beijing in 2007 with a focus on video games and cinema. In 2018, Wang Feng resigned as CEO of Linekong to focus on blockchain, founding several projects in the nonfungible tokens, decentralized finance, and Bitcoin mining space. He returned to Linekong as CEO in 2022 after an invitation from the firm’s board of directors to better integrate Linekong products with Web3.
SEBA Bank approved in Hong Kong
Swiss fintech SEBA Bank has received a license from Hong Kong’s Securities and Futures Commission (SFC).
The license permits SEBA Bank to conduct regulated activities in Hong Kong and distribute virtual asset-backed securities, advise on crypto assets, and manage crypto investment accounts on behalf of clients. It also permits SEBA Bank to distribute, manage, and advise on traditional securities, such as stocks.
SEBA Bank previously launched institutional Ethereum staking services in September and raised $119 million in a Series C funding round in early 2022.