End legal uncertainty – While China has not had enough harsh words or actions against Bitcoin and cryptocurrencies for several years, NFTs still remain in a legal gray area. A situation that was recently rectified by a court in Hangzhou, the capital of Zhejiang province.
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Recognition of NFTs as legal documents
A few months later, the English justice reached the same conclusion in the Chinese court. To find out, NFTs have title value. This summer, a British judge allowed documents related to court cases to be issued as non-fungible tokens. In fact, non-fungible tokens have related qualities, especially regarding the impossibility of deceiving them. Amua special file dedicated to NFTs will help you understand this technology and its interest.
According to Chinese justice, this legal vacuum must be filled, this is the meaning of the decision made on November 29. According to him:
“NFT digital collections belong to the category of virtual goods. The sale of virtual goods through the Internet shall be considered electronic commerce regulated by the electronic commerce law”.
The court’s decision in the “NFT Digital Collection Blind Box” case
This kind of decision has consequences for the NFT market. First, it establishes a legal framework to regulate NFTs. China has become the new jurisdiction (after Great Britain) where NFT assets are recognized. In addition, they are considered relevant to civil society. This will likely give investors and buyers more confidence in this new technology.
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