- Legal recognition of NFTs in China
- Criminal penalties for NFT theft
- Emphasis on virtual property rights
In an unexpected turn of events, the Chinese government has officially declared legal protection for nonfungible tokens (NFTs). Amidst conflicting judicial opinions on cryptocurrency in the country, China’s state-controlled Southwest University of Political Science and Law issued a legal commentary addressing NFT theft and their status as virtual property protected by law. According to jurists, NFTs, with their non-tamperable features and unique codes, conform to the characteristics of online virtual property. The commentary suggests that the theft of NFTs will now carry criminal penalties, aligning with Article 127 of the Civil Code. Despite not yet opening a secondary market for NFTs, China aims to protect consumers through trading platforms, fostering exclusive possession, use, and disposal rights.
Bitget Pours $10 Million into Indian Crypto Startups
Cryptocurrency exchange Bitget has announced a $10 million investment over five years in Indian startups. During the BUIDL for Web3 multichain summit in India, startups will have the opportunity to pitch to Bitget and prominent venture capitalists. To qualify for investment, projects must possess a minimum viable product and demonstrate multiple layers of security functionalities with auditing transparency. Bitget’s managing director, Gracy Chen, views India as the most desirable location for investment in Asia due to its continuous advancements in blockchain and entrepreneurial spirit. Bitget’s previous investments in Indian Web3 startups include Grease Pencil, HAIr, and Derma360.
Linekong Interactive Launches $15 Million Bitcoin Fund
Chinese tech firm Linekong Interactive, listed on The Stock Exchange of Hong Kong (HKEX), is set to launch a $15 million fund named “BTC Next” dedicated to revitalizing the Bitcoin ecosystem. The fund, led by founder Wang Feng, will focus on projects developing asset issuance, exchanges, virtual machines, NFTs, and GameFi protocols on the Bitcoin blockchain. Wang emphasizes BTC NEXT’s commitment to early research and investment in Bitcoin network ecological assets. Linekong, originally focused on video games and cinema, expanded into blockchain, NFTs, decentralized finance, and Bitcoin mining, with Wang Feng returning as CEO in 2022 to integrate Linekong products with Web3.
SEBA Bank Secures License in Hong Kong for Crypto Services
Swiss fintech SEBA Bank has received approval from Hong Kong’s Securities and Futures Commission (SFC) to conduct regulated activities in the region. The license enables SEBA Bank to distribute virtual asset-backed securities, advise on crypto assets, and manage crypto investment accounts for clients. Additionally, it permits the bank to distribute, manage, and advise on traditional securities like stocks. SEBA Bank’s CEO, Franz Bergmueller, expresses delight at adding the Hong Kong license to the existing licenses in Switzerland (FINMA) and Abu Dhabi (FSRA). The approval follows SEBA Bank’s launch of institutional Ethereum staking services in September and a successful $119 million Series C funding round in early 2022.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.