Financial Supervision Bureau warns against illegal activities in digital collections
It is reported that the Nantong Local Financial Supervision and Administration Bureau recently released the \”Nantong Municipal Financial Bureau reminds the pub…
It is reported that the Nantong Local Financial Supervision and Administration Bureau recently released the “Nantong Municipal Financial Bureau reminds the public to be vigilant about” digital collections ≠ high returns “on its official website. The article points out that digital collections can be circulated by referring to laws and regulations such as the Copyright Law and the Property Law, but only for the purpose of use. According to the relevant regulations of the national financial supervision department, digital collections may not carry out speculation, money laundering, tokenization, financialization, securitization and other listed or private illegal transactions. Therefore, those who try to achieve wealth appreciation through investment in digital collections must keep calm. According to the relevant laws and regulations of China, the application for engaging in the operation of digital collection online trading platform requires “two licenses and one record”, namely, blockchain information service record, ICP operation license, EDI license, network culture operation license, etc. At the same time, we should pay special attention to that the scope of network culture operation license must be “digital collection”.
Nantong Municipal Finance Bureau: the general public must be alert to “digital collections ≠ high returns”
Interpretation of the news:
The Nantong Local Financial Supervision and Administration Bureau recently released a warning to the public through their official website regarding digital collections. The article emphasized that digital collections can be enjoyed for personal use but cannot be used to engage in illegal activities, such as speculation, money laundering, tokenization, financialization, securitization, and private transactions.
The warning is important since China has been experiencing an increase in digital collection activities, and there has been a proliferation of online trading platforms offering these services. According to the relevant laws and regulations of China, engaging in digital collection activities requires blockchain information service record, ICP operation license, EDI license, network culture operation license, and other related permits.
The regulatory office also emphasizes a sharp focus on the individuals who seek to achieve wealth appreciation through investment in digital collections. Individuals should tread carefully as these transactions could be risky and are not regulated, and could potentially result in significant losses.
Moreover, the article clarifies that digital collections fall under strict regulations, which means that any activities that go beyond personal use and stray outside the legal framework of usage will be severely punished.
In conclusion, the warning provides clarity and educates the public on the regulations of digital collections. This is essential for ensuring the preservation of the digital assets’ value and to deter any illegal activities such as money laundering, speculation, and financialization. Therefore, it is advisable for individuals looking to invest in digital collections to remain vigilant and alert and to only engage with digital collection activities from licenced online trading platforms.
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