<img src="https://crypto.news/app/uploads/2023/05/China-crypto-bans11.jpg” />
The Chinese government has officially declared that the theft of digital collections, including NFTs, will be legally treated as property theft, marking a significant change in the country’s approach to regulating digital assets.
On November 10, the Chinese government issued an important statement regarding the legal status of digital collections, including non-fungible tokens (NFTs), within its jurisdiction. This advertisement It marks a notable stance on digital property rights and cybercrime in a nation known for its strict regulatory environment.
The statement outlined three perspectives on categorizing theft from digital collections. The first two views classify it as data theft or digital property theft. However, it is the third view, treating digital collections as data and virtual property, that falls into the category of “co-crime.”
“The theft of digital collections violates the protection law and the interests of the crime of illicitly obtaining data from computer information systems.”
This approach highlights the multifaceted nature of digital asset theft, involving both intrusion into computer systems and the theft of virtual property.
Emphasizing the dual nature of such theft, the statement clarifies that stealing a digital collection involves illicit access to the system that houses it, which constitutes a violation of laws that protect computer system data and property rights.
The Chinese government labels digital collections “networked virtual property,” asserting their recognition as property in a criminal law context. This classification is crucial, as it implies that digital collections can be subject to property crimes.
NFTs, a technology largely developed overseas, use blockchain to create unique, non-replicable digital assets with secure and permanent storage functions. Despite China’s 2021 ban on most cryptocurrency-related activities, recent events hint at a nuanced approach toward digital assets like NFTs.
Interestingly, there have been indicators of growing interest in NFTs within China. For example, Alibaba’s Xianyu removed restrictions on the search terms “non-fungible tokens” and “digital asset” on October 25. Additionally, on October 6, the state-run China Daily newspaper announced plans to develop its own nft platform, committing 2.813 million yuan. or $390,000, for its design and implementation.
