BEIJING—China's Internet Financial Association, the China Banking Association and the China Securities Association want to "resolutely curb" the tendencies of non-fungible tokens (NFTs) to be made into financial products and securitized and to limit the risk of illegal financial activities related to the tokens, the group said in a statement.
Nearly one year ago two of three self-governing bodies presaged one of the most stringent crackdowns in China to date when they told their members that they are forbidden from conducting business with crypto companies. Just days later, the State Council – the country's chief administration body – called for a crackdown on crypto mining and trading, CoinDesk noted.
In their statement, the three associations said that NFTs have the potential to promote "the digitalization of industries and digital industrialization," but warned against financial risks related to “hyping the assets,” money laundering and other illegal financial activities.
As CUToday.info reported earlier, Chinese authorities have previously called out financial risks resulting from hype and speculative trading as reasons for cracking down on crypto more broadly.
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