China to Crack Down on Copyright Infringement Through NFTs – Together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic, the National Copyright Administration of China (NCAC) recently began a campaign against copyright infringement and piracy on the internet.
The agency stated in a press release on Friday that one of the main goals of the initiative is to improve copyright supervision of online businesses by looking into cases involving the sale and distribution of illegal goods on short-form video, live broadcast, and e-commerce platforms, and promptly dealing with illegal content.
The NCAC is especially concerned about increasing copyright protection issues caused by the actions of several businesses using cutting-edge technologies. The issuing of non-fungible tokens is one area where the watchdog wants to increase oversight.
The authority said it plans to “severely crack down on the unauthorized use of other people’s works of art, music, animation, games, film, and television to create NFTs, make digital collections and sell pirated scripts through the Internet.”
The agency is confident that by enforcing penalties, advancing regulatory standards, and strengthening the entire online copyright chain, progress can be made in that direction. It asserts that doing so will hasten the development of a market-driven, lawful, and global business environment and give the copyright support necessary to foster innovation and entrepreneurship.
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China has been attempting to use NFTs to reduce speculation while still allowing their issuance. Tech behemoths like Tencent and Ant Group have partnered with Beijing and distanced themselves from the cryptocurrency-related term “non-fungible tokens,” instead choosing the more inclusive “digital collectibles.” WeChat, a well-known Chinese messaging app, was said to be canceling accounts connected to NFTs, according to reports.