TechFlow, April 13 — The Internet Finance Association of China, the China Banking Association, and the Securities Association of China jointly issued an initiative on preventing financial risks related to NFTs, calling for resolutely curbing the financialization and securitization of NFTs and strictly guarding against illegal financial activities. They urge member institutions to voluntarily abide by industry norms: refrain from directly or indirectly investing in NFTs, and do not provide financing support for NFT investments. Avoid weakening the non-fungible characteristics of NFTs through fractional ownership or mass creation, which could amount to disguised Token issuance (ICO). Do not embed financial assets such as securities, insurance, credit, or precious metals into the underlying assets of NFTs, thereby circumventing regulations to issue or trade financial products. Refrain from using virtual currencies like Bitcoin, Ethereum, or Tether (USDT) as the pricing or settlement instruments for NFT issuance and trading. Conduct real-name verification of all parties involved in issuance, sale, and purchase, properly retain customer identification data and transaction records, and actively cooperate with anti-money laundering efforts.
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