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Chinese Giants Baidu, Tencent and Alibaba to Introduce KYC for NFT Buyers

ByLouis Adams

Jul 6, 2022 #China, #NFTs
Reading time: < 1 minute

Chinese tech firms JD.com, Baidu, Tencent Holdings, Ant Group as well as other companies have adopted a “self-discipline initiative” to combat speculation in the NFT market, South China Morning Post reports.

From now on, platforms selling “digital collectibles” must introduce real name authentication for users when making transactions with non-fungible tokens.

The activities of such services will have to be certified, paying special attention to the “security of basic blockchain technologies” and “protection of intellectual property”.

Whereas the document does not explicitly mention the resale of tokens, the initiative obliges to avoid the creation of secondary marketplaces for NFT trading and “strongly resist speculation.”