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Asia Express: China's Unexpected NFT Action and Hong Kong's $15M Bitcoin Fund

Asia Express: China’s Unexpected NFT Action and Hong Kong’s $15M Bitcoin Fund

The Chinese government has issued a legal commentary affirming the protection of NFTs as virtual property. The commentary states that NFTs have unique characteristics that make them non-tamperable and distinguish them from ordinary online images. It also highlights the scarcity and value of digital collections. The theft of NFTs is considered a criminal offense, and penalties can be applied in conjunction with related offenses such as hacking or data theft. While China has not yet opened a secondary market for NFTs, consumers can rely on trading platforms to complete operations and exercise their rights of possession, use, and disposal. This move comes amidst a rise in civil disputes involving cryptocurrencies in China. In a separate development, cryptocurrency exchange Bitget has announced a $10 million investment in Indian startups over five years. The exchange aims to support valuable projects in the crypto space and accelerate innovation in emerging technologies. Lastly, Linekong Interactive, a Chinese tech firm, will launch a $15 million fund called “BTC Next” to revitalize the Bitcoin ecosystem. The fund will focus on projects developing asset issuance, exchanges, NFTs, and GameFi protocols on the Bitcoin blockchain.

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