Chinese Court Rule NFTs: Protected by Law
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An editor at Coincrop
08 Dec 2022 | 2 min read
court in China has stated that non-fungible tokens are considered virtual property and thus have the same laws surrounding them as regular, physical property. This ruling was due to a dispute between a customer and a platform about the sale of a collection of these tokens.
The court ruled that, like any property right, NFT collections maintain value, scarcity, controllability, and readability. However, these same collections also possess "unique attributes of network virtual property."
The court said, "The contract involved in the case does not violate the laws and regulations of our country, nor does it violate the actual policy and regulatory guidance of our country to prevent economic and financial risks and should be protected by the law of our country."
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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