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 <p class="is-style-lead">The Chinese government has officially declared that the <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a> of <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> collections, <a rel="noopener noreferrer nofollow" title="including" href="https://thebittimes.com/tag/including.html">including</a> NFTs, will be legally treated as property <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a>, signifying a significant shift in the nation’s approach to <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> regulation.</p>
 <p>On Nov. 10, the Chinese government issued a significant statement regarding the legal status of digital collections, including nonfungible tokens (NFTs), within its jurisdiction. This announcement marks a notable stance on digital property rights and cybercrime in a nation known for its stringent regulatory environment.</p>
 <p>The statement delineated three perspectives on categorizing the <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a> of <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> collections. The first two views classify it either as data <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a> or <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> property <a rel="noopener noreferrer nofollow" title="theft" href="https://thebittimes.com/tag/theft.html">theft</a>. However, it’s the third viewpoint, treating <a rel="noopener noreferrer nofollow" title="digital" href="https://thebittimes.com/tag/digital.html">digital</a> collections as both data and virtual property, that falls under “co-offending.”</p>
 <blockquote class="wp-block-quote">
  <p>“The theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data.”</p>
 </blockquote>
 <p>This approach underscores the multi-faceted nature of digital asset theft, involving both intrusion into computer systems and the theft of virtual property.</p>
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 <p>Emphasizing the dual nature of such theft, the statement clarifies that stealing a digital collection involves illicitly accessing the system hosting it, thus constituting a violation of laws protecting computer system data and property rights.</p>
 <p>The Chinese government labels digital collections as “network virtual property,” asserting their recognition as property in a criminal law context. This classification is crucial, as it implies that digital collections can be the subject of property crimes.</p>
 <p>NFTs, a technology largely developed abroad, use blockchain to create unique, non-replicable digital assets with secure and permanent storage features. Despite China’s 2021 ban on most cryptocurrency-related activities, the recent developments hint at a nuanced approach towards digital assets like NFTs.</p>
 <p>Interestingly, there have been indicators of a growing interest in NFTs within China. For instance, Alibaba’s Xianyu removed restrictions on the search terms “nonfungible tokens” and “digital asset” on October 25. Furthermore, on October 6, the state-run China Daily announced plans to develop its own NFT platform, committing 2.813 million yuan, or $390,000, for its design and implementation.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/china-announces-criminal-penalties-for-theft-of-digital-assets-including-nfts-tbt69905.html">https://thebittimes.com/china-announces-criminal-penalties-for-theft-of-digital-assets-including-nfts-tbt69905.html</a></p>

China announces criminal penalties for theft of digital assets including NFTs

TheBitTimes

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