Some of China’s largest tech companies, including JD, Tencent, and Alibaba’s Ant Group, have signed a “self-regulating pact” that commits them to “fighting” or “eliminating” cryptoassets.
The agreement was signed at a meeting led by the National Copyright Exchange Center Alliance. A government-led copyright regulator established by a decree from the State Council. The central Chinese government’s executive body, according to JRJ and NBD.
Ant, Alibaba’s fintech arm, Tencent’s cloud division, and the IT arm of e-commerce behemoth JD (also known as Jingdong) were among those in attendance, as were the China Academy of Art, the Hangzhou Internet Notary Office of Zhejiang Province, and an arm of the state-owned media group CCTV.
The summit’s main focus was on digital art, audio, and video content. But crypto and blockchain mentioned several times in the agreement’s text. The parties agreed to work together to create a healthy ecosystem in China for “digital cultural creation.”
They agreed that blockchain technology should be used to improve the “authenticity and credibility” of digital work issuance, purchase, and collection. And praised its ability to “protect the rights and interests of creators” and combat counterfeits.
They did agree, however, to keep crypto out of the space. And that their efforts should ensure that “speculation and financial risks” kept at bay with a crypto-free policy. That ensures “money laundering risk prevention.”
Whether acting on their own initiative or in response to increased pressure from Beijing, Ant. And Tencent have endorsed a form of self-regulation that aims to keep cryptocurrency in the shadows.
Ant has compiled a list of digital content
Ant released a list of “don’ts” for digital content, including pledges to “resolutely resist” all “cryptoassets-related activities”. And combat “malicious speculation on the price of digital items.” The company also stated that it would not create. Or deal with non-fungible tokens (NFTs) associated with financial products.
Tencent’s digital arm made similar noises last month, pledging to work with a “compliance framework” in developing its own digital content and “firmly resisting illegal activities related to [cryptoassets].”
Both companies, like JD, were pursuing NFT-powered business avenues prior to the crypto crackdown in September of this year. But since forced to make a U-turn. Ensuring that their tokens released on private blockchains rather than popular networks like Ethereum (ETH).
According to NBD, the apparent retreat took a new turn last month. When the tech companies agreed to start referring to their NFT items. As “digital collection items” or “digital collectibles” – yet another sign. That Beijing will not tolerate crypto-related language in business.