China released a file Advertising Noting that the authorities in the country will now prosecute NFT makers for unauthorized actions. This comes after authorities discovered that most merchants are illegally hosting and selling others’ businesses as their own. With the new update, traders who host and sell other people’s business without prior approval will be arrested and penalized. The government is also looking to combat copyright infringement in the NFT sector and other sectors in the country.
NCAC collaborates with three other agencies
According to an earlier update, the country’s National Copyright Administration has cooperated with other ministries to combat copyright infringement across all social platforms. One of the ways they fight these illegal acts is to ensure that all platforms are closely monitored and look for any material that appears to be infringing.
Other parties working with the department on this matter are the State Internet Information Bureau and the Ministry of Industry and Technology, among others. The statement also noted that the monitoring will not only be on products uploaded to the Internet as it will monitor all advertisements, videos broadcast and information across all e-commerce sites.
China plans to curb copyright infringement
The NCAC has announced that the increasing rate of illegal uploads of people’s work has become something of great concern to creators in the country. The authority noted that most of those found were willing to be entities with innovative technologies at their disposal. This is why the agency wants to focus more on abuse issues across the NFT sector in China. The authority has specified that it will consider monitoring the rate at which merchants upload other people’s art as their own. This way, fewer people will be willing to risk selling pirated products like NFTs across the market.
The authority wants to limit copyright infringement by introducing more laws that will go into effect across China. With this said, there will be fines or prison sentences for anyone who breaks these rules and regulations. China has yet to take its stand on well-known NFTs as it urged platforms to recall digital holdings instead of the usual non-fungible tokens. In order to reinforce this point, there have been reports that account holders on WeChat associated with NFTs have been kicked out of the platform.