China Proposes an Initiative to Guide Compliant Issuances of Non-Fungible Tokens

On April 13, 2022, the National Internet Finance Association of China (中国互联网金融协会), the China Banking Association (中国银行业协会) and the Securities Association of China (中国证券业协会) jointly issued an Initiative on Preventing the Financial Risk of Non-Fungible Tokens (the “NFT Initiative”), which identifies illegal uses of non-fungible tokens (“NFT(s)”) as financial assets in certain transactions.