Analysys Analysis: "Digital Economy Panorama White Paper" condenses Analysys' experience and data accumulation in various industries of the digital economy, and combines the actual business and future challenges of enterprises in the digital age, as well as the innovative breakthroughs in digital technology and other factors, and finally Starting from the development trend of the digital economy and cases in various fields, it helps companies clarify their industry positioning and business development direction under the digital wave.
The "Digital Economy Panorama White Paper" continues to pay attention to new developments in the financial field. On April 13, the Internet Finance Association of China, the China Banking Association, and the Securities Association of China jointly issued the "Initiative on Preventing NFT-related Financial Risks" (hereinafter referred to as the "Initiative"). In the "Initiative", the three major associations first affirmed the potential value of NFT, pointing out that as an innovative application of blockchain technology, it does have advantages in enriching the digital economic model and promoting the development of the cultural and creative industry. It is pointed out that there are hidden risks such as speculation, money laundering, and illegal financial activities.
This is the first time that an official organization in the financial industry has made a joint statement on NFT. What kind of signal does the association's statement release on the characterization of NFT products? What impact will it have on the development of NFT-related industries in the future?
Analysys Analysis Comments:
The "Proposal" is not long and can be divided into two parts: the first part expounds the basic value of the existence of NFT, puts it under the background of "technology for good", and mentions the role of NFT in promoting industrial digitization and digital industrialization positive effects on the field. Among them, the expression "protecting the intellectual property rights of underlying commodities and supporting genuine digital cultural creations" is a positive signal, indicating that genuine digital cultural creations have strong development potential, but the premise is that "prices are inflated and deviate from the basic value". Laws”, relevant information needs to be “true, accurate and complete disclosure”.
The content of the second part is significantly more than that of the first part. It is placed under the background of "preventing financial risks" and focuses on the various underlying risks of NFT. It can be seen from the article that the financial asset types of NFT's underlying commodities are very rich, including but not limited to securities, insurance, credit, etc. Covering, but an important reason for the joint voice of the three major associations. Analysys believes that the three major associations issued risk warnings through the "Initiative" mainly based on the following three reasons:
(1) The purpose is to continue to consolidate the previous staged achievements in cracking down on virtual currency transactions and hype chaos, and prevent chaos from making a comeback through other forms of alienation. Since 2021, virtual currency speculation and trading behavior has been hit hard by the regulators, and currency-related business organizations including mining, exchanges, etc. have been severely cleaned up and rectified. However, the "shadow" of virtual currency can still be seen in the transaction process of NFT, including transaction hype, disguised token issuance and financing, etc. Therefore, it is necessary to implement penetrating supervision on it to prevent the resurgence of related activities after changing the "vest".
(2) Under the background that the current NFT industry has not yet formed a clear regulatory standard, first speaking out in the form of risk warnings not only affirmed the important position of some NFT applications in the real economy, but also exposed the current industry chaos. Lay a good foundation for further strengthening the supervision of the NFT field in the future. The core content of the "Proposal" is to delineate the "red line". The words "not" such as "not in", "not to" and "not to" are not only a summary and refinement of the previous NFT chaos, but also a clear bottom-line thinking of the association . Although some current NFT sellers claim that they are selling "commodities", it is not difficult to deduce from the "Initiative" that those who cross the border are engaged in illegal financial activities, and will be dealt with in accordance with relevant measures in the future.
(3) NFT transactions obviously have stakeholder attributes. Just in early April, the draft of the "Financial Stability Law" was officially released. The document emphasizes that maintaining financial stability is a long-term and long-lasting important regulatory work, involving cross-departmental, central and local coordination, and requires systematic construction. Under the above background, the reminder and prevention of NFT-related risks are an integral part of maintaining financial stability, and timely eradication of illegal activities is an excellent strategy to promote the healthy and sustainable development of the financial industry.
Analysys analysis suggests:
Looking back on 2021, the clean-up and rectification work on virtual currency is also led by a similar "voice" form. We predict that the NFT-related trading market is expected to usher in regulation in 2022. It is expected that the direction of the regulation will mainly include two aspects. Standards, etc.; on the other hand, it involves NFT-related platform transaction management, such as setting up corresponding access mechanisms.
We suggest that institutions engaged in NFT-related businesses need to adjust their internal compliance mechanisms in a timely manner according to this document, and focus on protecting intellectual property rights and creating high-quality digital cultural creations; Opponents, we recommend investment or transaction cooperation with institutions that have the strength to develop genuine digital cultural and creative products and have a transparent pricing mechanism, so as to avoid risks to their own business due to subsequent stricter supervision.
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