Nantong Municipal Financial Bureau warns public against false high returns on digital collections
It is reported that the Nantong Local Financial Supervision and Administration Bureau recently released the \”Nantong Municipal Financial Bureau reminds the pub…
It is reported that the Nantong Local Financial Supervision and Administration Bureau recently released the “Nantong Municipal Financial Bureau reminds the public to be vigilant about” digital collections ≠ high returns “on its official website. The article points out that digital collections can be circulated by referring to laws and regulations such as the Copyright Law and the Property Law, but only for the purpose of use. According to the relevant regulations of the national financial supervision department, digital collections may not carry out speculation, money laundering, tokenization, financialization, securitization and other listed or private illegal transactions. Therefore, those who try to achieve wealth appreciation through investment in digital collections must keep calm. According to the relevant laws and regulations of China, the application for engaging in the operation of digital collection online trading platform requires “two licenses and one record”, namely, blockchain information service record, ICP operation license, EDI license, network culture operation license, etc. At the same time, we should pay special attention to that the scope of network culture operation license must be “digital collection”.
Nantong Municipal Finance Bureau: the general public must be alert to “digital collections ≠ high returns”
Interpretation of the news:
The Nantong Local Financial Supervision and Administration Bureau has released a warning to the public regarding digital collections and false promises of high returns. The bureau stated that while digital collections can be legally circulated, they must only be used for the intended purpose and not for speculative, illegal transactions such as money laundering, tokenization, financialization, or securitization.
The warning also highlighted that individuals must keep calm and not invest in digital collections to achieve wealth appreciation. According to Chinese law and regulations, engaging in the operation of an online trading platform for digital collection requires various licenses and records, including blockchain information service record, ICP operation license, EDI license, and network culture operation license. It emphasized that the scope of the network culture operation license must be limited to “digital collection.”
The move by the Nantong Municipal Financial Bureau is an important step towards protecting investors from fraudulent activities in the digital collection market. It is important to note that while digital collections can bring value if used correctly, there has been a rise in malicious activities, making it difficult for investors to understand genuine opportunities from fraudulent operations.
The warning comes at a time where the digital collection market is gaining popularity, with a rise in the number of investors looking for new investment opportunities. However, such warnings are not new, and China has been ramping up regulations to safeguard investors in the digital collection industry for some time now.
In conclusion, as the financial sector continues to evolve and change, it is crucial to adhere to regulatory requirements and take necessary precautions to protect oneself from fraudulent schemes. Digital collections can be a valuable asset, but only when used responsibly, and investors must always exercise due diligence and be cautious of potential risks. As they say, when it comes to investments, it is always better to be safe than sorry.
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