- Theft of digital collections constitutes theft of computer information as per the declaration.
- Collections should be recognized as property in the framework of criminal law.
The government of China issued a statement on November 10 stating that those caught stealing digital collections, including non-fungible tokens (NFTs), will face criminal penalties.
It provides three different perspectives on whether or not the theft of digital collections is a data theft, digital property theft, or both. Nonetheless, the third perspective, which considers digital collections to be both data and virtual property, is emphasized in the statement as falling under the category of “co-offending.”
Inclusion as Property in Framework of Criminal Law
According to the declaration, theft of digital collections constitutes theft of computer information and penetration into a computer system where digital collections are stored.
In addition to expanding on this theme, the article emphasizes the importance that collections should be recognized as property in the framework of criminal law by giving digital collections the name “network virtual property.”
It was established that the idea of NFTs “abroad” is the basis for digital collections, which use blockchain technology to “map specific assets” with unique characteristics.
In spite of China’s failure to launch a “secondary flow market” for digital collections, the country’s proclamation assured buyers and sellers that they could utilize online marketplaces to finalize transactions including the acquisition, sale, transfer, destruction, and other steps necessary to secure the rights of exclusive ownership, use, and disposal.
There has been a lot of talk about NFTs recently, despite China’s formal prohibition on practically all crypto-related activities and transactions as of 2021. Peer-to-peer marketplace Xianyu, controlled by Alibaba, reportedly unblocked non-fungible tokens and digital asset related terms in its search as per local media on October 25.
Highlighted Crypto News Today:
Why Crypto Market is Pumping? This Could be the Reason