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China press has reported that Alibaba has re-listed its collections of Topnod NFT created on the Ant blockchain, and they have lifted the applied censorship.
After the overall crypto market downturn and, especially in NFTs, authorities banned the listing of Topnod digital collections in secondary markets.
In recent months, reports have indicated that the Chinese government plans to launch an official NFT trading platform within this year. China, had marked January 1, 2023, to implement NFT regulations, before the downturn in the crypto market and especially in NFTs.
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China was known as a country with a very strict stance on cryptocurrencies. As a result, there were intermittent increases in crypto bans in the country, leading to various implications in the crypto market.
Since 2021, China officially banned many crypto-related activities, except owning cryptocurrencies directly. However, China’s approach to crypto via Hong Kong indicates that the country’s crypto opposition is gradually changing.
Regulatory changes in the country continue to shape developments in the crypto market, especially in NFTs in China. Nevertheless, the country’s stern crypto policies and intermittent increases in crypto bans continue to create uncertainty in the market.
On the other hand, the softening of the crypto approach made through Hong Kong could signal possible changes in the crypto industry in China in the future. In this volatile environment, it will be essential to closely follow developments in the crypto world.
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