China announces criminal penalties for theft of digital assets including NFTs
The Chinese government has officially declared that the theft of digital collections, including NFTs, will be legally treated as property theft , signifying a significant shift in the nation’s approach to digital asset regulation. On Nov. 10, the Chinese government issued a significant statement regarding the legal status of digital collections, including nonfungible tokens (NFTs), within its jurisdiction. This announcement marks a notable stance on digital property rights and cybercrime in a nation known for its stringent regulatory environment. The statement delineated three perspectives on categorizing the theft of digital collections. The first two views classify it either as data theft or digital property theft . However, it’s the third viewpoint, treating digital collections as both data and virtual property, that falls under “co-offending.” “The theft of digital collections violates the protection law and interests of the crime of illegally obtain...