China should strictly prevent risks stemming from illegal financial activities linked to non-fungible tokens, according to a proposal posted on the website of the National Internet Finance Association of China.
- The proposal is also signed by China Banking Association and Securities Association of China
- The industry groups call on members not to invest in NFT products or provide financing to such investments
- The groups also call for banning NFT-linked financial products with underlying assets including securities, insurance and precious metal products and loans
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