China’s recent proclamation, issued on Nov. 10, heralds a transformative shift in the legal landscape surrounding digital assets.
The formal announcement by the Chinese government that the theft of digital collections, including NFTs, will be regarded as property theft is a major change in the country’s policy regarding the regulation of digital assets.
Regarding the legal status of digital collections, including nonfungible tokens (NFTs), under its jurisdiction, the Chinese government released a major declaration on November 10.
In a country renowned for its strict regulatory framework, this announcement represents a noteworthy position on digital property rights and cybercrime.
The statement outlined three approaches to classifying digital collection theft. According to the first two perspectives, it is either digital property theft or data theft.
Nonetheless, “co-offending” refers to the third point of view, which treats digital collections as both virtual property and data. The protection law and the interests of the crime of obtaining computer information system data illegally are violated by the theft of digital collections. This method emphasizes how diverse digital asset theft is, encompassing both virtual property theft and computer system breaching.
