Nantong Financial Bureau Warns Public about Digital Collection Investment Scams

02/27/2023 06:55 • Blockchain Briefs • 96 views

It is reported that the Nantong Local Financial Supervision and Administration Bureau recently released the “Nantong Municipal Financial Bureau reminds the public to be vigilant about” digital collections ≠ high returns “on its official website. The article points out that digital collections can be circulated by referring to laws and regulations such as the Copyright Law and the Property Law, but only for the purpose of use. According to the relevant regulations of the national financial supervision department, digital collections may not carry out speculation, money laundering, tokenization, financialization, securitization and other listed or private illegal transactions. Therefore, those who try to achieve wealth appreciation through investment in digital collections must keep calm. According to the relevant laws and regulations of China, the application for engaging in the operation of digital collection online trading platform requires “two licenses and one record”, namely, blockchain information service record, ICP operation license, EDI license, network culture operation license, etc. At the same time, we should pay special attention to that the scope of network culture operation license must be “digital collection”.

Nantong Municipal Finance Bureau: the general public must be alert to “digital collections ≠ high returns”

Analysis based on this information:

The Nantong Local Financial Supervision and Administration Bureau has recently warned the public to beware of investment scams involving digital collections that promise high returns. The bureau’s official website has released a statement reminding investors that digital collections can be circulated and traded only for the purpose of use, and not for speculation, financialization, tokenization, or securitization, among other illegal transactions.

The bureau also states that those who try to gain wealth through investment in digital collections must keep calm and realize that such investments are subject to relevant regulations of the national financial supervision department. Anyone wishing to engage in the operation of digital collection online trading platforms must possess the necessary licenses and registrations, including blockchain information service record, ICP operation license, EDI license, and network culture operation license, among others. Moreover, the scope of network culture operation license must be restricted to “digital collection.”

The warning comes amid increasing reports of scams involving digital collections, which use blockchain technology to offer collectibles that are not widely available. The appeal of digital collections lies in their potential to provide a unique and valuable asset, as well as the innovative technology that underpins them.

However, many investors have been lured by promises of high returns, only to find out that these investment opportunities are fraudulent. To avoid such scams, the Nantong Financial Bureau advises the public to conduct due diligence before investing in any digital collection opportunity, and to consult with licensed financial advisors or investment professionals before making any investment decisions.

In conclusion, the Nantong Financial Bureau’s warning serves as a timely reminder that, as with any investment opportunity, it is vital to exercise caution and prudence when considering investing in digital collections. Investors must be aware of the relevant regulations and requirements, and seek professional advice before making any investment decisions.

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