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China’s Hainan Province to Step up NFT Supervision

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens (NFT), or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising. The local authorities added that although regulating digital collectibles is an urgent matter, it’s essential to guide the NFT industry to empower its tourism and culture as Hainan develops its free trade port. (forkast)

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