Non-fungible tokens (NFT) will soon come under the spotlight at China’s ongoing “Two Sessions” – the nation’s most important annual political gathering – with parliament member Feng Qiya set to propose a regulatory framework for NFTs.

Feng will propose to establish a clear legal definition of digital collectibles, lay out market access rules for NFT trading platforms and enhance copyright protection for NFTs, according to a local media report on Wednesday.

Feng urged authorities to clamp down on illegal NFT speculation to prevent the “financialization and securitization” of digital collectibles.

Feng said that current NFT regulation in China mostly consists of rules established by business insiders and local authorities, and is in need of legislation and a top-down regulatory framework across multiple government branches.

(By TOM ZUO)