The Hainan Market Supervision Administration requires enterprises engaged in the NFT digital collectibles business within its jurisdiction to submit their operating qualifications

According to ChainCatcher news, lawyer Liu Honglin stated that the local market supervision administration in Hainan, in conjunction with other departments, recently issued a notice requiring enterprises engaged in the NFT digital collectibles business within its jurisdiction to submit their business qualifications within a specified time frame, otherwise "the relevant responsibilities will be borne by the enterprises themselves."

Relevant enterprises need to possess nine qualifications, including the license to establish a trading market. If they conduct business without the aforementioned qualifications and are suspected of illegal activities, administrative penalties will be imposed by the relevant industry authorities, and if a crime is constituted, criminal responsibility will be pursued in accordance with the law.