Research On The Regulatory System Of Non-fungible Token

Non-fungible token is an emerging technology based on Ethereum blockchain.Nonfungible token has now been applied in fields such as art collectibles and digital finance.Outside the region,the EU has proposed the "Crypto Asset Market Regulation Draft",aiming to regulate a series of crypto assets,including non-fungible tokens;The UK Legal Technology Delivery Committee has issued a ’Legal Statement on Cryptographic Assets and Smart Contracts’,providing detailed regulatory recommendations on cryptographic assets.The paper takes the current regulatory loopholes in China’s Non-fungible token market as the main thread,mainly using a comparative research method to compare and study the relevant legal systems of the United States federal government,typical states in the United States,the European Union,and the United Kingdom.It summarizes and analyzes the advantages and disadvantages of each system,and proposes corresponding legal countermeasures based on the actual situation in China.The paper consists of five chapters,with the main content as follows:The first chapter studies the legal issues of non-fungible token,starting from the characteristics of non-fungible token,summarizes the legal concept and characteristics of non-fungible token,clarifies the connotation of non-fungible token,and proposes that there are financial security,intellectual property rights,and technical security risks in nonfungible token.Chapter 2 sorts out the current situation and challenges faced by China’s Non-fungible token regulatory system.Summarized the regulatory process of non-fungible tokens in China and the current legislative status of the regulatory system,and based on the current regulatory system,summarized the challenges faced by the current regulatory system,including inconsistent recognition of legal nature,unclear scope of application,unclear key regulatory targets,and the lack of appropriate consumer protection measures.Chapter 3 studies the regulatory system of non-fungible tokens in the United States.Mainly including the regulatory system at the federal level and some states in the United States,which adopts a decentralized dual line regulatory system.Some states have adopted unique regulatory approaches,such as the establishment of the Financial Protection and Innovation Department in California to specifically regulate virtual assets such as non-fungible tokens.Chapter 4 studies the regulatory systems of the European Union and the United Kingdom.The EU and the UK have established representative regulatory systems,and the EU is an independent regulatory body in the field of new digital assets,with a focus on monitoring money laundering and terrorist financing.The British court holds that non-fungible tokens are unique and indivisible and belong to the property that should be protected by law.The UK regulatory authorities believe that the legal attributes of non-fungible tokens should be determined based on their specific characteristics and application.The fifth chapter is based on China’s current legislative system,absorbs the essence of extraterritorial regulatory system,and proposes to build and improve China’s non-fungible token regulatory system.The author suggests clarifying the virtual movable property attributes of non-fungible tokens,regulating the scope of application,establishing a classified registration supervision system with issuance and trading as the key regulatory objects,and strengthening consumer protection from two aspects: information disclosure and marketing communication.