Alibaba, Baidu and Tencent will introduce KYC for NFT buyers

According to the document, platforms selling ‘digital collectibles’ should introduce real name authentication for users when making transactions with non-fungible tokens (NFTs).

It is proposed to certify the activities of such services by putting special focus on the ‘security of basic blockchain technologies’ and ‘intellectual property protection’.

The document does not explicitly mention the resale of tokens; the initiative obliges to avoid the creation of secondary marketplaces for NFT trading and ‘strongly resist speculation’.

 • A document prepared by private companies has no legal force. 

However, government bodies responsible for developing industry standards may take those proposals into account.