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On 13 April 2022, three organizations – the National Internet Finance Association of China, the China Banking Association and the Securities Association of China – jointly issued the Initiative to Prevent relevant Financial Risks of Non-fungible Tokens (“Initiative”). This is the first Non-Fungible Token (NFT) themed official document involving NFT compliance since the rapid development of NFT in China. Although the Initiative is only a self-regulatory statement and not mandatory regulatory rules, considering the special status of the three associations as official industry self-regulatory organizations, to a great extent it still represents the regulatory attitude and trend of supervision.

Our series, Finding Balance, maps the environment financial institutions must navigate to thrive in the post-pandemic global market. Starting in 2020 and finishing this year, we looked across our subsectors — at banking and insurance, financial sponsors, as well as financial infrastructure and payment providers — and re-evaluated the potential impact of the major global drivers of change in financial services such as ESG and digital transformation. The series also considers the risks to and pressures on financial institutions presented by increasing corporate indebtedness, the rise of alternative finance, and increasing regulatory scrutiny originating from the 2008 financial crisis.