(Yicai Global) June 28 -- China has officially put virtual online assets, data and information under intellectual property rights protection.
According to Article 104 of the Draft General Principles of the Civil Law, citizens have property rights, and virtual online assets are property. It is also expressly stated in Paragraphs 2-8 of Article 108 that intellectual property rights enjoyed by citizens include data and information.
The draft law was submitted to the Standing Committee of the National People's Congress for deliberation yesterday. It was proposed that the legislation should be submitted to the NPC Standing Committee in 2018. The aim is to get it adopted by 2020 as China's first uniform civil code, said Mr. Li Shishi, chief director of NPC Legislative Affairs Committee.
Online assets and data have become an integral part of our everyday lives, yet their legal status has remained unclear. Therefore, the draft law contains detailed provisions for new objects of civil rights such as virtual online assets, data and information, to promote the development of the Internet and big data businesses.