Future FinTech and China Foundation of Consumer Protection Begins Trial Operation of Blockchain Technology System

NEW YORK, March 24, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that its wholly-owned subsidiary Cloud Chain Network and Technology (Tianjin) Co., Ltd. ("Cloud Chain Network", formerly known as Chain Cloud Mall Network and Technology (Tianjin) Co., Limited) and the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection (the "Anti-Counterfeiting Committee"), began the trial operation of its jointly developed Blockchain Quality and Safety Traceability System. The need for the system is attributable to the '3.15 China Brand Responsibility Plan', which is intended to address b2c abuses as part of China's consumer rights initiative.

The Blockchain Quality and Safety Traceability System includes three independent systems as follows:

Mr. Yan Zhi, General Manager of FTFT's Cloud Chain Network, said "Our jointly developed blockchain technology system addresses the requisites of the anti-counterfeiting edicts of the '3.15 China Brand Responsibility Plan' which is to create a transparent and accountable business-to-consumer ecosystem which can help to promote healthy economic growth. A key element of the blockchain security system is that it records signatures of both enterprises and the Anti-Counterfeiting Committee which assures both authenticity and honesty."

Mr. Zhi continued, "Since the blockchain protection technology is based on the Credit Verification System managed by the Anti-Counterfeiting Committee, anti-counterfeiting points on the blockchain protection server are directly earned by and released to consumers outside of the purview of enterprises."

The China Foundation of Consumer Protection was established in November 1989. It is supervised by the State-owned Assets Supervision and the Administration Commission of the State Council of China. Its mission is to protect the interests of consumers and implement its duties as a nonprofit consumer protection agency under the Consumer Protection Law of China. One of its main responsibilities is to support and participate in anti-counterfeiting activities and eliminate dishonest business behavior in the consumer products market.

The Anti-Counterfeiting Committee of the China Foundation of Consumer Protection was established in July 2000. It is the first and only organization that is approved by China's Ministry of Civil Affairs that specializes in anti- counterfeiting in China. It focuses on cracking down on fake and shoddy products that harm the rights and interests of consumers. At present, it has established four service divisions which include a social investigation unit, a legal service unit, a news service unit and a commodity inspection unit; these units operate to eradicate counterfeiting in all of China's consumer sectors.

About Future FinTech Group Inc.

Future FinTech Group Inc. is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), supply chain financing services and cryptocurrency market data services. The Company is also engaged in the development of blockchain based e-Commerce technology, cryptocurrency mining, cryptocurrency investment management as well as financial service technology businesses. For more information, please visit https://www.ftft.com/.

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SOURCE Future FinTech Group Inc.