Claim BonusWeChat To Tighten Rules On NFTs, Is A Crackdown Coming?
China’s largest messaging application, WeChat has come forward to introduce rules to strengthen supervision over non-fungible tokes (NFT). As per reports, the platform has prohibited the NFT related public accounts in order to comply with new rules.
WeChat issues new rules
WeChat, which has more than 1.1 billion daily users, issued new rules regarding the issuance of digital assets. The updated “Code of Conduct” states that as per section 3.24, any account involved in the issuance, trading, and financing of virtual currency will have to face the consequences. Identified accounts will be restricted from certain functions which can lead to a permanent ban.
The updated rules mention that profiles providing secondary transactions of NFTs shall also be dealt with in accordance with it. According to reports, WeChat has blocked the official account of “NFTea Digital Tea Ticket” for not following the laid regulations. The profile was found doing the secondary transactions of digital collections which were raised by the users.
Earlier, WeChat blocked a large number of accounts dealing in the NFTs. This move came in accordance with increased scrutiny from the Chinese government. However, the application mentioned that this resolution was taken to prevent risk digital assets trading speculation. WeChat also rolled out the notifications to some NFT platforms to register qualification certificates for further engagement on the network.
China a big-time critic of NFTs
The banned accounts on the platform are required to provide a certificate of cooperation with a blockchain company. The blockchain organization should be registered and approved by the Cyberspace Administration of China.
The Chinese government has been a big opposer to the Virtual Digital Assets in the country. It has already banned cryptocurrencies and their mining. In April Chinese financial and security institutions launched an initiative over preventing risks related to Digital assets. It mentioned that the NFT market can heat up in the future, and there are some hidden risks like money laundering and speculations related to it.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Robinhood to Raise $1B IPO to Open Private Markets to Retail Investors
- Elemental Royalty Becomes First to Pay Dividends in Tether’s Tokenized Gold XAUT
- Jane Street and Abu Dhabi Wealth Fund Mubadala Increase Holdings In BlackRock’s Bitcoin ETF
- FOMC Minutes Drop Tomorrow: Will Crypto Market Rally or Face Fed Shock?
- BlackRock Amends Filing For Staked Ethereum ETF, Eyes 18% of Staking Rewards From ETH Fund
- Pi Network Price Beats Bitcoin, Ethereum, XRP as Upgrades and Potential CEX Listing Fuels Demand
- 5 Things Dogecoin Price Needs to Hit $0.20 in Feb 2026
- Bitcoin Price Prediction as Experts Warns of Quantum Risks
- Dogecoin, Shiba Inu, Pepe Coin Price Predictions As BTC Crashes Below $68k
- Ethereum Price Outlook as Harvard Shifts Focus from Bitcoin to ETH ETF
- HOOD and COIN Stock Price Forecast as Expert Predicts Bitcoin Price Crash to $10k
