WeChat, a popular messaging app in China that is owned by Tencent and has 1.2 billion active users, has blocked accounts that promote non-fungible tokens (NFTs) and make second transactions with them.
Colin Wu, a China-based crypto journalist and blogger, shared the link to the Chinese source of this announcement.
Sina, a Chinese news site, has shared information about Tencent’s current policy regarding accounts that hype various digital assets and sell token collections on WeChat. Also, WeChat has prohibited secondary transactions using non-fungible tokens.
According to the report, the Chinese conglomerate Tencent plans to standardise and rectify these accounts. Previously, Tencent and the Alibaba behemoth set up their own NFT platforms despite the Chinese government’s restriction on NFTs while allowing “digital collectibles.”
On the other hand, official NFT accounts, which show collections of NFTs and offer main transactions, can avoid being blacklisted. To do so, companies must submit documentation verifying their partnership with a blockchain company that has been registered and recognised by China’s Cyberspace Administration.
Tencent wants to monitor emerging developments in the NFT industry, as well as applicable needs from local authorities, in the future. Tencent intends to improve and alter its regulations as necessary.
