WeChat is the top social media platform in China,
And they just updated its policies to ban accounts that provide access to crypto or NFT-related services.
The policy also covers secondary NFT trading as the firm notes that
It is for related content or accounts that provide the service
Moreover, for those who be the secondary transaction of digital collections
Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs
Will either restricted or banned and will fall under the “illegal business” category.
The policy also covers secondary NFT trading,
With the firm noting that;
“accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.”
In terms of punishments, the new policy states that when there is a violation detect
The WeChat as the public platform will receive the appropriate punishment as the country regulation
There are two possibilities through the account
Either WeChat rectify within a time limit and restrict some functions of the account
Or the account will permanent banned
The Chinese government rolled out a phased ban on the local crypto sector
Since May and September last year.
However, when the government give the timing as how we see in the policy
It means, few times ago the activities are running well in the WeChat.
According to Cointelegraph, a local media report from June 16 highlighted data showing the number of digital collectible platforms in China
They grown to over 500, a 5X increase since February 2022.
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