WeChat has updated its policy to categorize crypto and NFT accounts under the “illegal business category” and will look to restrict or shut down these accounts.
In terms of punishments, the new policy states that “once such violations are discovered, the WeChat public platform will, according to the severity of the violations, order the violating official accounts to rectify within a time limit and restrict some functions of the account until the permanent account is banned.”
The Chinese government rolled out a phased ban on the local crypto sector between May and September last year. However, given the timing of the latest policy update on WeChat, it could suggest the platform has been letting some crypto activity go unnoticed since then. Furthermore, there is still a regulatory gray area in the country concerning NFTs as the assets can be purchased in fiat. Still, companies and platforms generallyIn general, officials have
, with the China Banking Association, the China Internet Finance Association, and the Securities Association of China issuing a joint statement in April warning the public about the “hidden risks” of investing in the assets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nifty News: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collectionYuga Labs co-founder “Gargamel” also said the full commercial rights would soon be turned over to CryptoPunks holders in the coming weeks, addressing the hold-up since the announcement in March.
Read more »
Emergent Games Launches Prologue Game for Resurgence and ‘Invite Only’ Drop of Gen 0 Cryotag NFTSponsored: Emergent Games will launch a range of 1000 limited edition Resurgence Cryotag NFTs, offered exclusively via an invite-only free mint
Read more »
Christie's NFT maven joins Yuga Labs to steward CryptoPunksThe announcement comes following a rapid rise in the CryptoPunk collection's floor price.
Read more »
An Intro to STEPN: The NFT Mobile Game That Pays You to Exercise | HackerNoon'An Intro to STEPN: The NFT Mobile Game That Pays You to Exercise' futureofgaming mobilegaming
Read more »
NFT platforms in China grow 5X in four months despite government warningsDigital collectible's popularity touched new highs in China despite its regulatory risks. Over the past four months, NFT platforms grew from 100-to 500.
Read more »
Ukraine Sells Donated CryptoPunk NFT for $100K to Support War EffortUkraine has sold the rare CryptoPunk that was donated to its war effort in March for 90 ETH, or roughly $100,000, according to abornyakov. elitanjourno reports
Read more »