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  • Writer's pictureanalysiswatch

Title: WeChat targets NFT and crypto accounts with new policy update

Jun 22, 2022 02:30AM ET

By: Analysiswatch

In a recent policy update, leading Chinese social media platform WeChat banned all accounts that give access to crypto or NFT-related services.

According to the new guidelines, all public accounts on the platform related to the allocation, trading, and backing of cryptocurrencies and NFTs will now fall under the category of "illegal business" and will be confined or banned altogether.

WeChat public accounts involved in the allocation, trading, and backing of cryptocurrencies and NFTs will be restricted or banned.

The ban comes at a time when Chinese enterprises are seeking to misbehave with Beijing's edict against academic exertion in NFTs.

The Chinese government introduced a phased ban on the original crypto sector between May and September last time, and judging by the timing of WeChat's policy change, the platform may have allowed some crypto conditioning to go undisclosed since also.

In the meantime, most associations and platforms now encourage secondary trading to help mitigate implicit nonsupervisory difficulties related to tech backing.

Popular platforms similar to WeChat and Ant Group-possessed WhaleTalk have receded from the technology, allegedly barring or banning NFT services on their networks due to a lack of nonsupervisory clarity and fear of a crackdown from Beijing.

While sentiment around digital currencies in China has largely subsided, and the country's most prominent exchanges have closed shop, the latest crackdown on NFPs by WeChat will further shroud China's prospects of recovering its top spot as the world's leading digital asset director.

Ironically, data presented in a report by an original media outlet on Thursday revealed that the number of digital collectibles platforms in China has grown to over 500, a five-fold increase since February 2022.

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