Chinese social media platforms and internet giants come into action against the digital collectible platforms due to the terror of Chinese authorities legal actions. And due to that the WeChat eliminated some digital collectible platforms, and Ant Group and Tecent owned NFT platforms upgraded their users’ agreements.
The main reason that triggered the Chinese social media giants and internet giants to come into action against the digital collectible platforms is. The terror of the Chinese government legal action and need of regulatory transparency.
China’s social media platforms and internet giants have decided to upgrade their user policy to limit or kick out the non-fungible tokens (NFTs) that are violating their rules.
So China’s social media giant WeChat kicked out some digital collectible platform accounts that were breaching the policies.
And the first digital collectible platform that has been removed by WeChat is Xihu No.1.which is amongst the most hyped NFT projects in the NFT space.
Then, Dongyiyuandian has faced legal bans on its application as per updates by a local media news channel of china.
Additionally, WhaleTalk is a project by the Chinese tech giant ant group. Also updated its policy by elevating the penalty on using over the counter (OTC) desk for NFTs trading.
Remarkable thing is this that the NFTs are not compulsorily blocked, but any type of speculative trading that linked with the digital collectible extracted token is still forbidden.
Earlier this in February the china supreme court revised it law for illegal fundraising to add crypto currency transaction.
Final Thoughts:
Chinese social media platforms and internet giants come into action against the digital collectible platforms. And instantly removed some digital collectible platforms and upgraded their policies.
And they did this due to the terror of Chinese authorities. As they can ban their businesses if found involved in any kind of illegal activity or use.
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