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Reading: Chinese Tech Giants and Social Platforms restrict NFTs platforms on authorities’ orders
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HOME > News > POLICY AND REGULATION > Chinese Tech Giants and Social Platforms restrict NFTs platforms on authorities’ orders
NewsNFT ReviewPOLICY AND REGULATION

Chinese Tech Giants and Social Platforms restrict NFTs platforms on authorities’ orders

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Posted news room March 23, 2022 619 Views 3 Min Read
Updated 2023/01/25 at 7:47 PM
Chinese social media platforms and internet giants come into action against the digital collectible platforms
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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.

Chinese social media platforms and internet giants come into action against the digital collectible platforms

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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As well, you can connect with us on our NFT based community on our social media accounts on Instagram, Facebook, and Twitter. Feel free to share your thoughts, and comments with us.

 

Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk. As crypto investment contains risk. And our aim is to keep you aware of the current cryptocurrencies, and NFTs headlines.

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