news4global
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    Crypto news today | Shiba inu coin news today | Crypto market crash today | luna crypto coin news

    Crypto news today | Shiba inu coin news today | Crypto market crash today | luna crypto coin news

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • VideosHot
    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Luna coin news today tamil | New Token Coming | Luna Classic | Luna coin tamil | Luna coin latest

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    Ripple XRP Price News Today Technical Analysis – Ripple XRP Price Now! Elliott Wave Analysis!

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    🚨 Crypto Big Crash ? | Top Altcoin to buy Now | Crypto News Today | Bitcoin News | Luna Coin News

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    How Terra Luna Changed EVERYTHING in Crypto (#1 Takeaway)

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    Something MASSIVE coming for Bitcoin! – Cryptocurrency News Today

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    VeChain (VET) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15/05/2022| Cryptocurrency Tamil news today | Shiba inu coin news | luna crypto news | Bitcoin Tamil

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    15 May 2022 बड़ी ख़बर 🚨 Luna Crypto News Today | Why Crypto Market Going Down Today

    Crypto news today | Shiba inu coin news today | Crypto market crash today | luna crypto coin news

    Crypto news today | Shiba inu coin news today | Crypto market crash today | luna crypto coin news

No Result
View All Result
news4global
No Result
View All Result
Home Regulation

Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services – Regulation Bitcoin News

June 22, 2022
Reading Time: 5 mins read
0
Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services – Regulation Bitcoin News
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

June 30, 2022
Why tougher crypto regulations are urgently needed

Why tougher crypto regulations are urgently needed

June 30, 2022

Tencent’s Wechat intends to impose penalties on public accounts facilitating secondary trading of NFTs, a press report has revealed. Accounts offering transaction channels and guidance for cryptocurrencies have also been targeted by the new rule.

Popular Chinese App to Impose Restrictions on NFT Trading

Wechat, the instant messaging, social media, and mobile payment app developed by the Chinese tech giant Tencent, is introducing a policy update that will prohibit the provision of certain services related to non-fungible tokens (NFTs) and cryptocurrencies on its platform.

Quoted by the South China Morning Post (SCMP), Tencent said it will “order accounts to rectify if they provide relevant services or content for secondary trading of digital collectibles, and limit some features or even ban the account.” The news comes after in April, Wechat acknowledged it had suspended some accounts linked to NFTs.

The policy update will also introduce penalties for accounts providing transaction channels, guidance, or issuing cryptocurrencies to Wechat users. Accounts enabling initial coin offerings (ICOs) and transactions of crypto derivatives will also be affected.

The report notes that with the move, Wechat’s management is taking into account the guidelines issued by Chinese regulators earlier this year suggesting that businesses in the industry should steer clear of the financial aspect of such digital assets.

According to Wang Yinying, a Shanghai-based lawyer specializing in blockchain and Web3-related cases, “the new rule’s emphasis is on the narrative that the secondary market for trading digital collectibles might incur speculation and instability of the financial market.”

Wechat Said to Be Acting Preemptively

The legal expert was referring to joint statement issued by the National Internet Finance Association of China, China Banking Association, and the Securities Association of China in April aimed at curbing risks associated with cryptocurrencies.

“Tencent is acting preemptively to keep itself out of trouble,” commented Bao Linghao, a senior analyst at research firm Trivium China. He pointed out that currently there are no formal regulations on NFT trading yet, but emphasized that “Chinese regulators don’t like speculation of any kind, including NFTs.”

This spring, Chinese financial institutions were asked to stay away from NFTs, and their use in a number of areas, including securities, insurance, loans, and precious metals, was banned. Experts believe the People’s Republic is likely to establish a centralized platform for secondary trading of NFTs.

Chinese digital collectibles are built on consortium blockchains, not open blockchains such as Ethereum. Additionally, the guidelines issued in April suggested that they must be bought using the Chinese yuan under real identities to avoid money laundering risks.

SCMP further quoted Wechat as saying that the accounts which display digital collectibles and primary transactions would need to have contracts with blockchain companies certified by the Cyberspace Administration of China (CAC) and refrain from supporting secondary trading.

Blockchains built by the big tech firms like Alibaba Group Holding, Tencent, Baidu, and JD.com were among the first approved by the CAC in 2019, the daily remarked, adding that since last year, consumer brands and Chinese state media have jumped on the NFT bandwagon with collectibles based on such platforms.

Tags in this story
accounts, ban, China, chinese, Crypto, Cryptocurrencies, Cryptocurrency, nft, NFTs, policy, prohibition, Regulation, Regulations, Rule, rules, Services, tencent, Token, Tokens, trading, WeChat

What future do you expect for NFTs in China and what’s your opinion about Wechat’s new restrictions? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Shutterstock / Boumen Japet

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Share76Tweet47

Related Posts

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

by admin
June 30, 2022
0

Grayscale Investments, the world’s largest digital currency asset manager, has filed a lawsuit against the U.S. Securities and Exchange Commission...

Why tougher crypto regulations are urgently needed

Why tougher crypto regulations are urgently needed

by admin
June 30, 2022
0

With its borderless ideals and reputation for being the currency of the underworld, cryptocurrency has traditionally been both difficult to...

Crypto Crash Widens Divide Between Rich and Amateur Traders

Crypto Crash Widens Divide Between Rich and Amateur Traders

by admin
June 29, 2022
0

ENGLEWOOD, Colo. — The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming.The billionaire twins, best known...

400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’ – Regulation Bitcoin News

400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’ – Regulation Bitcoin News

by admin
June 29, 2022
0

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so...

Janet Yellen’s millennial deputy says the U.S. wants to promote ‘responsible innovation’ in the crypto industry

Janet Yellen’s millennial deputy says the U.S. wants to promote ‘responsible innovation’ in the crypto industry

by admin
June 28, 2022
0

Janet Yellen’s millennial deputy says the U.S. wants to promote 'responsible innovation' in the crypto industry | Fortune You need...

Load More
  • Trending
  • Comments
  • Latest

Bitcoin Is ‘Definitely Not a Fraud,’ CEO of Mobile-Only Bank Revolut Says

March 2, 2022

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

March 3, 2022
How online shopping has changed over the last 30 years | National

How online shopping has changed over the last 30 years | National

April 6, 2022

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

March 4, 2022

US Commodities Regulator Beefs Up Bitcoin Futures Review

0

Bitcoin Hits 2018 Low as Concerns Mount on Regulation, Viability

0

India: Bitcoin Prices Drop As Media Misinterprets Gov’s Regulation Speech

0

Bitcoin’s Main Rival Ethereum Hits A Fresh Record High: $425.55

0
Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

June 30, 2022
USA finance and payments live updates: mortgage rates, Bitcoin prices, S.S. disability, unemployment benefits. – AS USA

USA finance and payments live updates: mortgage rates, Bitcoin prices, S.S. disability, unemployment benefits. – AS USA

June 30, 2022
Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

Grayscale Files Lawsuit Against SEC Over Spot Bitcoin ETF Rejection – Finance Bitcoin News

June 30, 2022
Flourish Crypto Partners with Ric Edelman’s DACFP to Offer

Flourish Crypto Partners with Ric Edelman’s DACFP to Offer

June 30, 2022

Latest News

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

Crypto Took Wall Street on a Wild Ride. Now It’s Ending in Tears.

June 30, 2022
USA finance and payments live updates: mortgage rates, Bitcoin prices, S.S. disability, unemployment benefits. – AS USA

USA finance and payments live updates: mortgage rates, Bitcoin prices, S.S. disability, unemployment benefits. – AS USA

June 30, 2022

Categories

Site Navigation

  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms and services

© 2022 Designed by news4global

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Business
  • Latest news
  • Market
  • Regulation
  • Videos

© 2022 Designed by news4global