China’s WeChat Updates Policy to Ban Crypto, NFT-related Accounts

WeChat’s new policies

June 22, 2022

Reading Time: 2 minutes

WeChat, China’s central messaging platform, has published new policies to suspend services linked to crypto and nonfungible tokens (NFT).

WeChat’s new policies demand that all accounts associated with trading and financing through crypto and NFTs must be blocked and grouped under the illegal business category.

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The guidelines aim at eliminating accounts that offer secondary transactions of the digital collection and related services. The policies will minimize speculation in digital assets involving currency transactions.

On Monday, Colin Wu, a crypto news reporter in Hong Kong, acknowledged that the step taken by WeChat is essential because the platform has more than one million everyday users in China.

WeChat will consider the severity of the violation order when implementing punishment. Any account going against the policy will call on WeChat to direct the violating version to rectify immediately. The bill will then restrict the users of some functions before being banned from WeChat.

China disapproves of NFTs and cryptos

China’s government banned the Local crypto marketplace between May and September last year. The latest timing policy by WeChat has revealed that unnoticed crypto activities could be going on on the platform since there are no NFTs regulations yet in China.

A regulatory gray area in China highlights that NFTs are assets bought in fiat. Moreover, companies and platforms supporting secondary trading will have to avoid compliance issues over tech financing.

Social platforms support WeChat’s action

WeChat is not the only social platform that is trying to avoid tech. Other platforms like WhaleTalk withdrew from the same in March. They both restrict and remove NFT media from their networks since they lack regulation clarity which could cause a crackdown from Beijing.

Nevertheless, reports have shown that the number of NFT collection platforms has increased to over 500, five times more than in February.

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