- Tencent Holdings Ltd's (OTC:TCEHY) WeChat messaging app suspended some non-fungible token accounts to comply with China's regulatory bindings, CNBC reports.
- Tencent also rectified the public accounts on WeChat to prevent speculation risks in digital currency transactions.
- WeChat clarified that the official accounts verified by Tencent can display digital collectibles but cannot offer secondary sales.
- Also Read: After Alibaba, Tencent Could Attract Regulatory Penalty, Tencent Caught In Regulatory Turmoil Like Jack Ma's Ant Group
- The accounts would have to provide a certificate to show they are registered and approved by China's cyberspace regulator.
- Tencent said WeChat mini-programs could only display NFTs.
- NFTs are based on a blockchain platform, mainly Ethereum, with people paying for the tokens in cryptocurrencies.
- However, people pay China's NFTs with the Chinese yuan.
- China's NFTs are built on other blockchains that the regulators oversee. China has also restricted the secondary trading of NFTs.
- Price Action: TCEHY shares traded lower by 3.28% at $46.75 on the last check Thursday.
